Why Solana Stock jumped 10% today

Solana NFTs are coming to OpenSea.

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Crypto and NFT diagram.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened 

The value of cryptocurrency Solana (CRYPTO: SOL) jumped as much as 9.7% in the last 24 hours as of 4:40 p.m. ET on Wednesday as investors poured into the token. And Solana is up big while most of the rest of the crypto market is down slightly today. 

So what 

The biggest news of the day is that OpenSea is opening support for Solana NFTs in April. OpenSea is by far the largest NFT marketplace today with a $13 billion valuation and over $3 billion in transactions in a good month, but thus far it has not welcomed the Solana blockchain. 

One of the theories is that OpenSea opening to Solana will allow much higher-valued NFTs on Ethereum (CRYPTO: ETH) to be compared to Solana NFTs, which often trade for a fraction of the price. It also opens up more well-heeled buyers of NFTs to the booming blockchain. Adding money and users should be good for Solana in the long term. 

Now what 

I like this news broadly for Solana but don't know how it will impact the cryptocurrency in the long term. If buyers are just getting into NFTs, it might not drive up the value of the underlying cryptocurrency at all. That said, it's a positive to have more users in the ecosystem, and that should be good for Solana's blockchain over the long term. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Travis Hoium owns Ethereum and Solana. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Ethereum and Solana. The Motley Fool Australia owns and has recommended Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 

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