Advantages of Solana-based NFT markets over Ethereum-based NFT markets
What are NFT markets?
As we discuss NFTs, let us understand the NFT Markets and how it helps NFT owners. The NFT marketplace is a public blockchain platform for storing, buying, and selling NFTs.
To use the features provided by the NFT Marketplace, you need to connect your crypto wallet with the platform. This connected wallet allows you to store your NFTs. The token required to buy or sell the NFT varies by market .
Advantages of Solana-based NFT markets over Ethereum-based NFT markets
NFT participants now choose Solana NFT markets to replace the Ethereum NFT market, the top NFT market based on sales. Market demand for Solana NFTs has resulted in over $2.5 million in sales.
Let’s understand why the Solana NFT market has an advantage over the Ethereum NFT market:
Who doesn’t like high-speed transactions? An important factor that gives Solana an advantage over Ethereum is its high speed. By contrast, Ethereum can only execute up to 15 transactions in a second.
Apart from that, Solana hosts a block time of 400 milliseconds, making it one of the fastest NFT blockchains. Ethereum, on the other hand, is only capable of hosting between 12 and 15 seconds of block time.
The gas fee is the fee that the user must pay to make a transaction on a blockchain. The gas tariff plays a crucial role in the cost price of the NFT.
The low transaction speed of Ethereum also results in a much higher gas fee when creating an NFT. Gas fees to mint an NFT on Ethereum start at $10, while the Solana gas fee stays below $0.01.
If you want to create an NFT using an Ethereum NFT market, you will need between $50 and $150 (not including market fees). Don’t worry; With the help of the Solana NFT marketplace, the cost is reduced to between $0.04 and $0.12.
NFTs listed on the Ethereum markets are more expensive compared to NFTs listed on the Solana market. It is not a surprise, since the gas fees for NFT are much higher in the Ethereum market.
The average price of an NFT on OpenSea, one of the leading Ethereum NFT markets, is $535.6. However, the average price of an NFT at Magic Eden, one of Solana’s top NFT markets, is $181.48.
If you are looking to buy NFTs on a lower budget, the Solana NFT market offers more options than the Ethereum NFT market.
Keeping all the above features in mind, let’s explore some of the top Solana NFT markets;
Solsea is the first and largest NFT marketplace created in Solana. It is also the first NFT marketplace development to allow creators to select and onboard licenses (NFT-PRO) while minting NFTs.
The main features available to users of the platform include:
- Creator board.
- NFT shopping cart.
- Token exchange.
- Live mint access.
- Sliding wallet.
SolSea gives the creator full control over the royalties from their NFTs. A flat market fee of 2% is charged for each successful NFT sale. Other than that, there are no additional market charges.
To create an NFT on SolSea, you need to create a free account. If you are someone who wants to buy or sell NFTs, you need to create a Solana wallet. SolSea supported wallets are Ledger, Phantom, Solflare, Sollet, Slope, Coin98 and Torus.
In addition to buying with cryptocurrencies, SolSea also allows users to buy NFTs with fiat currencies. To buy NFTs with fiat currencies, you must use Moonpay or FTX Pay.
solanarte is another popular Solana NFT marketplace with a strong user base. Major NFT projects at Solanart include Degenerate Ape Academy, SolPunks, Aurory, Monkey Business, and more.
Solanart also provides a statistics directory that provides all the data related to the listed NFT collections. Statistics include market capitalization, traded volume and minimum price. The user can see the statistics in SOL or USD.
Solanart charges a market fee of 3% of the sale price for each successful NFT transaction. In addition to the marketplace fee, the creator fee is also charged.
If you want to buy an NFT at Solanart:
- Create a Solana wallet.
- Connect your wallet with the Solanart marketplace.
- Load your wallet with SOL tokens.
- Select your NFT and buy it.
After a successful transaction, the NFT is transferred to your connected wallet.
Digitaleyes is one of the largest verified open NFT marketplaces in the Solana ecosystem. The deck opening feature helps creators mint their NFTs easily.
You can also use the mint calendar to anticipate the release of your favorite NFT collections. The calendar shows the name of the collection, the date and time of its release. Apart from that, you can also customize the mint calendar in a weekly or monthly view.
DigitalEyes charges a 2.5% service fee for each NFT transaction. Aside from that, this Solana NFT marketplace development also offers discounted service fees.
To buy or sell NFTs, you need to connect Digital Eyes compatible Solana wallets such as MathWallet, Phantom, BitKeep, Sollet and Solflare.
metaplex differs a lot from the NFT markets mentioned above. This platform is a collection of smart contracts and tools designed to simplify the process of creating and launching NFTs.
The ease of creation of NFTs resulted in the minting of 15 million NFTs on the Metaplex platform. Apart from that, the Metaplex protocol has provided tools and standards for more than 100 XNUMX projects and communities.
Metaplex users can also build a basic store to display their NFTs to visitors. Also, security features provided to users prevent interference from bots.
Creators can also mint generative or collectible pieces and set their royalty rates.
Now let ‘s look at Magical Eden , a community-focused Solana NFT marketplace. Magic Eden is another major player among the NFT markets created on Solana.
Magic Eden offers Magic Tickets to members of its community. These magic tickets can be used to access your MagicDAO, Discord-based DAO, and reward programs. Popular NFT collections in Magic Eden are Okay Bears, Froots, DeGods, Primates, Rakkudos, etc.
Magic Eden has more than 2.2 million monthly unique visitors, with more than 100 2 daily wallet connections. Other than that, the secondary trading volume on the platform is close to $XNUMX billion. You can also download the Magic Eden app from Google Play or the App Store.
A 2% market fee is charged for all NFT transactions. If the creator sets copyright, you must also pay for it. However, there are no fees for making or canceling an offer.
Magic Eden is compatible with Solana and Ethereum wallets on its NFT marketplace. The most recommended wallet by the platform is Phantom. Still, you can also connect ethereum wallets like MetaMask, WalletConnect and Coinbase .
Are you looking for some cool NFT artwork? Then you need to check the Artz Mercado de Solana NFT. This platform is full of highly creative NFTs.
Artz aims to transfer the market to the main Metaverse-based NFT market. The peculiarity of the Artz market is that creators are provided with tools to mint their NFTs and put them up for sale. Furthermore, the convenience provided by the platform has attracted hundreds of creative creators.
Artz chose the Solana blockchain to build the NFT marketplace with cheap transaction fees, high-speed transactions, and low power consumption. The most popular NFTs listed on the market include ChickenTribe, Haunted London, Candy Dragon, ForeverShape, etc. You can also buy NFTs ranging from 0.2 SOL to 32 SOL.
The Artz platform does not charge membership fees. The platform charges a flat 2% commission on all successful NFT sales. The user only needs to pay the blockchain charges, while there are no fees for listing and mining.
SUPADROP is another community-driven Solana NFT marketplace. The goal of this marketplace is to empower digital creators.
SUPADROP provides a beautiful visual experience for users. SUPADROP’s alpha membership program rewards NFT creators and collectors. This marketplace supports various video, audio, AR/3D, image, and HTML assets.
The creator receives 97.5% of their selling price from NFTs. A 2.5% service fee is charged. The standard rate for mint and NFT is 0.01 SOL. If the creator wants to list their NFTs in an auction, an additional 0.03 SOL is charged.
Do you want to get started in SUPADROP? Finally, load your wallet with SOL tokens and explore the NFT market.
The rapid growth of the NFT market has led to the creation of many community-driven NFT markets. LIQNFT is one such prominent NFT marketplace built on top of Solana.
LIQNFT aims to support web3 projects to become truly independent. Other than that, users can modify and customize their NFT projects.
Major features of the NFT collections listed on LIQNFT include Solice Land, Serum Surfers, SolanaLand, Moon Cubes, and more. LIQNFT supported crypto wallets are Phantom, Solfare, Torus, Ledger, Solong, MathWallet and Sollet.
LIQNFT charges a 1% transaction fee on NFT sales. Other than that, there are no setup fees or other additional charges.
The popularity and market size of NFTs is expected to grow on a massive scale. For both NFT creators and sellers, the speed of transactions and the gas fees involved play a crucial role in NFT market selection. Solana NFT markets offer these features to its users.
The rapid adoption of Solana-based NFTs helps Solana attract more users to its NFT marketplace development company.
As an informed user, please do your research before purchasing NFT. Also, be aware of the challenges and risks related to NFTs .