Since its emergence, NFTs have risen to become popular within the crypto space and among the most valuable digital assets. While NFTs have long been around since 2014, 2021 is often regarded as the year NFTs broke into the mainstream. According to data collected by DappRadar, an app store for decentralized applications, total NFT sales rose from $94.9 million the year before to over $25 billion in 2021.
Following the March 2021 sale of Beeple’s Everydays: The First 5000 Days NFT collection for $69 million at the Christie’s Auction House, NFTs have since permeated all aspects of modern culture. Lots of businesses, brands like Gucci, and high-ranking celebrities such as Paris Hilton, Snoop Dogg, Melania Trump, Stephen Curry, etc., have since entered the NFT space with hopes of cashing in on the present craze and excitement.
As an enthusiast looking to make the most of the NFT space, one important area you need to understand is the NFT marketplace. An NFT marketplace is an art gallery that allows you to exhibit your arts, bid, and buy your NFTs. While most transactions concerning artworks take place in art galleries in the physical world, NFT trades are primarily executed in digital marketplaces. The most popular and largest NFT marketplace known as OpenSea recorded over $5 billion in trading volume in January 2022.
Other marketplaces like Rarible, SolSea, Binance, Solanart, etc., presently dominate the space. Each marketplace stipulates the kind of cryptocurrency they accept for payment. OpenSea accepts payment in Ethereum, while Solana collects SOL and Binance accepts BNB.
SolSea and Solanart are among the most prominent NFT marketplaces built on the Solana blockchain. Therefore, it is essential to examine both marketplaces in terms of their strengths and weaknesses to assist potential NFT investors in deciding on which marketplace to utilize.
- SolSea is the first NFT marketplace that permits creators to select and incorporate their licenses while minting their NFTs. Creators on the marketplace know what they sell, while collectors know what they wish to purchase.
- The marketplace is the first minting platform to allow creators to embed their copyright licenses into their NFTs while minting.
- SolSea provides a seamless and easy-to-navigate user interface that allows participants to execute their business, such as uploading their collection to the platform without any glitch.
- SolSea supports multiple cryptocurrencies such as USDT, SOL, and USDC, for transactions on the marketplace.
- Transactions on the platform are ultra-low and are currently pegged at a 3% marketplace fee for each transaction.
- SolSea calculates scores, trait statistics, and rarity ranks for fully minted and verified collections and also includes very relevant information for buyers.
- The marketplace allows creators to list their NFT sales as either private or public and private listings for more exclusive purchasing.
- Getting your collectibles verified on the marketplace can often be complex and challenging for creators and collectors alike.
- There are reported cases of imposter collections on the site that are not listed on the actual site, such as Degenerate Ape Academy, etc.
- It offers the largest collections of Solana NFTs you won’t find in other Solana Marketplaces.
- Solanart allows creators on the marketplace to determine their fee for each of their collections on the platform.
- Participants in the marketplace can tokenize their digital assets and put out their digital certificates of authentic ownership for sale.
- The marketplace offers popular and verified NFT collections such as Degenerate Ape Academy, Aurory, Solpunks, and Galactic Gecko Space Garage.
- Transaction fees on Solanart are cheap compared to other blockchain networks, and fees are pegged at 3% per transaction.
- Solanart handles many transactions at record speed, with the network reaching over 65,000 transactions per second.
- Uses proof of history to validate and secure every transaction against fraud.
- Solanart offers smaller collections of NFTs compared to other NFT marketplaces.
- Most NFT collections offered on Solanart are not recognized on other NFT marketplaces, restricting buyers to only the Solanart marketplace.
SolSea vs. Solanart
SolSea is the first NFT marketplace launched on the Solana network, allowing creators and collectors to create and sell their NFTs. The site introduced the first NFTs with compatibility with the SPL tokens and rarity ranks, absent on the Solanart marketplace. The site provides airdrops for upcoming projects and allows participants to schedule ahead of each drop to avoid missing out on them.
Their collections include All.ART Circle, base markets, Meta Waifus, etc. The marketplace hosted the SolSea “First 100”, the first NFT Art fair that showcased early adopters and pioneers.
On the other hand, Solanart is the most popular NFT marketplace on the Solana blockchain. The platform allows creators and collectors alike to mint, sell, and buy Solana-based NFTs on the forum. The site allows creators to set their fees, and Solanart charges an average of 3% per NFT sale.
Solanart does not have its token, although the site has indicated that it will launch one in the future and will utilize airdrops for early users when they release their first airdrops. Since its launch in June 2021, Solanart has realized over $500 million in trading volume, according to data culled from DappRadar. The website runs on over six technologies, such as Google Apps for Business, IPv6, and SPF, to power its activities.
Despite their differences, both marketplaces share similarities, such as being launched on the same Solana blockchain. Both marketplaces charge relatively cheap gas fees and support mostly Solana-based NFT collections. Transactions on the platforms are conducted at record speed.
NFTs and cryptocurrencies have come to stay. Creators and collectors looking to maximize the NFT marketplace can utilize the SolSea and Solanart NFT marketplaces for their transactions. Each marketplace contains unique characteristics and features which have been x-rayed above. As a continuously evolving niche, it is essential to conduct proper analysis before engaging in any transactions to eliminate the risks of fraud and other nefarious consequences.