March 28, 2023
By Murtuza Merchant
Are you a fan of NFTs, but tired of the congested and overpriced Ethereum network? Look no further than Solana NFTs, the rising star in the NFT world. With faster transaction speeds, lower fees, and a range of dedicated marketplaces, Solana NFTs are quickly becoming a force to be reckoned with.
In this comprehensive guide, we’ll take you through everything you need to know about Solana NFTs, from what they are to where you can buy them. We’ll also give you a rundown of the best Solana NFT marketplaces, including Magic Eden, Solanart, and more.
What is Solana, and Why is it Important for NFTs?
Before we dive into Solana NFTs, let’s take a quick look at what Solana is and why it’s important. Solana is an open-source blockchain network founded in 2017 that hosts smart contracts and decentralized applications (dApps). Developed by former Qualcomm executive Anatoly Yakovenko, 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.
When NFTs started becoming mainstream, almost all of the biggest projects chose Ethereum. However, soon enough, a bunch of problems emerged. Ethereum’s proof-of-work model was energy-intensive, transactions were expensive and had low transaction speeds. This is when people started looking for Ethereum alternatives.
This is where Solana comes in. It offers high transaction speed, low transaction fees, and comparatively low energy consumption. Although Ethereum NFTs still dominate in terms of market cap and user base, Solana has emerged as its biggest competitor.
Where Can I Buy Solana NFTs?
As with all NFTs, you can buy Solana NFTs from NFT marketplaces. 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 NFTs.
Wherever you buy your Solana NFTs from, you must have a Solana wallet and some SOL to make your purchase. You can buy SOL from crypto exchanges such as Binance, Coinbase, and Uphold. Once purchased, you can send the crypto to your wallet address.
How Many Solana NFT Marketplaces Are There?
While there are numerous Solana NFT marketplaces, we have listed the seven best marketplaces. As the Solana market grows, we can expect more marketplaces to come up on the scene. And if and when new promising players emerge, we’ll continue to add to this list.
What is the Biggest Solana Marketplace?
According to DappRadar data, Magic Eden currently takes the crown as the biggest Solana marketplace by all-time trading volume. As of now, its all-time trading volume has crossed $2 billion (at the time of writing). In comparison, however, SolSea, which takes the second spot, has reached only around $32.54 million in all-time trading volume. Solanart follows at the third spot with around $152,000.
What is the Best Solana NFT Marketplace?
With the growing popularity of Solana NFTs, several dedicated marketplaces have emerged to cater to this market. Among the most popular of these are Magic Eden, Solanart, and Solsea.
Magic Eden is currently the biggest platform for creating, buying, and selling Solana NFTs. Founded by Sidney Zhang, Jack Lu, Zhuoxun Yin, and Zhuojie Zhou, Magic Eden raised $27 million early last year to challenge OpenSea. The platform offers a 2% transaction fee, with no additional charges for making bids. What’s more, the platform has a section dedicated to Solana games. It even added Ethereum integration in August 2022.
Solanart, on the other hand, is a great option for those looking for Solana-based art NFTs. The platform features most of the top Solana NFT collections and charges a 3% transaction fee and a 0.02% listing fee. Besides, it supports a wide range of Solana crypto wallets, making it one of the most connected Solana platforms.
Solsea is another Solana NFT marketplace that launched in August 2021. The platform claims to be the first open Solana NFT marketplace and offers a range of new features, including NFTs with embedded licenses, an NFT rarity index, integrated NFT minting, and more. Currently, aside from a marketplace fee of 2%, it has no other marketplace fees.
DigitalEyes and Metaplex are also popular Solana NFT marketplaces that have gained significant traction in the community. DigitalEyes is known for its user-friendly features and includes most of the popular Solana NFT collections. Meanwhile, Metaplex allows creators to easily set up their own storefronts to mint and sell NFTs, providing a decentralized on-chain application that facilitates printing and selling NFTs.
Artz is a decentralized Solana NFT marketplace that allows anyone to mint and sell their NFTs. The platform focuses on art NFTs and does not charge creators any listing fees. However, it charges a service fee of 2.50% on all sales. Lastly, Exchange.art is a unique Solana NFT marketplace that focuses on independent artists and single edition artworks. The platform charges a 2.5% transaction fee and no listing fee, and supports a range of crypto wallets, including Phantom, Solflare, Torus, and Ledger, among others.
In conclusion, Solana NFTs are quickly gaining traction in the NFT market, and with a range of dedicated marketplaces available, buying and selling Solana NFTs has never been easier. As the Solana market grows, we can expect more marketplaces to emerge on the scene. However, for now, Magic Eden, Solanart, and Solsea are among the most popular and widely used Solana NFT marketplaces.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.