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With an average trading volume of $310M, the popularity of the Solana NFT marketplace is growing continuously.
Many creators prefer the Solana blockchain to mint their NFTs due to the Solana blockchain’s benefits, such as low transaction cost and high transaction speed.
Many nonfungible token marketplaces have been developed in Solana. Check this blog to know the top Solana NFT marketplace.
It is the best opportunity for everyone to make extreme profits by creating their marketplace on the Solana blockchain.
But first, I want to know more about the Solana blockchain.
An introduction to the Solana blockchain
Solana was launched in 2020. This blockchain technology is based on the Proof of Stake (PoS) mechanism and offers similar services to the Ethereum blockchain. Instead of using crypto miners to validate transactions, Solana uses the blockchain nodes of its participants who contribute to its crypto staking. Users involved in Solana staking earn SOL coins as a reward for improving Solana’s network security.
All these rewards come from network fees that involve crypto transactions on the Solana blockchain. However, it also uses the Proof of History (PoH) algorithm to approve and process crypto transactions. PoH mechanism uses time steps to eliminate unnecessary transactions, allowing Solana to perform the fastest transition at around 65,000 per second.
Also, the transaction fees on Solana transactions are very low, making it the most affordable blockchain network for performing crypto transactions. Solana is famous for availing a wide range of decentralized exchanges, DeFi platforms, blockchain games, and nonfungible token marketplaces on their platform.
But how fast is the Solana NFT marketplace growing? Let’s understand.
The growing trend of Solana NFTs
The Solana blockchain has witnessed a remarkable upswing in its NFT market, with total sales reaching an impressive $5.01 billion as of February 23. This surge reflects Solana’s increasing significance within the NFT space. The platform has attracted a robust community, with over 2.2 million purchasers and 1.6 million vendors, contributing to nearly 43 million transactions.
Solana is the preferable option for the marketplace, where users can mint nonfungible tokens in seconds while paying low transaction fees. The characteristics of the Solana blockchain attract worldwide creators to sell and launch their nonfungible tokens on Solana’s blockchain. Before exploring the popular Solana nonfungible token marketplace, you can check out some of the best collections on Solana that attract buyers worldwide.
Leading NFTs collection on Solana blockchain
Check some popular collections available on the Solana blockchain:
| NFTs | Description |
| Degenerate Ape Academy | The Aurora Collection |
| It is one of the highest trading volumes based on nonfungible token collection on the Solana blockchain. Their collection includes beers in different clothes, styles, and accessories. | This is another popular nonfungible token collection on the Solana blockchain. The collection includes anime-style characters, each with its own unique story. |
| Okay Bears | It is one of the highest trading volumes based on nonfungible token collection on the Solana blockchain. Their collection includes beers in different clothes, styles, and accessories. |
| Taiyo Robotics | It is one of the highest trading volumes based on nonfungible token collection on the Solana blockchain. Their collection includes beers in different clothes, styleshasand accessories. |
Check out the next section to get the list of the best marketplace available on the Solana blockchain.
List of best Solana NFT marketplace
Multiple marketplaces are available on Solana with different operational mechanisms, features, and rules.
Check some of the best marketplaces available on the Solana blockchain.
1. Magic Eden
Launched in September 2021, Magic Eden is Solana’s largest nonfungible token marketplace, with an excellent trading volume of over 700 million USD.
The great thing about this platform is that it doesn’t charge listing fees. On Magic Eden, many collections are categorized into mostly traded and upcoming collections.
Also, the platform allows you to quickly process collections on their platform by using the Magic Eden launchpad. The platform requires sellers and creators to go through a step-by-step process before listing their collections.
| Pros | Cons |
| Supports 13 crypto wallets | Feature absent for finding IP-infringing projects |
| 2% transaction fee | |
| Fast listing |
2. Exchange. art
Being prioritized and focused on independent creators makes this platform one of the unique Solana nonfungible token marketplaces. You can find several independent nonfungible tokens outside of the collections.
Exchange. Art encourages new creators to submit their art as nonfungible tokens on their platform. Their platform doesn’t involve any listing fee or curating process for listing.
This NFT platform makes money by taking a 2.5% transfer fee from its creators’ earnings. However, they allow creators to set additional royalty fees. Also, the platform offers live auction features for placing bids.
| Pros | Cons |
| Attractive user interface | Not available on iOS and Android |
| Exclusive NFTs | |
| Supports major Solana wallets |
3. Solanaart
This platform is considered the best Solana in the nonfungible token Marketplace for connectivity because it supports a wide range of Solana crypto wallets.
You can find many collections on this platform. The platform charges around 0.02% of the listing fee and 3% of the transaction fee on each purchase. Moreover, the platform allows creators to set additional fees for nonfungible token collections.
However, to maintain a high standard of NFT collection, the platform has a strict quality control policy for submissions. The good thing about this platform is it provides that side with listed nonfungible tokens, such as accessories, colors, and features.
Also, the platform offers extensive data on the overall nonfungible token marketplace available on the Solana blockchain, be it their trading history, price, etc.
| Pros | Cons |
| Supports many wallets | Low traffic |
| Popular collections | High transaction fee |
| NFT Launchpad |
4. Solsea
The platform is considered the best alternative to the Ethereum-focused OpenSea platform. Solesea uses a similar operational mechanism, the OpenSea platform, which allows users to easily manage their collection (allowing them to buy and sell).
The platform allows artists to install copyright licenses with their collections, helping users protect their art while issuing nonfungible tokens. Using these features, creators can decide how buyers can use their collections.
Also, the platforms provide an open marketplace where there is no requirement for creators and sellers to list their nonfungible tokens, be it any curation process or other requirements. All these features make Solsea an extremely friendly platform for new artists.
The platform doesn’t charge listing fees and only takes 3% during transactions. It also offers the flexibility to pay through USD Coin (USDC) and Tether (USDT).
Solsea also offers analysis features such as rarity score management tools. The platform allows users to switch between public and private listings, which is great flexibility for creators.
| Pros | Cons |
| Fiat payment option | There is no support for the auction |
| Built-in IP feature | 3% transaction fee |
| Launchpad |
5. Artz
Artz is Solana’s first nonfungible token marketplace. The platform doesn’t use a centralized mechanism to enable users to store all their nonfungible tokens in their crypto wallets.
This nonfungible token marketplace doesn’t charge any listing fee and only takes a 2% transaction fee, much less than other marketplaces.
Artz also allows its creators to set royalty rates for their nonfungible tokens. However, even after having so many benefits, the platform is still small and deserves the attention of creators and buyers worldwide.
| Pros | Cons |
| No listing fee | Small community |
| Allows creators to set royalties | |
6. DigitalEyes
It is the first open marketplace where users can sell, create, or buy Solana’s nonfungible token. Talk over the popular collection. The platform includes Aurory, Degenerate Ape Academy, Frakt, and Galactic Gecko Space Garage.
The platform also provides a mint calendar where users can see upcoming nonfungible token drops and launches. Users can purchase them through cryptocurrencies such as Phantom, Sollet, Solflare, Solong, Slope, and Mathwallet.
DigitalEyes charges a commission fee of 2.50% for every successful nonfungible token sale. In addition to the transaction fee, the platform charges two additional fees: one for allowing creators to set royalties and the other for the service fee.
| Pros | Cons |
| Include mint calender | Low audience and engagement |
| Easily accept most NFT collections | High transaction fee |
| Easy to use user interface | Fewer store updates |
7. Metaplex
The platform offers an e-commerce experience where creators can open branded storefronts to showcase their nonfungible token collections. It also allows creators to compete with other projects by listing their nonfungible tokens on the open marketplace.
Metaplex allows their NFT creators to connect with the powerful on-chain decentralized program where they can mint and sell their nonfungible tokens. Also, users can avoid paying marketplace fees for every nonfungible token transaction.
Many successful projects have been launched on Metaplex, including Degen Ape Academy, Solana Monkey Business, Genopets, Nyan Heroes, and Oddkey.
| Pros | Cons |
| No marketplace fee | Only supports Solana tokens for payments |
| List of successful NFT projects | |
8. Alpha. art
Alpha. art is another revolutionary marketplace where users can buy and sell Solana-based nonfungible tokens. The platform doesn’t charge listing fees and only takes 2% on each sale.
Right now, the platform doesn’t support minting in its marketplace. However, it supports popular crypto wallets such as Phantom, Slope, Solflare, Ledger, and Sollet.
| Pros | Cons |
| Include mint calender | Low audience and engagement |
| Easily accept most NFT collections | High transaction fee |
| Easy to use user interface | Fewer store updates |
But what makes Solana blockchain the most suitable platform for marketplace development? Let’s check!
Why is Solana best for NFT marketplace development?
Here is the top reason Solana is the best blockchain for creating a marketplace.
1. Low transaction fees
Solana is one of the most cost-efficient blockchain platforms, with fewer transaction fees than a marketplace built on other blockchain networks.
Solana takes low fees in terms of both crypto transactions and smart contracts.
Compare Solana’s fee to the marketplace built on other blockchain networks to get a better idea about the cost-effective nature of Solana’s nonfungible token marketplace.
| Blockchain | NFT minting cost in crypto | Minting an NFT in dollars |
| Ethereum | 0.001-0.005 ETH | $17.9 – $150 |
| Solana | 0.00001 SOL | $0.004 |
| Polygon | Free | Free |
| Tezos | 0.8-3.6 XTZ | $0.16 – $7.56 |
| Cardano | 0.17 – 0.15 ADA | $0.10 – $0.93 |
| WAX | $0.008 – $0.02 AJAX | $0.016 – $1.63 |
| Avalanche | $0.008 – $0.02 AVAX | $0.19 – $0.48 |
| Zilliqa | $0.7 – $2.9 ZIL | $0.034 – $0.14 |
2. Scalability
Solana uses proof of history and evidence of stake mechanisms to boost their scalability.
These mechanisms allow Solana to process over 50,000 settlements per second ultra-fastly without depending on shared chains or Layer-2 solutions.
3. Interoperability
Solana’s vital interoperability feature allows nonfungible token transactions across different virtual networks. Thanks to Solana, it is a nonfungible token marketplace that seamlessly and securely supports trading between multiple virtual platforms.
Solana uses a messaging bridge known as a wormhole between other blockchain networks Through which users can move their tokenized assets across decentralized ledgers.
4. High-speed
Solana has a high speed that performs transactions at around 6500 TPS and goes up to 190,000 TPS during its peak. When fully developed, Solana developers claim that Solana’s capability can reach up to 700,000 transactions per second.
So, if you think it is the right time to create your Solana nonfungible token marketplace but don’t know the exact steps. You can check them in detail.
How do you develop an NFT marketplace on Solana?
Here are the detailed steps to your marketplace on the Solana blockchain:
1. Select your niche (art, video game, music, etc.)
NFT marketplace contains multiple niches you can consider for your business.
I. Art
The artist can sell their digital art to buyers. Art is the most popular niche in the marketplace, where many popular nifty collections exist, such as Cryptopunks, CLONE X, and many more on different blockchain platforms.
II. Video games
NFT creators can sell their video game characters. However, a popular marketplace for trading nonfungible tokens based on video game characters has yet to be established. This creates the best opportunity for anyone to target this niche and make extreme profits.
III. Music
Musicians can tokenize their work into nonfungible tokens using blockchain and smart contracts. This offers an excellent opportunity for artists to connect globally and share their music with nonfungible token users worldwide.
However, there are many other niches available in the marketplace that you can check.
2. Hire a blockchain developer
After designing your niche, you can hire blockchain developers.
You can consider hiring blockchain developers who specialize in Solana blockchain development. Tell them your project requirements, such as a list of marketplace features, UI, functionality, your choice to monetize your marketplace, and much more.
3. Decide how you will monetize your marketplace
There are multiple options available to make money from your marketplace, such as:
I. The Fee monetization model
This is the most common monetization model adopted by many marketplaces. In this model, the platform charges a small fee, from 1% to 15%, as a commission from its creators.
II. Subscription monetization model
In this model, you can charge your users a subscription fee yearly or monthly. This monetization model can be most profitable when your platform has rare and popular collections.
III. Freemium monetization model
With this approach, the platform offers free and paid services for anyone to trade NFTs. However, there is a limitation to dealing with nonfungible tokens with the free platform version, which can be limited to ten deals a month.
Users can remove this limitation by paying a fee to access their premium services.
4. Create a list of functionalities you want to add to your marketplace
Every NFT marketplace will require specific features to make it fully operational. There are multiple sets of features you may need for your platform, such as
- NFT showcase
- Crypto wallet integration
- NFT minting
- Item listing
- Smart search functionality
- Ratings and Feedback
Also, there are multiple features available that you can add to your marketplace.
Extensive market research will enable you to develop out-of-the-box features and functionalities to give you an additional advantage in your marketplace business.
5. Start designing the UI of your NFT marketplace
Now, you can decide how your nonfungible token marketplace should look. You can check the UI of some best stores to get an idea and design inspiration for your platform.
6. Build smart contracts for allowing NFTs to interact with the Solana blockchain
Smart contracts will help your nonfungible store to interact with the Solana blockchain. The functionality of smart contracts will enable buyers and sellers to trade nonfungible tokens in your store.
Hiring blockchain developers is the best solution, as they can help you create smart contracts for your platform so that they can interact easily with the Solana blockchain.
7. Develop a server part for storing and processing your marketplace’s data
Along with intelligent contact, your platform will need additional back-end development to store users’ data and process other functionalities, such as in-app payments and item listing.
8. Test your NFT marketplace before its initial launch
To ensure your users can easily trade any of these on your platform, you can do platform testing multiple times to identify any technical glitches or drawbacks on your Solana nonfungible token marketplace. Platform testing is a good practice that can help you know how to improve your marketplace.
However, partnering with blockchain developers can help you test your marketplace before launching them to the Solana blockchain network.
You can also conduct beta testing, allowing several users to test your platform. Based on their feedback, you can make several changes to your marketplace to improve the platform experience.
9. Launch your NFT marketplace on the Solana blockchain
Once you have tested your marketplace, you can make it live for all the creators and buyers. However, you must constantly maintain and update your platform to offer a better user experience when trading nonfungible tokens.
Want to hire blockchain developers to create your marketplace?
Solana offers multiple benefits to creating a nonfungible token marketplace. NFT marketplace owners profit greatly by allowing creators and buyers to trade nonfungible tokens on their platforms.
It is an excellent opportunity to make significant profits by launching the marketplace on the Solana blockchain.
Anyone who wants to create their marketplace will need support from blockchain experts to build and launch a Solana-based nonfungible token marketplace.
However, blockchain developers are hard to find. Still, you can hire blockchain developers without making an extra effort.
You can contact our blockchain developers, who can help you provide an excellent solution for your Solana nonfungible token marketplace development.
We are a team of blockchain experts, app developers, and project managers who can help you successfully build your marketplace on the Solana blockchain.
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FAQ
1. How does the Solana NFT marketplace work?
Solana blockchain contains a wide range of marketplaces that allow creators to launch their collections.
Solana offers a multi-tested, innovative, contact-based platform on all blockchain networks. In white-label mode, users can customize their marketplace based on their requirements.
2. How do I create an NFT marketplace in Solana?
You can create your marketplace in Solana by following the given steps:
- Select your niche
- Hire a blockchain developer
- Decide how you will make money from your marketplace
- Make a list of functionalities you want to add to your marketplace
- Design the UI of your marketplace
- Build smart contracts for allowing NFTs to interact with your NFT marketplace
- Create a server part for storing and processing your marketplace’s data
- Test your marketplace before its initial launch
- Launch your marketplace on the Solana blockchain.
3. What is the top NFT marketplace on the Solana blockchain?
Here is the list of top marketplaces available on Solana:
- MagicEden
- Exchange art
- Solana art
- Solsea
- Artz
- DigitalEyes
- Metaplex
- Alpha art
