Web3 and the online world are evolving, allowing anyone to create anything visually using non-fungible tokens (NFTs). With this shift came the expansion of the Metaverse and its millions of NFTs, resulting in a plethora of distinct and fascinating digital universes.
Multiple NFT marketplaces are springing up to access these various possibilities and trade this digital artwork. The Solanart platform is one of them. Solanart’s cryptocurrency, Solana (SOL), is now worth $89, with a circulating quantity of 334.4 million SOL and a market capitalization of $29.8 billion. The Solanart volume is slightly over 5 million tokens out of that total.
What Is Solanart?
Solanart is an open NFT marketplace located in Solana. This implies that artists can produce Solanart NFTs, exhibit their collections, and sell them directly on the platform.
Since Solanart is an open market, creators are free to make money there without the platform’s consent. However, because of the possibility of false NFTs, many open NFT marketplaces, including the Solanart marketplace, have a procedure in place to validate their collections. For instance, Solanart NFT collections are certified whenever they reach a specific threshold for transactions. “Blue ticks” indicate this certification.
Solanart NFT collections now account for nearly 697,987 NFT sales, giving the platform a total Solanart volume of a little over 5 million SOL tokens. Its decentralized application (DApp), which is running on the Solana blockchain elected to use the SOL token rather than its own native token, which is why it has such a high SOL volume.
As a result, customers won’t have to convert numerous cryptocurrencies and pay conversion fees in order to mint on Solanart or purchase Solanart NFTs, which may appeal to Solana users in particular.
How Solanart Works
Despite being based on Solana, the Solanart marketplace offers a number of features both on and outside of its parent network.
The Solana blockchain believes that it can solve Ethereum’s scalability problems. The blockchain is designed primarily for programmers and the development of DApps because it is quicker, less expensive, and more effective. By utilizing Solana, the Solanart marketplace can give its producers the opportunity to mint on Solanart or purchase from one of the many Solanart NFT collections for less fees than those who use NFT marketplaces built on the Ethereum blockchain.
By utilizing the native currency of its parent blockchain, Solana, Solanart streamlines its buying and selling procedures as well as its fees while also assisting its customers and creators in minimizing conversion gas costs. Additionally, it keeps a wider range of wallets compatible with the platform.
The market commission, a creator’s fee, and an ad charge are the three fees available on the marketplace. These fees may give the impression that they are high, but they are kept minimal and are only ever collected while trading and never during listing or minting.
The creator’s fee (which is maintained by the Solanart NFT inventor) is included in the sale price, while the market commission is limited to just 3 percent of a transaction. The ad fee, on the other hand, is 0.02 percent of the NFT cost and was implemented to prevent ad saturation.
On each transaction’s selling price, the site levies a 3 percent market commission. Additionally, a creator’s fee is added to the sale price and is fully paid to the artist. This amount varies based on the collection.
To prevent excessive advertising, a 0.02 percent fee is required (0.02 percent of the ad price). Before putting your NFT up for sale, make sure you have enough SOL to pay the listing and transaction fees to prevent listing NFTs at inflated costs.
Solarnart off-chain database
Even though Solanart could be entirely decentralized, the platform has chosen to keep some data off-chain, resulting in some centralization. This was done in order to develop a quicker and more effective database that will allow for the quick classification of all Solanart NFTs according to their attributes, cost, and date of sale.
The many collections listed in explore are ranked by popularity. The system operates very similarly to the Binance Marketplace or other platforms that provide artist collections; however, not everyone is permitted to post their NFT.
Before posting a collection, the platform has to confirm it is a collection with actual artists and interests and meets the criteria they provide, such as the total quantity of NFTs that will be in the collection. This gives the buyer a significant benefit and a sense of confidence.
Since the last thing the platform wants is that a released collection is a failure or does not satisfy the specified qualities, each project and collection’s name and a brief description can be found under explore.
The following details can be found by clicking on the collection that interests you; Items, owners, the lowest NFT price in Floor Price, the volume of Solana exchanged in Volume Traded, and so forth.
To be better informed before purchasing any NFT, you can discover the project’s website, Twitter, and other social media accounts on the right side. The final step is to scroll down to view each NFT that is available and for sale, together with the Solana price and, below that, the most recent price paid for that NFT.
Although it is possible that you will use various wallets in the future, the solarnart app is now only compatible with the Sollet wallet, the Sollet Chrome extension, and Phantom. You can start buying and selling NFTs and viewing your wallet collection by clicking Connect at the top right of the page if you have one of these two wallets.
If you currently use another wallet for the Solana network, I advise you to create a Phantom wallet because it is the simplest and most user-friendly. Then, you can transmit your Solanas from your current wallet to your new Phantom wallet in order to purchase NFTs. The Solana network’s low cost per transaction and quick processing time are two of its key benefits. Sending Solana from one waller to another hence practically costs nothing. Additionally, you will have them available to spend in your Phantom wallet and purchase the NFTs you desire in a matter of minutes.
Getting On Solanart
Creators and NFT buyers can visit the main page and sign up by downloading and creating a Solana wallet. This will get them access to the platform, the Solanart NFT collections, and everything they require to mint on Solanart or generate NFTs on Solanart.
Then follow these steps
- Create a Solana wallet. We advise using Solflare.
- Install the wallet browser extension (Google Chrome recommended).
- Purchase SOL on a cryptocurrency exchange and send it to your wallet’s public address.
- When you’re ready to link your wallet, go to the website and tap the “Connect wallet” icon in the top right corner.
How To Create And Sell NFTs On Solanart
A user can begin creating NFTs on Solanart and listing their collections for sale once they have registered with the Solanart marketplace. Creators and developers can fill out a form on the platform to request authorization to make and mint Solanart NFTs. The platform owners will then determine whether the Solanart NFT collection is appropriate for the market.
Because platform owners effectively have the last say in what NFTs are issued and advertised on Solanart, even if the Solanart marketplace is trustless, it is not decentralized.
A user must connect their wallet before they can sell NFTs on the Solanart marketplace. The NFTs they have available to sell can then be seen by clicking the wallet tab. They can then include a description, a price (in SOL), and a sale option.
How To Buy NFTs On Solanart
You need to connect your wallet to solanart before you can purchase an NFT. Click on the NFT you want to purchase, then see details like the NFT owner’s address You can click on view token to get all the details in the Solana explorer.
If you click on the word “last,” you can see who the most recent buyer was and when they purchased it. Simply click the buy button, confirm in your wallet, and your new NFT will appear there as soon as the transaction is completed.
The Future Of Solanart
Since Solanart has a native currency, it is difficult to anticipate its worth in the conventional sense; however, its user base and transaction volume show that it is expanding. In the previous seven days, Solanart’s three most popular NFT collections have had transaction volume declines ranging from 36.35 percent to 90.83 percent.
This is not the best situation for the platform, as growth is being experienced by rivals like OpenSea, whose transaction volumes have increased by 114.70 percent over the past week.
This proves that the appeal of Solanart’s NFT collections is what’s truly driving those companies’ sales. Solanart will have an excellent potential to increase in value and appeal if they can draw in fresh, hot NFT creative talent. They are well aware of this, as evidenced by their acknowledgments of the platform’s present negative perspective. For example, the current Solanart homepage promotes bear NFTs while also acknowledging how certain users may be feeling.
However, they also promote their most recent NFT collections alongside this, demonstrating that Solanart is already taking steps to expand its portfolio in addition to its quick transaction times and affordable fees. If the correct infrastructure is put in place and Solanart can produce popular NFT content, this Solana-based NFT marketplace may eventually overtake OpenSea.
The Solana ecosystem is expanding quickly, and more people are adopting cryptocurrencies for purposes other than only for investment. More than ever, people are using bitcoins to communicate with decentralized applications.
The Solanart marketplace is distinctive among other platforms thanks to features like minimal transaction fees, a quick platform, and rigorous rules, which have also aided in the rapid expansion of the Solonart NFT collections.
These essential characteristics undoubtedly give many NFT producers, buyers, and dealers an edge in maximizing their digital asset journey to govern the future of digital collectibles.