Whether you are an NFT veteran or a newbie, you must not miss Solana NFT. SOL NFTs are one of the biggest competitors to Ethereum NFTs, which currently dominate the space. With a range of dedicated Solana NFT marketplaces available right now, buying Solana NFT is easier than ever. With that said, it can still be daunting to find the best Solana NFT marketplace to suit your needs.
But don’t worry, we’re here to help. In this guide, we’ll tell you everything you need to know about the best Solana NFT markets, including magical eden, sunshineand more.
First things first: what exactly is Solana? More importantly, why is Solana important?
What is Solana?
In a nutshell, Solana is an open source blockchain network founded in 2017 that hosts smart contracts and decentralized applications (dApps). Developed by Anatoly Yakovenko, a former Qualcomm executive, Solana uses a unique consensus model called proof of history (PoH), an improved version of the proof-of-stake (PoS) model. Its native and utility token is the Solana (SOL) token.
In 2021, when NFTs started to go mainstream, almost all the biggest projects chose Ethereum. However, very soon, a lot of problems arose. Ethereum’s proof-of-work model was power-hungry, transactions were expensive, and had slow transaction speeds. That’s when people started looking for alternatives to Ethereum.
This provided the perfect opportunity for Solana to rise to the occasion, especially since other non-Ethereum chains had yet to catch on. Solana solved all the above problems with Ethereum NFT: it offers high transaction speed, low transaction fees, and has comparatively low power consumption. Although Ethereum NFTs still dominate in terms of market capitalization and user base, Solana has emerged as their biggest competitor.
Where can I buy Solana NFT?
As with all NFTs, you can buy Solana NFTs on NFT markets. Lucky for you, there are several marketplaces that focus on creating, buying, selling, and trading Solana NFTs. This includes Magic Eden, Solanart, and Solsea, among others. Alternatively, some Ethereum NFT marketplaces like OpenSea have also added support for Solana NFT.
Wherever you buy your Solana NFTs, you must have a Solana wallet and some SOLs to make your purchase. You can buy SOL on crypto exchanges like Binance, Coinbase, and Uphold. Once purchased, you can send the crypto to your wallet address.
How many Solana NFT markets are there?
While there are numerous markets for Solana NFT, we have listed the top seven markets. As the Solana market grows, we can expect more markets to appear on the scene. And when promising new players emerge, we’ll continue to add to this list.
What is the largest market in Solana?
According Dapp Radar Data, Magic Eden currently takes the crown as Solana’s largest market by trading volume of all time. As of now, its all-time trading volume has exceeded $2 billion (as of this writing). By comparison, however, SolSea, which ranks second, has achieved only about $32.54 million in all-time trading volume. Solanart is still in third place with around $152,000.
What is the best Solana NFT marketplace?
Now that we’ve covered the basics, let’s take a look at the best Solana NFT markets:
magical eden
A decentralized NFT marketplace, Magic Eden is currently the largest platform for creating, buying, and selling NFTs on Solana. Founded by Sidney Zhang, Jack Lu, Zhuoxun Yin and Zhuojie Zhou, Magic Eden grossed $27 million early last year to challenge OpenSea. It offers a 2% transaction fee, with no additional fees for placing offers. In addition, the platform has a section dedicated to Solana games. It even added Ethereum integration in August 2022.
solanarte
If you are looking for Solana based art NFTs then solanarte It’s a great choice Solanart features most of Solana’s top NFT collections and charges a 3% transaction fee and a 0.02% listing fee. Additionally, it supports a wide range of Solana crypto wallets, making it one of the most connected Solana platforms.
Additionally, to maintain the quality of its collections, Solanart first requires artists to submit an application before they can list their collections. It is also one of the few marketplaces that offers a live chat option and an “instant loans” feature. The latter allows users to borrow SOL from Solanart’s liquidity pool to make investments.
sunshine
Claiming to be Solana’s first open NFT marketplace, sunshine launched in August 2021. And with it, the platform introduced a range of new features: NFTs with built-in licenses, a NFT rarity index, integrated NFT minting and more. In addition to the unique tools for creators, the marketplace also supports fiat payments. Also, it was one of the first platforms to launch a calendar feature to keep track of upcoming NFT collections. Currently, apart from a 2% market rate, it has no other market rates.
digital eyes
digital eyes is another top-tier Solana NFT marketplace that became popular for its user-friendly features. It’s easy to navigate and includes most of the popular Solana NFT collections, including Frakt, Degenerate Ape Academy, and Galactic Gecko Space Garage. It is also compatible with various Solana wallets such as Phantom, Sollet, Solflare, Solong and Slope. More importantly, it does not charge creators any listing fees. However, it does charge a 2.50% service fee on all sales.
Metaplex
Founded in 2021, Metaplex allows creators to easily set up their own storefronts to mint and sell NFTs. Essentially, its decentralized on-chain application makes it easy to print and sell NFTs. So far, the platform claims to support 7 million creators to mint 22 million NFTs. Additionally, he focuses on developing a number of no-code tools to help creators turn their art into anything from 1/1 to limited or open editions, and generative collections.
Artz
Artz, a decentralized NFT marketplace from Solana, allows anyone to mint and sell their NFTs. As the name suggests, Artz focuses on art NFTs. Marketplaces typically keep the NFTs you sell in a separate auction account. In contrast, with Artz, NFTs for sale will remain in your wallet until they are sold. This way, you do not have to pay any listing fees to the platform. While Artz has no listing fees, it does charge a 2% transaction fee. Also, it is currently only compatible with the Phantom wallet.
exchange.art
If you’re a fan of fine art, you might want to check it out exchange.art. A unique Solana NFT marketplace, Exchange.art focuses on independent artists and single-edition artwork. While it does charge a 2.5% transaction fee, there is no listing fee. Additionally, creators can use the “creator portal” to mint their art NFTs, set their own royalties, and sell NFTs.
It supports a variety of crypto wallets, including Phantom, Solflare, Torus, and Ledger, among others. Finally, it also has some additional features, such as the ability to make an offer on any NFT, even if it is not for sale. If the owner accepts the offer, then it’s a quick and hassle-free sale. Additionally, Exchange.art also supports live auctions.
Conclusion: Which Solana NFT Market is the Best?
As you can see, when it comes to Solana NFT markets, you are spoiled for choice. That being said, the list above is not exhaustive. In addition to these, there are several other Solana NFT marketplaces that you can check out, including Alpha.art, Hyperspace, and LIQNFT.
At the end of the day, the right market for you depends entirely on your personal preferences and what you’re looking for. For example, if you are looking to buy or sell NFT art, then Solanart, Exchange.art, or Artz may be the right option for you. On the contrary, if you want to go for the biggest market with the highest trading volumes, then you should go for Magic Eden. And as always, regardless of which market you choose, be sure to do your own due diligence.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
