The Solana blockchain is the second most popular NFT blockchain.
That is, aside from the Axie Infinity specific Ronin according to The Block Crypto. Though still paling in comparison to the volume on the Ethereum Blockchain, Solana NFT marketplaces are not something to turn your nose up at. This past week alone the most popular Solana marketplace saw nearly USD $20 million in total volume. That is across over 50,000 unique traders taking advantage of a 0% listing fee on this site.
Those are very impressive numbers for a platform that’s barely 6 months old. Any guesses on which one?
Let’s take a look at these Solana NFT marketplaces, and determine which ones you should be using to buy and sell SOL NFTs!
Magic Eden Leading the Way
If you guessed Magic Eden above, you would be correct. Surprisingly enough, this platform wasn’t even the first Solana NFT marketplace. That title goes to Solanart, which we will take a look at next.
Magic Eden has seen a total of USD $700 Million in volume switch hands since inception. A total of 411k unique traders have flocked to the site to take advantage of the fast and cheap Solana network.
Today, @magiceden_NFT is 90-95% market share on Solana NFTs.
This much volume comes with a lot of responsibility to the community. We want to build great products that helps the ecosystem flourish and I wanted to to share some philosophies at ME on how we build 🪡 pic.twitter.com/sup3FJyaLW
— Jack Lu (@0xLeoInRio) February 23, 2022
Magic Eden has put a strong focus on blockchain gaming, made very evident by their UI. Available directly on the marketplace, users can play:
- BracketX by Overtime
Users do this without even having to leave the browser window. Simply connect your Solana wallet to the marketplace and start shopping/playing!
Solanart First Movers Disadvantage?
Solanart is moving into V2 as you read this, hoping to launch them back to Solana NFT dominance. See, back in the early days of Solana NFTs, which is only last summer, Solanart was the go-to marketplace.
Since Magic Eden’s rise to prominence through the winter bear market, Solanart has sort of taken a backseat. This past week though, Solanart announced a slew of updates. Hopefully, these updates will improve the UX and reattract some of the volume they lost to ME.
Solanart V2 is now live! 🥳
– New UI/UX
– Better Wallet management
– Updated analytics
– Enhanced attribute previews for specific collections
– Quicker transactions
– Ability to export sales as CSV
– Create your own profile + QR code
– Email notifications
– Multi-send NFT pic.twitter.com/f5D3aWjPwJ
— Solanart – V2 LIVE (@SolanartNFT) February 17, 2022
Currently, the platform sees about USD $1.5M in volume per week across 7k users. When we look at where the platform was at its peak, about 2/3 of the users have gone elsewhere to trade their SOL NFTs. It remains to be seen if they will recover, but the announced updates are a good start. Much like Magic Eden, all you need to do to start collecting is connect your Solana wallet, and start trading with the proper amount of funds.
SolSea Offering A Licensed MarketPlace
Finally, SolSea offers something no other marketplace offers no matter the chain. SolSea allows creators to embed licenses directly into their NFTs when they mint them. This means that creators can choose how their art is to be used on the platform, and by collectors. If they want it to be CCO, like CrypToadz or Mfers for example, that is an option they can employ when minting. If they want the license to be more restrictive, i.e. no right to public display aside from collection, they can easily do that when minting. Prior, there was no direct integration available on platforms other than SolSea. An external process would need to be needed to set up these creative licenses. SolSea offers this in the easiest way possible and is completely indisputable. The license is also stored on-chain!
Get your $AART and be ready 👀
— ALL.ART (@AllArtProtocol) January 11, 2022
Additionally, collectors can stake their interest in the site for rewards. Users can stake $AART token on SolSea for discounted marketplace fees. The more tokens you stake, the lower your individual marketplace fee will be. Currently, the token is trading for $0.01 USD, with a 24h trading volume of $207,179. That is down 30% the last 30D and down 17.6% the last week. Maybe not an advisable trade right now for profit, but regular SolSea users can definitely get their money’s worth with the proper staking techniques.
SolSea has seen USD $400k in total volume the last week, across 8k users. This is certainly one of the main Solana NFT marketplaces to watch going forward.
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!
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