The rise of non-fungible tokens(NFT) has been among the most unexpected developments since cryptocurrencies and blockchain technology first emerged. Nowadays, many are creating, buying, and selling them across Solana NFT marketplaces and taking advantage of this growing industry.

NFTs can be found on many different blockchains, and Solana is one example. Solana is a relative newcomer compared to the NFT leader Ethereum, which hosts a majority of all NFTs. However, the lower costs and versatility of Solana are rapidly shifting the NFT marketplace landscape in its favor.

NFTs exist on the blockchain, where their owners maintain complete control over them. However, people rely on marketplaces to make buying and selling easier. The marketplaces serve as an intermediary, hosting collections and connecting buyers and sellers.

Top Solana NFT Marketplaces

1. Magic Eden

Magic Eden is the most popular Solana NFT marketplace, where you may manufacture, sell, and purchase NFTs. They don’t charge a listing fee, but they do charge a transaction fee of 2%. However, creators can specify their royalties and get paid as soon as a sale is made. They are currently only accepting a restricted number of projects, and Magic Eden supports almost all Solana wallets.

The platform has over 7,000 collections, including Okay Bears and Degen Dojo. It also has some of the most reasonable fees at 2% per transaction.

Magic Eden, the leading non-fungible token (NFT) marketplace on Solana, has raised $130 million in a Series B funding round co-led by Electric Capital and Greylock.

Pros:

• Low fees
• Massive selection
• Intuitive design

Cons:

• Limited wallet integration
• Its popularity draws many copycats

2. Opensea

Using our Solana marketplace is similar to using Ethereum and Polygon, but there are a few differences. Solana is a separate blockchain from Ethereum, so a Solana-compatible wallet is required to be able to purchase Solana-based items using OpenSea. OpenSea currently supports the following Solana wallet providers: Phantom or Glow. 

Solana features on OpenSea

At beta launch, you will be able to:

• Buy and list Solana NFTs with a fixed price (auctions are not yet supported)
• Transfer NFTs from one wallet to another using OpenSea
• View collection and item pages, properties, and stats
• If you are a creator, you can edit your collection page and enjoy real-time creator earnings with up to four separate payout addresses

You’ll also find a number of convenient features on OpenSea that are not available on other Solana marketplaces.

Escrow-less listings

Many Solana marketplaces require you to escrow or temporarily lend an NFT to the marketplace when listing it for sale. When you list a Solana NFT on OpenSea, it stays in your wallet. OpenSea will never escrow your Solana NFTs.

All NFTs are displayed

Many marketplaces will only display collection items that are currently available for sale. But on OpenSea, all NFTs within a collection will be displayed, whether they’re for sale or not. This means you’ll be able to explore items within a Solana collection (not just the ones listed for sale) and you can receive and accept offers, without having to list your Solana NFTs.

3. Solsea

SolSea is a Solana NFT marketplace that offers creators unique tools for developing and managing their collections. The platform allows creators to embed licenses in NFTs during minting, allowing for more straightforward and meaningful integration of artwork licensing.

This marketplace also features a helpful calendar for buyers to track new NFT launches and purchase them when they’re still fresh. Unfortunately, SolSea has an above-average charge of 3% on NFT sales. This cost may be higher than some other options, but SolSea has unique features that may justify that cost for many creators.

Pros:

• Versatile licensing options
• Plenty of fresh collections available
• More control for creators

Cons:

• Higher-than-average fees
• Unimpressive presentation

4. Solanart

Solanart is one of the top Solana NFT marketplaces with some of the most sought-after collections, like Degenerate Ape Academy and Aurory. It’s easy to use the platform to find and explore interesting collections that users wouldn’t have known about otherwise.

Solanart also has fantastic wallet support with a wide range available, although it particularly recommends Solflare. This platform also has a higher-than-average fee of 3%, although its offerings are simply good enough to justify that expense.

Pros:

• Great selection of collections
• Wide range of wallet options
• Easy-to-navigate platform

Cons:

• Higher-than-average fees
• Potential additional fees from creators

Verdict

Solana NFT marketplace has evolved over the years, and the NFT marketplaces built on such a network are the evidence of it. Moreover, Solana is going to evolve more and become something bigger than Ethereum. Now, you would think of creating an NFT marketplace? Don’t have a second thought! Go with the flow and start creating your own NFT marketplace on Solana. To assist your way in, there are many marketplace development companies. Get help from them, and then start your venture. Trade your way into the crypto realm and make a successful career.

If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures