OpenSea is expanding its trading capabilities even further, allowing selected OS2 closed beta users to trade Solana tokens. This expansion brings some of the most popular meme coins, Fartcoin (FARTCOIN) and Dogwifhat (WIF), to the platform. OpenSea is opting to expand in the Solana ecosystem to go broader and deeper on its Solana support. Over the next few weeks, they will be increasing access to additional wallets.
Solana Token Trading
The addition of Solana token trading is a major development for OpenSea. The platform previously added Solana NFT support in early 2022. OpenSea’s move to welcome Solana tokens indicates its growing alignment with the broader mission of facilitating a more open digital economy with ownership at its foundation.
"This is a big milestone in our multi-chain journey. Solana has some of the most passionate users and builders in web3," - OpenSea
This new integration of Solana tokens is just one part of OpenSea’s long-term plan to re-energize their platform. The company has long-term ambitions to win a bigger slice of the Solana market. Rivals Magic Eden and Tensor have gained meaningful market share.
Regulatory Landscape and Future Plans
OpenSea’s expansion comes at a time of changing regulations. In August 2024, the company was surprised to receive a Wells notice from the Commission. This advance notice usually informs non-federal entities that enforcement action may be taken against them. The investigation ended in February, around the same time that President Donald Trump’s administration pivoted toward a pro-crypto policy direction.
OpenSea has been proactive in engaging with regulators, submitting a letter to the SEC requesting clarity about NFT marketplace rules. OpenSea's CEO Devin Finzer unveiled the platform's revitalization plans as part of its OS2 platform launch.
OS2 Platform and SEA Token
The second OS2 platform release will reportedly incorporate the future SEA token from OpenSea Foundation, creators of the decentralized OpenSea alternative Gem. The SEA token is a central part of OpenSea’s plans to revitalize itself.
"Coins first, NFTs coming later. Most tradable now, more in a few weeks." - OpenSea
On OpenSea’s trading platform, support for Solana NFTs will soon be restored. This strategic move is set to further serve the firm’s commitment to deliver a seamless trading experience to their savvy users’ base.
