OpenSea Struggles With Second Solana Launchpad Mint

OpenSea Struggles With Second Solana Launchpad Mint

OpenSea is struggling to gain momentum in the Solana NFT space.

Days after OpenSea launched the Solana-based Zoonies collection, the NFT marketplace started the private and public sale of Monkai, another Solana-based collection, as part of its new launchpad meant to rival NFT marketplace competitor Magic Eden.

Zoonies has yet to sell out nearly a week after its public mint went live on OpenSea. And now, Monkai is struggling out of the gate despite its significantly lower collection size of 6,666 NFTs.

Monkai has currently minted 5,175 of its 6,666 NFTs an hour into its public sale with most mints coming during the allowlist sale. It will be tough for Monkai to gain momentum with its floor price 0.4 SOL lower than its 2.6 SOL mint price.

Zoonies also has a floor price lower than its 2.5 SOL mint price.

Magic Eden Wins Over OpenSea for Solana NFTs

As OpenSea continues to attempt to overcome its difficulty entering the Solana NFT space, Magic Eden retains its dominance.

Magic Eden has more than 25,000 traders in the last 24 hours completing more than $2.2 million in total volume. Comparatively, OpenSea has less than 5,000 traders in the same time span competing slightly more than $150,000 in total volume.

OpenSea started selling Solana-based NFTs in April. It currently dominates the Ethereum and Polygon-based NFT space with more than $16.8 million in total volume traded in the last 24 hours on Ethereum and $230,000 on Polygon.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.