Introduction
Everyone is into NFTs, the popularity spread by celebrities, multinational companies, artists and entrepreneurs. I don’t know who I missed to name but the topic of the year was the 3 letter industry: N-F-T.
The number of wallets trading in NFTs jumped to about 28.6 million, from a modest 545,000 in 2020. But mostly people trade NFTs on the Ethereum network leading to issues like exorbitant transaction fees and congestion in the network.
Due to the problems experienced on the most famous network to transact NFTs (ETH), different blockchains started to propose products to improve the experience and provide an easier solution to all consumers.
The high-value Ethereum NFT market has seen trading volume plummet in recent weeks, mainly due to the bear market but also because other blockchains such as Solana are stealing volume from it.
The last few weeks Solana has managed to surpass the volume traded on the Ethereum network and many of the most successful projects of recent times were launched on this network. A clear example is Trippin’ Ape Tribe.
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What is Solana?
Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain.
Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed.
Solana’s ambitious design aims to solve the blockchain trilemma, a concept proposed by Ethereum creator Vitalik Buterin, in its unique way. This trilemma describes a set of three major challenges that developers face when building blockchains: decentralization, security and scalability.
The Solana blockchain platform has proposed a hybrid consensus mechanism that compromises on decentralization to maximize speed. The innovative combination of PoS and PoH makes Solana a unique project in the blockchain industry.
Generally, blockchains have greater scalability, depending on the number of transactions per second they can support, the more and better they scale. In decentralized blockchains, however, time discrepancies and higher throughput slow them down, meaning that more nodes verifying transactions and timestamps take more time.
Because of this, the Solana network can theoretically process over 65,000 transactions per second (TPS) without any scaling solutions needed.
TRANSACTIONS PER SECOND BETWEEN BLOCKCHAINS
— Solana Daily (@solana_daily) September 13, 2021
The chart below showed the Transaction per second between blockchains. So far, @solana is still the layer 1 which is able to handle the most transactions at once, 65,000 TPS, with the nearly 0 cost!#SolanaSummer #Solanaszn pic.twitter.com/kE7nrJ7Rzi
Transaction fees vary between coins, depending on two key factors: the time required to generate new blocks on the blockchain and the number of transactions that a single block can handle. Solana has better block time (0.4 seconds) and block size (20,000 transactions) than Ethereum (block time: 13 seconds, block size: 70 transactions).
The higher block time and block size are why the Solana network offers an incredibly low transaction fee of just $0.00025 per transaction. This price makes Solana one of the blockchains with the cheapest transaction fees.
Solana mentions on its official website that the average gas fee paid on the Solana network to mint an NFT is $1.5 USD.
Advantages of Solana
This blockchain clocks block time (0.4 seconds) and block size (20,000 transactions) compared to Ethereum (block time: 13 seconds, block size: 70 transactions) allowing the network an incredibly low gas fee of just $0.00025 per transaction.
The arrival of solutions like Solana enables buyers to purchase NFTs with a negligible transaction fee or few congestion issues. Practically, it means that Solana or SOL NFTs are more easily accessible than those on Ethereum.
In the second half of 2021, the price of Solana NFTs began picking up. A Degenerate Ape NFT sold for around $1.1 million in September 2021, becoming the first million-dollar NFT sale on the Solana network. In October 2021, a Solana Monkey was sold for $2 million.
Also, because of the low gas fees, many new entrants choose to host their first investments in this network as the barriers to entry are lower and carry less risk.
Top Solana NFT Marketplaces
Magic Eden is one of the most popular Solana NFT marketplaces where you can produce, sell and buy NFT. The platform does not charge a listing fee, but they do charge a transaction fee of 2%.
This Solana NFT marketplace supports almost all Solana-based transactions.
Magic Eden’s Launchpad feature provides goods and services that are designed to help artists and creators mint their collections without requiring technical knowledge. Hence, making it easier for creators to continue to market their work.
Solsea is Solana’s first NFT marketplace that supports artists’ minting and NFT buying. Furthermore, Solsea’s First 100 is the first virtual NFT art exhibition of its kind, featuring early adopters and makers.
The Solana NFT marketplace releases NFTs with different rarity ratings and can be purchased with SPLASH (SPL). You will never miss an upcoming project via Solsea’s Calendar feature.
Solsea charges a transaction fee of 3%.
Solanart is also one of the most well-known Solana NFT marketplaces where anyone can create, sell and buy Solana-based NFT. Solanart’s popular NFT collections include Degenerate Ape Academy, Galactic Gecko Space Garage, Solpunks, and Aurora.
Creators are free to set their costs and Solanart charges a transaction fee of 3% for each successful NFT sale.
Explore, buy and sell popular Solana NFTs on OpenSea’s Solana beta, and enjoy low gas fees and fast transaction speeds.
Solana’s low gas fees and fast transaction speeds make NFTs accessible to all. And, on OpenSea, you don’t have to choose between liquidity and control—when you list, your NFTs stay in your wallet until they’re sold.
It’s also energy-efficient and eco-friendly: A transaction on Solana uses less energy than two Google searches.
This Solana NFT Marketplace is a welcoming environment for everyone, be it beginners, art enthusiasts, or independent artists. Exchange.Art also has a collection of hand-selected art collections. Starting from illustration, drawing, photography, painting, algorithm art, profile picture, AI art, 3D art, and so on.
Solport lists notable Solana NFT projects, such as Monkey Business and Realm Kings Mutant. In the Solport marketplace, there are no registration fees or refund fees. But Solport charges sellers a 2% sales commission.
DigitalEyes is Solana’s first open NFT marketplace and allows users to create, sell and buy Solana’s NFTs.
Top-ranked and most popular NFT collections on the DigitalEyes include Aurory, Galactic Gecko Space Garage, Degenerate Ape Academy, and Frakt.
Alpha.art is a unique Solana NFT marketplace where users can buy and trade Solana-based NFTs.
There are no costs involved in listing on Alpha.art. However, this marketplace charges a sales fee of 2%, which is incurred at the time of the transaction.
SupaDrop is an NFT marketplace that focuses on spotlighting and fostering small, independent artists who create original and unique digital art. Artists can work with various materials (AR/3D, video, audio, HTML, and images).
FTX is a newly launched Solana NFT marketplace that offers auction-style buying and selling. As with some previous NFT marketplaces, FTX NFTs do not charge a listing fee. In addition, royalties can also be set by the creator.
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Top NFT Projects in Solana
- Collection Size: 10,000
- Mint price: 1.5 SOL
- Mint date: 26 April 2022
- Inspect Community ranking: 1
- Marketplace: MagicEden, OpenSea
- Collection Size: 6,969
- Mint price: 2 SOL
- Mint date: 10 March 2022
- Inspect Community ranking: 2
- Marketplace: MagicEden, OpenSea
- Collection Size: 10,000
- Mint price: 3 SOL
- Mint date: 8 October 2021
- Inspect Community ranking: 3
- Marketplace: MagicEden, OpenSea
- Collection Size: 6,666
- Mint price: 0.666 SOL
- Mint date: 28 October 2021
- Inspect Community ranking: 4
- Marketplace: MagicEden, OpenSea
- Collection Size: 4,444
- Mint price: 2.2 SOL
- Mint date: 24 March 2021
- Inspect Community ranking: 5
- Marketplace: MagicEden, OpenSea
- Collection Size: 5,555
- Mint price: 1 SOL
- Mint date: 17 December 2021
- Inspect Community ranking: 6
- Marketplace: MagicEden, OpenSea
- Collection Size: 5,000
- Mint price: 1.5 SOL
- Mint date: 10 March 2022
Inspect Community ranking: 7
Marketplace: MagicEden, OpenSea
- Collection Size: 5,001
- Mint price: 2 SOL
- Mint date: 4 March 2022
- Community ranking: 8
- Marketplace: MagicEden, OpenSea
- Collection Size: 5,000
- Mint price: 1.5 SOL
- Mint date: 26 November 2021
- Community ranking: 9
- Marketplace: MagicEden, OpenSea
- Collection Size: 555
- Mint price: Free Airdrop if you are an OG holder of The Sol Army SOLdiers Gen0
- Mint date: 28 October 2021
- Community ranking: 10
- Marketplace: MagicEden
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Crowdcreate is a leading crypto & NFT growth marketing agency and advisory. Crowdcreate is an award-winning full-service consultancy being named “Top Crypto Marketing Firm” by Forbes, CoinBureau, and Clutch.
Solana NFTs - Research
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