Coinspeaker Sei Network Integrates with OpenSea Marketplace to Enable Seamless NFT Adoption
Sei network, a fast-growing layer one (L1) blockchain with nearly $24 million in total value locked (TVL), has announced a successful integration with OpenSea, a top-tier marketplace for non-fungible tokens (NFTs). As a result, NFT holders on the Sei network can seamlessly trade on the OpenSea marketplace. Moreover, the Sei network offers NFT users low fees and fast transactions to encompass a broader crypto adoption rate.
“With Sei, OpenSea is leveraging rapid finality and throughput, creating the most seamless, Web2-like experience in crypto. Sei’s approach to scaling Ethereum brings Solana-like, parallelized performance to the EVM, ensuring a robust and efficient environment for NFT transactions,” the Sei team noted.
The integration of the Sei network to OpenSea marks a major milestone in the NFT space amid the ongoing mainstream adoption of digital assets and web3 projects. Furthermore, both entities have robust community backing and have grown throughout the 2022/2023 crypto bear market.
According to the latest crypto data, the Sei network is ranked 85 with a market cap, of around $1.5 billion, and an average daily traded volume of about $79 million. On the other hand, the OpenSea marketplace has a cumulative NFT trading volume of about $39 billion, with its peak registered in early 2022.
The NFT industry has registered a notable decline in trading volume in the past two years, amid claims of fraud and scams.
However, the ongoing global crypto regulation has helped the NFT industry revamp in the past few months. In April, OpenSea reported a total of 283,640 monthly active users.
Direct Impact on Sei Network
The Sei network is on the cusp of transitioning to the Sei V2, which introduces significant upgrades including dual address support. Earlier this week the Sei network announced that it has successfully moved from phase one to the second round of the Sei V2 launch process.
With the successful integration of the Sei network and OpenSea, the adoption of SEI coins will accelerate in the coming months. The altcoin has already established a solid support level of around 50 cents, amid the ongoing crypto recovery.
From a technical standpoint, SEI price against the US dollar has been forming a macro reversal pattern after being trapped in a correction mode since early this year. If Sei prices fail to rebound from the current consolidation, the altcoin could drop as much as 35 percent towards 31 cents, which coincides with the weekly 0.786 Fibonacci Retracement.
Ultimately, the Sei network is moving towards competing with top-tier layer one blockchains such as Solana (SOL) and Toncoin (TON) in enabling web3 and digital assets mass adoption. Some of the top DeFi projects on the Sei network include Astroport DEX, SiloStake, and Levana Perps, among others.
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Sei Network Integrates with OpenSea Marketplace to Enable Seamless NFT Adoption