As part of the ongoing effort to reshape OpenSea, the current leading Ethereum NFT market is now offering Solana token trading to some of its closed test users.
OpenSea's trading platform now allows some OS2 closed test users to trade Solana tokens, including popular meme coins Fartcoin (FARTCOIN) and Dogwifhat (WIF).
Although currently limited to a select group of closed test users, the platform plans to open up more wallet access in the coming weeks, and it will also soon resume support for Solana NFTs.
"This is an important milestone in our multi-chain journey, with Solana having some of the most passionate users and builders in the web3 space." The platform announced on X: "Tokens will be launched first, followed by NFTs, most of which can currently be traded, with more to come in a few weeks."
Just two months ago, OpenSea CEO Devin Finzer announced the platform's revitalization plan during the OS2 platform launch, which will ultimately integrate the upcoming SEA token from the OpenSea Foundation.
"This can be said to be a reimagining of all aspects of OpenSea," Finzer said in an interview with Decrypt in February. "The biggest highlight is that we are expanding from being merely an NFT marketplace to a truly broader platform where various goods can be traded."
OpenSea previously added support for Solana NFTs in early 2022, but did not make significant progress as competitors Magic Eden and Tensor established themselves in the market. According to data from analytics platform Tiexo, these two platforms hold over 87% of the Solana NFT trading market.
While undergoing comprehensive reforms, OpenSea also submitted a letter to the U.S. Securities and Exchange Commission (SEC) on behalf of the Web3 industry and other NFT markets, requesting that it clarify the rules for the NFT market. OpenSea also urged Hester Peirce, a commissioner and head of the SEC's newly established cryptocurrency working group, to confirm that the NFT market should not be subject to the rules governing broker-dealers and exchanges.
The market has intersected with regulators, revealing in August 2024 that it received a Wells notice from the commission, which typically alerts entities that they may face enforcement action.
However, in February of this year, Finzer announced that the regulatory investigation had concluded - just like investigations into other major cryptocurrency companies - as the administration of President Donald Trump shifted towards a more supportive agenda for cryptocurrencies.
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