OpenSea is preparing to issue tokens to return to the NFT market, but will it need to be Solana-based first?

OpenSea Has a Chance to Return to Its Former Non-Fungible Token Market Glory? Once the leading brand in the Ethereum Non-Fungible Token market, having lost many users to the rising Magic Eden, OpenSea recently announced on X the integration of the Solana chain, first testing Solana Token trading, and then will open more cryptocurrency wallet permissions to restart the Non-Fungible Token market.

After falling from the peak of the Non-Fungible Token market in 2020 and waiting for four and a half years, OpenSea has finally begun to accept Solana. What does this late update mean?

OpenSea Is Testing Solana Token Trading

OpenSea's new OS2 version is currently open to a closed test version for certain users, allowing them to trade Solana Tokens and some meme coins like Fartcoin and DogWihat. OpenSea plans to launch more wallet support permissions in the coming weeks and plans to resell Solana Non-Fungible Tokens.

OpenSea CEO Devin Finzer stated that integrating Solana is a major milestone, as Solana has the most passionate users and developers in the Web3 domain. OpenSea announced on X that it will first accept Solana Tokens, followed by Solana Non-Fungible Tokens, with most SOL meme coins currently tradable.

Just two months ago, OpenSea CEO Devin Finzer announced OpenSea's revitalization plan at the OS2 platform conference, with the ultimate goal of launching the native SEA Token for the OpenSea Foundation.

Devin Finzer told the media: This is a comprehensive rethinking of OpenSea, with the biggest highlight being that OpenSea is expanding from a Non-Fungible Token market to a broader platform that can trade various things.

OpenSea had previously listed Solana Non-Fungible Tokens in early 2022, but due to competitors Magic Eden and Tensor establishing themselves in the market, OpenSea did not gain much traffic or development. The returning OpenSea seems to want to re-embrace Solana, hoping to reignite hope for Non-Fungible Token users through the increasingly strong Solana community. However, collectors who originally held Ethereum Non-Fungible Tokens might be unhappy.

OpenSea's Judicial Investigation Ends, Committed to Promoting Non-Fungible Token Framework

During the major cryptocurrency reform period, OpenSea represented the Web3 industry and other Non-Fungible Token markets by submitting a letter to the U.S. Securities and Exchange Commission, requesting a clear Non-Fungible Token market regulatory framework. OpenSea also urged the new crypto working group lead, Hester Peirce, to confirm that the Non-Fungible Token market should not be bound by proprietary broker and exchange rules.

OpenSea had a brief intersection with regulators, receiving a notice in August 2024 warning of potential enforcement action. However, in February this year, Finzer announced that the regulatory investigation had ended, similar to investigations of other major cryptocurrency companies, as the new government under President Trump shifted towards a crypto-friendly environment.