NFTs are the hottest new thing, thanks to celebrities, multinational companies, artists, and entrepreneurs.
According to Reuters, NFT sales volume was $24.9 billion in 2021 – a big jump from $94.9 million in 2020. The number of wallets trading in NFTs jumped to around 28.6 million from a modest 545,000 in 2020.
The downside of this popularity is the exorbitant transaction fees and congestion that are rampant in the Ethereum-based ecosystem, which serves to deter anyone wanting to get into the market.
Solana (SOL) emerged as a challenger to Ethereum, quickly showing superior performance on speed and transaction costs. The high-value Ethereum NFT market has seen its trading volume plummet recently, due in part to the bear market, but also the competition from blockchains like Solana.
In mere weeks, Solana surpassed the volume traded on the Ethereum network.
Here’s everything you need to know about Solana’s advantages and how to get your stake.
What Is Solana?
Solana is a highly functional open-source project that implements a new permissionless and high-speed layer-1 blockchain. It implements an innovative hybrid consensus model that combines a proof-of-history (PoH) timing mechanism with a proof-of-stake (PoS) protocol structure.
With this hybrid structure, Solana can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions. This ambitious design approach endeavors to solve the blockchain trilemma, which was proposed by Ethereum creator Vitalik Buterin.
The trilemma describes three primary challenges that developers face when building blockchains: decentralization, security, and scalability. Blockchains have high scalability, depending on the number of transactions per second they can support.
In decentralized blockchains, however, time discrepancies and higher throughput slow them down. More nodes are necessary to verify transactions and timestamps, slowing the transaction speed.
Solana’s proposed hybrid consensus mechanism compromises decentralization to optimize speed, solving this issue.
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Why Is Solana Popular for NFTs?
The blockchain clocks block time (0.4 seconds) and block size (20,000 transactions) compared to Ethereum (13 seconds, 70 transactions, respectively). This allows the network a low gas fee of just $0.00025 per transaction.
Low Transaction Fees
Solutions like Solana enable buyers to purchase NFTs with a virtually non-existent transaction fee and fewer congestion issues, making them more accessible than that of Ethereum. On the official website, Solana notes the average gas fee paid to mint an NFT at $1.5 USD.
In the latter half of 2021, the price of Solana NFTs began rising. A Degenerate Ape NFT sold for about $1.1 million in September 2021, becoming the first million-dollar NFT sale on the network. In October, a Solana Monkey was sold for $2 million.
In addition, the low gas fees, low barrier to entry, and reduced risk allow many entrants to host their first investments in this network.
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Top Solana NFT Marketplaces
Looking to get in on the action? Solana NFTs are available on marketplaces. Minting, buying, selling, and trading occur on specific marketplaces.
The top Solana NFT Marketplaces are:
- Magic Eden
- Solsea
- Solanart
- Opensea
- Exchange.Art
- Solport
- DigitalEyes
- Alphaart
- Supadrop
- FTX
Let’s look at each one in detail.
Magic Eden
Magic Eden is a widely known and popular Solana NFT marketplace that allows users to produce, sell, and buy NFTs.
There’s no listing fee, but there is a transaction fee of 2%.
Does MagicEden Support Solana Transactions?
This marketplace supports nearly all Solana-based transactions. The Launchpad feature provides goods and services intended to help artists and creators mint their collections without technical knowledge, making it an excellent entry point for lay people.
Solsea
Solsea is the first minting platform on Solana that allows creators to embed copyright licenses in NFTs.
A product of the ALL.ART protocol, Solsea is intended to be a Solana equivalent to the then-Ethereum exclusive NFT marketplace, OpenSea, There’s no listing fee, but there is a transaction fee of 3%.
Why is Solsea So Popular?
The marketplace introduced a number of groundbreaking features for its users, including NFTs with embedded licenses, a rarity index for NFT collections, wallet funding through FTX, and integrated NFT minting. Another helpful feature is the calendar feature, which helps users track upcoming NFT drops.
Solanart
Technically the first and largest fully fledged NFT marketplace on Solana, Solanart is a must for buying and selling Solana NFTs. It’s committed to helping promote artists and creators by offering them a trustless marketplace to share art and set their own costs. The marketplace charges a transaction fee of 3% for each successful NFT sale.
What Can You Find on Solanart?
Solanart’s popular NFT collections include Degenerate Ape Academy, Galactic Gecko Space Garage, Solpunks, and Aurora.
OpenSea
OpenSea is the first and largest web3 marketplace for NFTs and crypto collectibles. Its beta version offers Solana NFTs to widen the user base. Users maintain liquidity and control – NFTs stay in the wallet until they’re sold.
With the Solana beta, OpenSea offers the advantages of Solana’s low gas fees, fast transaction speeds, and energy-efficient transactions on a known and trusted NFT platform.
Exchange.Art
Exchange.Art is the most innovative NFT marketplace on Solana and a welcoming environment for beginner artists, independent artists, and art collectors and enthusiasts. With the Exchange Notification NFT, every transaction a user makes earns and increases status.
The NFT marketplace has a collection of hand-selected art collections, including illustration, drawing photography, painting, profile picture, AI art, 3D art, and algorithm art,
Solport
The Solport marketplace is a community-run marketplace and Launchpad service. It offers innovative features like scarcity filters, user auctions, and notification of marketplace activity via Discord, Telegram, and more.
The marketplace lists notable Solana NFT projects, such as Realm Kings Mutant and Monkey Business. There are no registration fees or refund fees, but Solport charges a 2% sales commission.
DigitalEyes
DigitalEyes is Solana’s first open NFT marketplace that allows users to mint, sell, and buy Solana NFTs. The marketplace supports Sollet, Phantom, Solong, Slope, MathWallet, and Solflare. Vendors are charged a 2.5% transaction fee, but buyers are also charged an artist-defined royalty fee and a service fee.
Alpha.art
Alpha.art is a unique Solana NFT marketplace that allows users to buy and trade Solana-based NFTs. Solana wallets like Slope, Phantom, Solflare, Ledger, and Sollet are valid on Alpha.art.
Listing on Alpha.art is free, but the marketplace charges a sales fee of 2% at the time of transaction. Minting is not available.
Supadrop
Supadrop is an NFT marketplace that’s geared toward spotlighting and fostering independent artists with original and unique digital artwork. Artists are free to work with a variety of media, including video, audio, HTML, images, and AR/3D.
A minting fee is charged on the marketplace at 0.01 SOL and 0.03 SOL. Supadrop also sponsors Artist Drop Part Sessions weekly to help indie artists promote their work.
FTX
FTX is a newly launched Solana NFT marketplace that boasts auction-style buying and selling. Like other NFT marketplaces, FTX does not charge a listing fee and royalties can be set by the creator.
The crypto exchange platform was created, developed, and run for and by traders. FTC is an industry leader in using derivative assets, options, and tokens, plus it’s easy to use for both first-time users and professional traders.
What Are the Top NFT Projects on Solana?
Okay Bears
- Collection Size: 10,000
- Mint Price: 1.5 SOL
- Mint Date: 26 April 2022
- Marketplace: MagicEden,
- OpenSea
Okay Bears has become one of the most influential brands in the Solana NFT space, thanks to its brilliant guerilla marketing techniques and clean artwork. This may be the first Solana project that bridges the gap between the Ethereum and Solana NFT communities, attracting prominent influencers.
Currently, Okay Bears is partnered with MagicEden to build its “Bear Market” NFT marketplace to allow Bears holders to buy and sell with member-only perks.
CETS ON CRECK
- Collection Size: 6,969
- Mint Price: 2 SOL
- Mint Date: 10 March 2022
- Inspect Community
- Ranking: 2
- Marketplace: MagicEden,
- OpenSea
CETS ON CRECK is a lifestyle web3 brand that normalizes freedom of expression. The art style reflects the brand image and culture with a “chill” and laid-back feel.
Each Cet can be staked to earn $CRECK, an ecosystem token. While the utility for the native token remains limited, it can be used in the Bleck Market for raffles, auctions, gambling, and fundraising.,
- Collection Size: 10,000
- Mint price: 3 SOL
- Mint date: 8 October 2021
- Inspect Communityranking: 3
- Marketplace: MagicEden, OpenSea
DeGods has been making headlines with the acquisition of the BIG3 basketball league, “Killer 3s,” but it’s a bunch of self-proclaimed degenerates, punks, and misfits. The Paper Hand Bitch Tax (PHBT) holders are taxed at 33.3% if they sell DeGods below the mint price of 3 SOL, which turned into a trend on social media with the percentage near usernames.
In addition, DeGods revealed DeadGods, a 1:1 fine-art version of the DeGod that contains the metadata of the original. Holders can switch between the NFT versions at any time. DeadGod is available with $DUST. DeGods and DeadGods can be staked to mine $DUST. With the native currency, users can buy whitelist spots for merchandise, courtside tickets, upcoming projects, and blue-chip NFTs.
The Fracture
- Collection Size: 6,666
- Mint price: 0.666 SOL
- Mint date: 28 October 2021
- Inspect Community ranking: 4
- Marketplace: MagicEden, OpenSea
The Fracture is a parent brand of The Gods, The Bridged, and The Forgotten. It’s intended to bring fine art profile pictures to the NFT space and build a strong community. The Gods have built some of Solana’s most connected communities, and each God can stake to earn up to 230 $GOD per day to buy merchandise, bid on auctions, or mint a collection.
Blocksmith Labs
- Collection Size: 4,444
- Mint price: 2.2 SOL
- Mint date: 24 March 2021
- Inspect Community ranking: 5
- Marketplace: MagicEden, OpenSea
Blocksmith Labs built “Mercury,” a whitelisting management platform that streamlines the process in an efficient manner. Users have clear visibility on their whitelisted projects, and projects can track the users transparently.
The NFT holders can generate $FORGE, an ecosystem token that can purchase whitelist spots from projects on Mercury. The whitelist spots can be raffled off through random tickets, which takes a certain number of $FORGE tokens.
The Catalina Whale Mixer
Collection Size: 5,555
Mint price: 1 SOL
Mint date: 17 December 2021
Inspect Community ranking: 6
Marketplace: MagicEden, OpenSea
The Catalina Whale Mixer project is run by a web3 global entertainment franchise. The project is backed by some big names, including Michael George, Benjamin Willis, and Joshua Adriano. This brand intends to flip the script on passive consumption and allows holders to participate and contribute to the community.
A major Hollywood studio is in talks to develop “Whale Television,” an animated adult comedy series in which users can cast their Whales.
OG Atadians
Collection Size: 5,000
Mint price: 1.5 SOL
Mint date: 10 March 2022
Inspect Community ranking: 7
Marketplace: MagicEden, OpenSea
Atadia is a newer project that is trying to “bring trust to a trustless environment.” The project is doing so by providing insights into reputation, creditworthiness, and investment preferences for public wallets.
Holding Atadia NFT allows you to co-earn and co-drive its products through DAO voting and access to a co-op alternate reality game in Discord.
Collection Size: 5,001
Mint price: 2 SOL
Mint date: 4 March 2022
Community ranking: 8
Marketplace: MagicEden, OpenSea
Communi3 is a set of tools for DAOs, P2E games, and projects to manage and grow their communities using multiple methods to boost engagement. Some of these tools include self-onboarding, payments, wallet verification, and a cross-promotion marketplace.
The project has two collections: Labs & Mad Scientist. Labs are minted to an existing customer of the Communi3 suite, while Mad Scientist is a collection of 5001 business-to-consumer NFTs for Communi3 businesses. Mad Scientists can yield $SCI tokens over time to sell to lab holders or other customers and balance the token utilization.
Collection Size: 5,000
Mint price: 1.5 SOL
Mint date: 26 November 2021
Community ranking: 9
Marketplace: MagicEden, OpenSea
Portals is an immersive browser-based Metaverse where users can explore, create, and gather with others. The goal is a virtual city center that users can explore. Users can own and customize NFT units and rent them out to companies to host virtual meetings or games.
Team members for Portals come from Apple, Epic Games, Roblox, and Sony Interactive Entertainment.
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
Whitelists are typically exclusive, making them challenging for users to get involved with. A SOL Army GV Pass allows users to get whitelisted for upcoming projects on Solana. For a GV Pass, only holders have access to whitelist opportunities. If you want the best chance of becoming whitelisted, contact a member of Crowdcreate and get the conversation started.
Other benefits include profit-sharing streams from different ventures, including the SOL Academy.
Let’s look at a visual comparison of these popular Solana projects.
Visual Comparison of Top Solana NFT Projects
Wondering how to create an NFT project on Solana?
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Solana NFTs - Research
Where Can I Join a Solana Online Community?
Solana has communities on Discord, Twitter, Reddit, and more. Joining a community helps you stay current on trends and generate buzz for your project. It’s home to both creators and investors alike, giving you access to the target audience.
Having a community of your own is important for building a dedicated audience for your project. Crowdcreate can help you manage a successful community for your crypto project and move the project forward with the help of its members. Schedule a call to learn more!
How Can I Get My NFT Project on Solana?
To mint NFTs on Solana, you will need a crypto wallet. You can mint several different ways, but the native Solana Tool Suite option allows you to download the software, create your wallet, and add Solana crypto to it.
Once you have tokens in your wallet, you can make your own Solana-based NFTs. The next step is NFT marketing, which is the key aspect of getting traction for your project. Open accounts on crypto-related social media platforms like Facebook, Telegram, Discord, and Twitter.
How Do I Market My Solana Project?
It’s not enough to create an NFT and expect it to sell. You have to market it to the right audiences and build buzz to get collectors interested. PR campaigns and influencer marketing are excellent ways to position your project positively and reach the target audience.
If you’re ready to market your NFT project on Solana, Crowdcreate can help! As a top-rated NFT marketing agency, we’ve launched thousands of successful projects all over the world. Book a call to learn more!
How to Launch a Solana NFT
The NFT revolution has only just begun. As the ecosystem progresses and more marketplaces emerge, we’re likely to see a rapid evolution in the features and capabilities. The Solana community will be there to support the ecosystem and valuable rewards in the future.
If you need help launch an NFT on Solana, contact our team at Crowdcreate. We’re a full service crypto marketing agency & advisory that can help your project grow.
