Solana NFT sales dropped by 22% after integration with OpenSea

After the official launch, the blockchain faced network congestion

07.04.2022 - 10:55

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What’s new? The OpenSea non-fungible tokens marketplace has added support for NFTs on the Solana blockchain. During beta testing, 165 collections will be available to users. After the official integration, Solana token sales dropped by 22%. The blockchain has also faced network congestion issues.

Announcement of Solana NFT integration

More about the integration. Solana became the fourth blockchain on OpenSea after Ethereum, Polygon, and Klaytn. The developers of the network claim that this collaboration should significantly reduce fees and increase transaction speeds.

However, after the integration, Solana NFT sales have fallen by 22% in the last 24 hours. Also, according to CryptoSlam, sales of non-fungible Ethereum-based tokens have decreased by more than 29% in the same time.

Solana NFT sales graph

Network overload. After the official announcement, the network faced congestion, with users unable to buy tokens for some time. Solana Labs co-founder Anatoly Yakovenko wrote on his Twitter:

“Performance sucks under load. Fixing it is the highest priority.”

What is Solana? It is an open-source peer-to-peer blockchain network with a Proof-of-Stake consensus mechanism. The project was founded in 2017, the developers position their network as a competitor to Ethereum, with lower fees and higher throughput.

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