OpenSea has come up with a new launchpad feature for minting new Solana NFT projects to match its competitor Magic Eden. The launchpad allows collectors to generate and purchase (mint) NFTs during a primary sale. Magic Eden and Fractal have had this feature for several months now.
An alien-themed Solana NFT profile picture project Zoonies became the first project to use the feature. But there have been some hiccups. The project has yet to sell out. Data shows that less than 5,000 of the 8,888 total Solana NFTs have been minted. The NFTs that have been sold are listed below the 2.5 SOL, which is about $109, public mint price on OpenSea’s secondary marketplace.
OpenSea is not the only one to be facing sluggishness. Tiffany Huang, Magic Eden’s head of content and marketing, revealed that some of its recent Solana NFT mints haven’t sold out either. She attributed it to the prevailing market conditions and added that they are vetting projects. Magic Eden had updated its guidelines recently to show its commitment to launching the best projects.
On a positive note, high-profile projects like “Okay Bears” and “Trippin’ Ape Tribe” have recorded rapid sellouts and significant secondary market action in recent months. At times, it has outpaced the NFT trading volume on Ethereum. But then, not every project has seen an “instant success”. Project creators sometimes have to cut down the intended supply to secure the “sold out” tag without a lengthy wait period. Zario, the administrator for the Zoonies project, said they are considering cutting the supply and will make an announcement soon.
Magic Eden and OpenSea have been tough rivals, with the latter stepping into the Solana NFT market in April, but hasn’t been able to make a dent. OpenSea is renowned for its Ethereum-centric marketplace which is the largest in the overall NFT space. It put up billions of dollars worth of NFT trading volume each month from August 2021 – May 2022. Magic Eden, on its part, has maintained a 90% share of trading volume in the Solana space.