The NFT ecosystem on Solana is now slowly taking shape. FTX,US recently announced their own decision to launch a custom NFT marketplace on Solana.
While the NFT space was primarily limited to Ethereum, its frenzy in the broader crypto ecosystem this year has prompted various other blockchains/networks to also announce the creation of their own NFTs and customized marketplaces.
While there are many marketplaces available, it is hard to select the best one. In this article, we aim to explore the best NFT marketplaces that exist on Solana, what their features are and the associated fees.
Solanart is probably one of the most popular NFT marketplaces on Solana because of the sheer volume of sales that it has managed since it was initially launched.
It has managed to complete over 360K sales along with 4.4K average sales daily. It currently manages a total volume of 13.8K SOL every day, and its recent 7-day average was $3.4M. All of this just goes to show that this is an extremely successful marketplace and also one of the most favored amongst users.
Up until now, the Degenerate Ape Academy and Aurory have had the highest sales with 48 SOL and 24 SOL as their floor prices, respectively.
What makes Solanart special
The fact that it is one of the favored marketplaces where new NFTs on Solana are initially listed.
This is what truly makes the marketplace special and complements the fact that it has been able to complete such volume of sales.
Fees on Solanart
Solanart charges a marketplace commission of 3%. Additionally, creators have to pay 0.02% listing fee if they wish to list their artworks on the platform. The process of transferring NFTs from the buyer to the seller is quite straightforward – the NFTs are escrowed in an account until the complete payment is made.
The marketplace also lets creators set a ‘creator’s fee’ which is charged A creator’s fee, which is chosen by the creators and therefore varies depending on the collection, is accrued on the selling price and is perceived by the creators.
Metaplex is also a very popular NFT marketplace on Solana and touts itself as one of the major platforms that is bridging the gap between artists and collectors.
One of the biggest features that the marketplace offers is the option for creators to launch their customized NFT storefront – which means that they can create their own tiny marketplace with just some of their major collections! From there, they can then decide to fix a price for that collection or put it up for auction.
What makes Metaplex special
It is said that the process of creating NFTs on the marketplace is quite straightforward and they offer what is known as a drag-and-drop tool that enables creators to list their NFTs. The minting fee, too, is mostly less than a dollar.
Additionally, they offer some creators to come together and collaborate to create a customized artwork. They can then decide to split the royalty amongst themselves.
- They have two major projects:
The marketplace is considered to be much faster (thanks to Solana) and cheaper than other popular NFT marketplaces.
It is reported that transactional costs on this marketplace are as low as $3 USDC compared to the $40 USDC on OpenSea. And the team has assured its community that they are working to make the marketplace even faster and cheaper.
They also have a thriving community of artists, creators, industry leaders/planners and all those guys who are currently at the helm of technology and art and even those who want to join the space.
Both developers and creators have the option to create their own storefronts on the marketplace and create customized communities for themselves. While a certain amount of familiarity with development is needed, you don’t need to know code to create a custom storefront.
The process of minting NFTs on the marketplace is also quite simple.
- Connect your wallet to create a storefront, mint/sell NFTs. Proceeds from your sales will be guided back to this wallet.
- Refer to the Solana wallet guide for additional details.
- Here are the supported NFT types on the platform:
Fees on Metaplex
One of the biggest advantages of the marketplace is the lower fees. Owners of custom storefront need only pay the fees for using the Solana network.
So, when you access the network through Metaplex’s smart contract, you are responsible for paying a tiny fee that ranges between $0.30 and $3. The developers of the protocol, however, have mentioned that they have plans to reduce their fees by reorganizing the processing power.
The next on the list is DigitalEyes marketplace, which is also a popular NFT marketplace on Solana.
One of the best features about this marketplace is that it only charges 0.01 SOL as listing fee on creators. It is also considered secure because its smart contracts have been audited by Zokyo.
What makes Digital Eyes special
The transaction fees on SOL is quite low, but users are encouraged to have at-least 0.01 SOL in their wallet to ensure that their transaction is carried out successfully.
Fees on DigitalEyes
The marketplace charges two main fees – royalty fees and the service fee. Both the fees are accrued on the buyer. The royalty fee is set by the creator, and the service fee is 2.5% which is collected by the marketplace.
SolSea is another popular NFT marketplace on Solana that is complete open-source. It is one of the first NFT marketplaces (in the broader crypto space) that enables creators to embed their copyright licenses directly in their NFTs.
In addition, it also supports multiple currencies like USDT and USDC whilst also accepting the native Solana token, SOL.
It supports both Phantom and Sollet wallets and enables creators to mint their NFT by simply uploading them to the platform.
What makes SolSea special
There is no doubt that such a name is bound to catch attention amongst favored NFT creators all over the world (reminds you of OpenSea?).
Apart from a somewhat familiar name, the marketplace offers what is known as integrated minting and also has what it calls ‘Rarity’ rank.
Rarity rank is the marketplace’s way of ranking NFTs based on their rarity within the collection that they are a part of. As such, each NFTs position in the collection is decided by its Rarity rank.
The marketplace has been created by the All-Art Protocol and in addition to embedded licenses within NFTs, they also offer compatibility with the SPL token standard. It is also quite easy to list NFTs on Solana.
- You will need to a Solana wallet like Phantom, Sollet, or Solflare.
- Deposite some SOL to your wallet and you can list your NFTs independently on the marketplace.
- Once your NFTs have been listed, they will be verified and will be available for sale.
Fees on SolSea
SolSea charges a 3% marketplace fee that is levied on each transaction. Artists can choose to set a creator’s fee too.
All in all, there are many great NFT marketplaces for Solana! The beauty is that you can pick a favorite, or use more than one — the choice is yours.
Post last updated: October 26, 2021