OpenSea, the largest NFT marketplace, recently introduced a Solana NFT launchpad that would enable users to mint Solana NFTs. In an attempt to rival the rising NFT marketplace, Magic Eden, OpenSea is making an effort to stay on top.
As soon as the launchpad was debuted, Zoonies, a Solana-based alien-themed NFT collection was released via OpenSea launchpad. However, the NFTs have only managed to sell 5,000 out of 8,888 NFTs from the new collection.
OpenSea’s new feature was made to attract buyers who are interested in buying Solana NFTs, which have risen to demand in the NFT community over the past few months. Nonetheless, the community seems uninterested as the bear market prolongs its dominance.
The NFT market has seen a huge loss due to the lowering of crypto prices. A CryptoPunk that cost half a million dropped to its quarter price, causing a lot of stress in the market.
OpenSea’s launchpad might be a successful project launch but it still hasn’t been well-received by the market, and the analysts blame it on the bear market.
Even Magic Eden is seeing a decrease in sales demand in the launchpad collections for the past months, despite being the second-best marketplace in the world.
“Given market conditions, we haven’t sold out some of our launchpad collections recently, but place care in the way we’re vetting projects,” says Tiffany Huang, Magic Eden.
Once the market recovers and shows a bullish pattern, the NFT projects might also see an increase in demand.