NFT is a digital asset that demonstrates ownership of digital goods like photographs, artwork, video games, or virtual land. Blockchain technology, such as Ethereum or Solana, is used to store digital ownership.
Non Fungible Token sales volume has increased to $20 billion in 2021, up from $200 million in 2017. That is an unparalleled increase in NFT sales volume, and NFT will enter the mainstream in 2021. Today, we’ll discuss the Solana technology and what has occurred to it over time.
The ecosystem of Solana is rapidly developing. Since Solana’s first memorable NFT drop, ‘Degenerate Ape Academy,’ the Solana blockchain has lately outpaced the whole crypto market, rising from $30 at the start of 2021 to $150 at the time this information is being published. This reflects the excitement that many people have expressed about the Solana blockchain ecosystem.
Solana is the favored blockchain for NFTs due to its extremely cheap gas prices and transaction speed. Every day, new NFT projects with Metaverse and Play-to-Earn game roadmaps are launched on the Solana Ecosystem.
What Is Solana Blockchain Technology
Solana is a fast, open, and decentralized blockchain that can be used to make applications that are both scalable and responsive. A lot of money is traded on the blockchain in SOL. In the end, it is very energy-efficient and can handle up to 50,000 simultaneous transactions in a second at a cost of less than a penny a second. There are 30 transactions a second on the Ethereum blockchain, which costs $5.57 (0.0022ETH) at the time of this writing.
Why You Should Invest in Solana NFTs?
People can buy and sell digital cryptographic assets called NFTs, which can be anything from art and music to games and more. You can sell them on the internet and get money for them. An artist named Beeple sold his NFT for $69 million in 2021. Yeah. It can be worth that much.
If you’re talking about the Solana Monkey Business project, we’ve seen NFT projects like that sell for as much as 25,000 SOL with a total transaction volume of 869.7 thousand at a floor price of 170 SOL. Another one is the Degenerate Ape Academy, which has sold for up to 6969 SOL and had more than 270,000 transactions at a floor price of 99 SOL. Also, Aurory, a play-to-win NFT game with a floor price of 38.00 SOL at the time this article was written, Aurory has sold 111,000 SOL and traded 555 thousand times. Overall, Solana NFT has a good chance.
What is NFT Marketplace
NFT marketplaces are platforms where NFTs can be stored, displayed, traded, and in some cases minted (created). These marketplaces are to NFTs what Amazon or eBay are to goods. To get e better understanding of how the NFT marketplace work, you might want to see our NFT Marketplace Beginner’s Guide.
Why You Need an NFT Marketplace?
There are online e-commerce sites that specialize in the selling of NFTs, where vendors, artists, and producers may offer their products for a set price in cryptocurrency. There are many Solana marketplaces out there. Some are excellently reliable, while some have subpar credibility.
An NFT’s prospective profits will, of course, be determined by the platform and cryptocurrency in which it is sold. According to current growth, Solana is undoubtedly one of the greatest cryptogenic currencies for NFTs.
That said, it’s a win-win situation if you can get some awesome SOL in exchange for generating fantastic NFTs! It’s even better if you can identify the finest Solana markets for them. For your NFTs, you don’t want to put all your time and work into them to sell them on markets with little credibility.
But To begin selling NFTs on markets, you will need a Solana wallet
What Is a Crypto Wallet?
A cryptocurrency wallet is a piece of hardware or online software (an app) that allows you can buy, sell, receive, and store cryptocurrencies such as Solana, Bitcoin, Ethereum, and others. Phantom, Solflare, Clover, Math Wallet, Ledger, Slope, and other Solana NFT wallets are examples.
To trade on a Solana NFT marketplace, you must connect it to your online wallet so that it can charge you directly. You may browse your listed NFTs, mints, and collections in that wallet after linking it to a Solana NFT marketplace. If you want, you can link a wallet to more than one marketplace.
Top 6 Solana NFT Marketplaces
Many people in the market are using SOL to purchase their preferred NFTs. The good news for you is that you are one of those folks! This article will provide you with the top 5 Solana NFT markets available.
1. Solsea – Best Solana NFT Marketplace
Solsea.io is the first non-traditional marketplace to allow its sellers to incorporate licenses while minting artwork on their website, making it the first of its kind. This implies that you may not only sell the ownership of your digital work, but you can also stipulate how the buyer may use the work you sell them as part of the transaction. For example, a private-use license restricts the usage of the NFT to the owner’s own use exclusively, but a commercial license permits the buyer to disseminate your work without restriction.
Creators using Solsea can mint their own NFTs quickly and easily without paying ridiculous fees. These NFTs can be art pieces, PFPs, P2E assets, or collectibles. Plus, users can add their own properties to every NFT they create. In addition, collections are created and stored on-chain, so they’ll have all the traits associated with NFT minting.
In addition, the Solseas staff checks the collections. After submitting an application for verification and being approved, the collection will be identified by a blue checkmark.
2. Solanart – Best NFT Marketplace
Solanart is one of the most popular marketplaces for Solana-based NFTs, allowing anybody to produce, sell, and purchase Solana-based NFTs. Solanart charges a 3% transaction fee for each successful NFT sale.
Along with intriguing collections, consumers gain access to a variety of functions. For instance, Solanart allows users to cancel a sale at any moment, something not all platforms allow. Furthermore, developers can mint NFT projects directly on the site.
The creator, on the other hand, has the option of setting their own charge. Additionally, Solanart’s popular NFT collections include Degenerate Ape Academy, Aurora, Solpunks, and Galactic Gecko Space Garage.
In general, Solanart is a simple marketplace designed to enable new users to acquire and trade NFTs. This is accomplished through a streamlined procedure that simplifies and clarifies the process.
3. Magic Eden – Solana NFT Marketplace Magic Eden
Magic Eden is a well-known Solana marketplace for NFTs, where you may create, sell, and purchase them. They do not charge a listing fee, but charge a 2% transaction fee. However, creators can set their royalties and receive payment immediately upon a sale. They accept a limited number of projects at the moment, and Magic Eden supports practically all Solana wallets.
It’s worth mentioning that Magic Eden charges no listing cost, which contributes to the site’s popularity. Naturally, the marketplace must generate revenue to be viable, which is why users will be required to pay a normal 2% charge on all transactions that occur and are processed by Magic Eden.
Even though Magic Eden is a relatively recent addition to the Solan NFT markets, it already has considerable promise. Magic Eden will remain a prominent player in the Solana NFT niche as long as its user base continues to grow and the platform’s products improve.
Among Magic Eden’s biggest features include auctions, collection statistics, filtering by price or collection characteristic, and even a browser game called “Mini royal.” Although the game pays resemblance to famous Battle Royale games (Fortnite, COD Warzone, etc. ), in-game things like skins may be swapped for NFTs. While Mini Royal is still in its infancy, you may find further NFT games here.
4. Digital Eyes – Solana NFT Project
Digital eyes is a public marketplace where you may sell your Solana NFTs. You’ll discover popular collections on the platform, like the Solarians, Famous Fox Federation, and Crypto Idols.
Due to the platform’s open nature, you may begin submitting your mint instantly. However, your collection is still subject to pre-approval. However, this is not hectic. Notably, you may utilize its mint calendar to observe and anticipate the release of upcoming NFT collections.
Digital eyes do not charge a listing fee. However, it charges a service fee of 2.5 percent on each NFT transaction. And, as of this writing, it is offering a massive 60.4 percent discount on that service price. In general, Digitaleyes’ charging schedule is appropriate for novices.
Connecting a cryptocurrency wallet is a simple process that takes only a few clicks. Nevertheless, wallets like Solong, Slope, Sollet, Clover, Math Wallet, Solflare, and Phantom are supported. And with the release of the Digitaleyes Launchpad, connecting your Solana wallet to a newly minted NFT has never been easier. Additionally, the Launchpad displays the mint status of various NFTs, allowing you to connect to them with a single click after they are validated.
Additionally, if you upload or post your NFT for sale, it may be viewed in your crypto wallet or on the open marketplace’s listings. Although Digitaleyes is not as well-known, it is an excellent location to begin learning about NFTs. Additionally, it has confirmed collections. As a result, you may rest assured that you’re getting the real deal.
5. Metaplex – Biggest Solana NFT Marketplace
Metaplex is one of the finest marketplaces for Solana NFT. Rather than launching your NFT on the open market, where it will face stiff competition from other NFT businesses.
Metaplex began operations as an NFT marketplace in June 2021, backed by cryptocurrency exchange FTX. Metaplex recently shifted its focus to the metaverse, raising $49 million in a token round that included Michael Jordan and other noteworthy figures.
This will let Metaplex expand its support for metaverse and gaming apps, establishing it as a rising star in the Web3-centric Solana NFT marketplace space.
Metaplex, on the other hand, enables you to design your own branded Storefronts. Megaplex is connected to a decentralized on-chain program that mints and sells NFTs via the Megaplex marketplace. You may be able to eliminate marketplace expenses for each successful NFT transaction.
6. Opensea – Opensea Solana NFTs
OpenSea has finally onboarded Solana-powered NFTs to its marketplace. Non-fungible tokens (NFTs) leveraging the Solana blockchain network have gone live on the leading digital marketplace OpenSea. The news follows a prior announcement from the platform’s official Twitter handle earlier on Tuesday (March 29, 2022) and the Integration was made Wednesday( April 6, 2022 ).
Also, adding support for SOL NFTs marks another expansion milestone after OpenSea raised a massive $300 million from investors in January. At the time, the crypto unicorn stated that the fresh cash inject was earmarked for further marketplace development, expanding its services, and building a metaverse project.
Furthermore, the fundraising bumped OpenSea’s market valuation to a whopping $13.3 billion, further re-enforcing the platform’s dominance as the leading digital collectibles marketplace in the NFT space. While no official announcement has been made, users can now select ‘Solana’ as a chain on the platform. So far, OpenSea has onboarded 865,868 NFTs from popular SOL collections like Piggy Sol Gang, SolGods, and Degen Ape Academy to name a few.
How does Solana work on OpenSea?
Using our Solana marketplace is similar to using Ethereum and Polygon, but there are a few differences. Solana is a separate blockchain from Ethereum, so a Solana-compatible wallet is required to be able to purchase Solana-based items using OpenSea. OpenSea currently supports the following Solana wallet providers: Phantom or Glow.
Solana features on OpenSea
According to the Opensea Team the beta launch, you will be able to:
- Buy and list Solana NFTs with a fixed price (auctions are not yet supported)
- Transfer NFTs from one wallet to another using OpenSea
- View collection and item pages, properties, and stats
- If you are a creator, you can edit your collection page and enjoy real-time creator earnings with up to four separate payout addresses
You’ll also find a number of convenient features on OpenSea that are not available on other Solana marketplaces.
Many Solana marketplaces require you to escrow, or temporarily lend an NFT to the marketplace when listing it for sale. When you list a Solana NFT on OpenSea, it stays in your wallet. We will never escrow your Solana NFTs.
All NFTs are displayed
Many marketplaces will only display collection items that are currently available for sale. But on OpenSea, all NFTs within a collection will be displayed, whether they’re for sale or not. This means you’ll be able to explore items within a Solana collection (not just the ones listed for sale) and you can receive and accept offers, without having to list your Solana NFTs.
Is Solana blockchain on OpenSea?
Yes!. OpenSea has finally onboarded Solana-powered NFTs to its marketplace.
Can you trade Solana NFT on OpenSea?
Yes!. After the Integration of Solana to Opensea, it was stated that users can now Buy and Sell their favorite Solana NFT Project on the Opensea platform.
After Ethereum Solana is another player in the NFT space. However, with a rapidly growing community, the selection of marketplaces and their features will grow too. NFT platforms highlighted in this post are working hard to make the Solana blockchain a better experience for users and maximize the benefits of NFTs on the platform.
Your originality is crucial to your success, and acquiring a good market improves profit possibilities. Be sure to forward this article to family and friends.