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What Is Solana NFT?

The Solana Ecosystem

Solana follows a proof-of-stake system as opposed to the proof-of-work followed by Ethereum. The Solana crypto owners can pledge their tokens to provide liquidity in exchange for rewards to earn more tokens through proof-of-stake. It also helps Solana provide faster transactions at lower transaction fees.

Its popularity in the NFT and DeFi spaces is primarily due to Ethereum being too expensive for crypto investors and NFT creators. Launched in 2017, Solana rose to prominence as an open-source blockchain, supporting smart contracts,  decentralised apps, NFT marketplaces, and multiple blockchain and NFT projects.

The NFT ecosystem of Solana

Here are the top 5 Solana NFT Marketplaces:

  1. Magic Eden

Though it does not need any introduction, the most popular Solana NFT Marketplace does not charge a listing fee and only charges a nominal 2% of transaction fee for creators to launch their NFT on the Marketplace. Creators can also opt for royalties to get a regular income from each sale. Magic Eden endeavors support all Solana wallets, creating a robust Solana ecosystem.

Popular NFT Drops – Cets on Creck & Astrals. Upcoming NFT Drops – Anime Immortals 

  1. SolSea

It is the first Solana NFT Marketplace, Solsea, has helped creators mint or purchase NFTs. This platform introduced rarity ranks and launched NFTs compatible with Solana standard (SPL) tokens. The calendar function allows users to look forward to and stay tuned for the latest NFT drops. Solsea also extensively promoted the first 100 Solsea NFTs that were minted.

Popular NFT Drops – I’m Aiko & Solchicks. Upcoming NFT Drops – Hyper Real full-body NFT for the Metaverse – Cyber Punk

  1. Solanart

A creator can choose their fee on this Solana NFT Marketplace. Typically charging about 3% in transaction fee, Solanart is home to many popular NFTs, including Degenerate Ape Academy, Solpunks, and many more.

Upcoming NFT Drops – The Orcs, The Pristine (Metaverse’s luxury watches collection) & the latest drop of Armadillos (The Doomed Armadillos), after the first collection, Angry Armadillos, was sold out in 7 minutes.

  1. Alpha.art

The unique feature of this Solana NFT Marketplace is that the flat 2% seller fee is collected only at the sale. There is no other listing fee, but the platform supports a few Solana wallets. 

Popular NFT Drops – Degen Ape Academy. Upcoming NFT Drops – SolCraft (play-to-earn Gamefi NFT), Gradbears & Omegaknights

  1. Artz

The first of the decentralised NFT Marketplaces, this Solala NFT Marketplace charges a 2% commission for completed transactions with the listing and minting absolutely free.

Popular NFT Drops – Project Eluüne – a play and own game NFT

Here are the top 3 Solana NFT projects for generating passive income:

  1. Transdimensional Fox Federation (TFF)

Owners stake their foxes from a collection of 7,777 foxes to earn FOXY tokens. FOXY are utility tokens that can be used for future drops and many more features. The foxes also come with attributes that help them gain experiences on missions or earn treasure chests.

  1. Blockstars

This immersive and social music simulation game has 3D characters that come with musical instruments. Owners do not have to stake to earn from this NFT.

  1. FamilySol

Inspired by the cartoon FamilyGuy, this NFT is filled with unique characters that resemble celebrities, politicians, and famous personalities. The future drops will feature holder-only giveaways for existing owners of the 6,666-character NFT collection. 

In latest news

Magic Eden raised its first Series A round of funding amounting to $27 million from Paradigm, Sequoia, and Solana Ventures.

With a transaction volume of over 7.5 SOL (Solana’s token), the platform also claims to have a 90% market share of the trading volume of NFT games. With the funding, Magic Eden plans on building a gaming vertical. It also envisions launching NFT mobile applications for minting & trading NFTs easily. 

The Solana ecosystem has been a massive contributor for bringing down Ethereum’s marketing share from 95% to 80%, owing to Ethereum’s high transaction fees.

Key Takeaways

The Solana Tool Suite offers simple linkages for creating a wallet to link to the Solana NFT Marketplaces and mint an NFT. With a speed of 50,000 transactions per second, Solana can improve the functioning of decentralised platforms and launch multiple projects supporting fast transactions and low fees.

With the recent funding for Magic Eden and the ever-increasing popularity of NFTs, the Solana NFT Projects are gaining massive traction in the market. Buy the Solana coin, SOL, through ZebPay, the leading crypto asset exchange, and enjoy the benefits of trading Solana NFTs.

Sources:

https://www.finextra.com/blogposting/21864/top-10-best-solana-nft-marketplaces
https://www.coindesk.com/business/2022/03/14/solana-based-nft-marketplace-magic-eden-raises-27m-series-a/

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