NFT Giant OpenSea Launched The Solana Launchpad: Report

The NFT giant OpenSea launched the Solana launchpad which is a part of the multi-chain future to enable access to NFTs on different blockchains as we can see more today in our latest blockchain news today.

The NFT Giant OpenSea launch the Solana launchpad to allow creators to host new mint from start to end on the NFT marketplace. As per the official blog post, OpenSea will guide the creators to navigate their pre-mint activities and allow minting for the community and supporters and also for all post-mint sales. The goal is to develop the best Solana experience in the NFT ecosystem by allowing users to have custody of the NFTs:

“We’re excited to start this program with two Solana creators as part of our launchpad experience. We are excited to launch and learn with these first drops, and we’re committed to expanding primary drops on OpenSea.”

The development came three months after OpenSea activated support for Solana and the company was one of the beneficiaries of the bull run which transpired in 2020 and 2021. it managed to get hundreds of millions in investor dollars with a $13.3 billion valuation. The growth attracted a fair share of drama and one of the company’s former product managers was charged by the US DOJ and arrested for insider trading. After the depression in the market, a few top industry players chopped the headcount to prepare for the winter. OpenSea was no exception and the marekt announced laying off 20% of the workforce last week.

As recently reported, OpenSea delisted a few Ethereum Name Service domains after getting trademark complaints from the RIAA and the domain names in question refer to recording companies and other individual executives. OpenSea announced that it will also lay off 20% of the workforce due to poor market conditions. However, OpenSea faced RIAA complaints from the Recording Industry Association of America and decided to delist several offending tokens in response.

A letter from the RIAA asserted that the OpenSea marketplace features a few Ethereum Name Service domains with the names that refer to the recording association and OpenSea also delisted the offending ENS domain names from its platform. The RIAA said that the sale of the offending domains included dilution, confusion, and tarnishment of the trademarks and added that selling such domains violates cybersquatting laws that are common for law rights of publicity and unfair trading practices.