Although Ethereum currently controls the greater share of the NFT market,
there has been a lot of action in the Solana ecosystem lately,
from projects expansions into Solana to an influx of notable investors.
For instance, Coinshares Europe's largest digital asset investment firm
with $3.8 billion in assets under management
teamed up with FTX in March to launch the world's first
physically backed salon to exchange traded product or ETP.
Back in October of 2021 crypto derivatives exchange, FTX launched
a new marketplace for non fundable tokens on the sale on a blockchain.
Similarly, the world's largest NFT marketplace open sea wrestling confirmed
integration rumors after enabling support for sale on collectibles.
OpenSea now supports Ethereum and Solana based NFTs
comparatively Solana is one of the world's fastest and cheapest blockchains,
while Ethereum 1.0 can process roughly 13 to 15 transactions per second.
Solana as crucial selling point is its ability
to theoretically handle up to 60,000 transactions per second.
Furthermore, Ethereum high transaction costs have allowed other ambitious
blockchains like Solana to emerge, often bearing the title of Ethereum Killer.
Given the network
speed and low cost, Solana has become home to several NFT trading platforms
that allows collectors to buy, sell and trade Solana based assets.
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And let's learn together about Solana's NFT ecosystem explained simply. Magic Eden
despite being one of the new kids on the block, Magic Eden has grown
to become the most popular and empty marketplace on Solana.
The NFC Trading platform is currently the largest salon
ecosystem in terms of trading volume, having processed over $730 million
since its inception.
Listing in Nifty on Magic Eden attracts a fee of just 0%.
However, the platform charges a 2% transaction fee.
Creators can also set their royalties
and receive payment immediately after a sale happens.
Magic even supports most of wallets including Phantom Slope, Sollet,
Solflare, Clover Ledger, Solong and MathWallet.
Following open sees expansion into the salon ecosystem,
Magic Eden has taken a different approach to stay competitive.
The trading platform will now allow users to purchase
and have teas with the native tokens of some top Solana of projects,
and the initial roll out will support DeGods DUST and Aurory's AURY tokens.
Another interesting feature that Magic Eden gives to creators is its launch pad.
It is designed to help NFT artists mint their collection
without having to deal with the technical know how.
That brings us to Solanart like Magic Eden Solanart
allows users to create, sell, and buy Solana based digital collectibles.
The platform however, charges a transaction fee of 3%
on every successful NFT sale.
In terms of trading volume, Solanart is currently the second
largest NFT marketplace on Solana having over 200,000 traders
and an overall sales volume of approximately $637 million.
And although the platform is still in beta,
it hosts a great portion of the biggest NFT projects on Solana
Needless to say that Solanart was the first salon to NFT Marketplace.
SolSea, despite being in fifth place in terms of overall trading volume,
SolSea touted self as the first NFT marketplace
that enables creators to choose and embed licenses when they mint NFTs
Although other NFT marketplaces are beginning to integrate the functionality.
SolSea was one of the first release Rarity rankings,
the platform calculates the rarity rank
score and trades of every fully minted collection on its marketplace.
As for fees, SolSea charges, a 3% transaction fee.
Now let's talk about the top NFT collections on Solana.
There's no talking about Ethereum,
and if t's without talking
about the likes of crypto punks and Board Ape Yacht Club.
Similarly, there are a few collections currently dominating or making waves
within the Solana NFT space and the first one being Solana Monkey Business,
much like crypto punks and Bored Ape Yacht Club, Solana Monkey Business or SMB,
is a blue chip project on Salon, attracting notable owners
like Steve Harvey and Steve Aoki, although the original collection
launched in June of 2021 with just 205 nft collectibles,
the Gen2 collection of 5000 Pixel Monkeys brought the project to the limelight
and is more commonly associated with the SMB brand.
Owning an SMB NFT is akin to being royalty on Solana.
The lowest price monkey in the market is 216 sold
or around $21,600 at current market rates.
And while this is a far cry from Bored Ape Yacht club's floor
price of over $200,000, SMB is currently the second
largest collection on Solana in terms of overall trading volume.
SMB holders get access to Monkey DAO the first official nft
decentralized autonomous organization or DAO on Solana.
The DAO holds on chain elections, operates its own node on the Solana
blockchain and brings value to holders through special projects and meet ups.
And that brings us to the next one, which is Degenerate Ape Academy
with an all time secondary sales volume of over $120 million.
Degenerate Ape Academy or DAA is the largest NFT
collection on Solana minted in August of 2021.
The collection consists of 10,000 avatars and interestingly the entire collection
sold out in less than 8 minutes which was a huge surprise to everyone
and according to its founders, DAA was created
on the principles of friendship making crown eating in absolute
unregulated, deplorable, degenerate behavior.
It is also worth mentioning that DAA
made history as the first million dollar NFT collection on Solana
with the current floor price of 75 SOL or $7,500.
That brings us to DeGods.
It is almost impossible to scroll through Solana NFT Twitter
without stumbling on a post about DeGods with the lowest price piece
in the collection sitting at almost $20,000, DeGods
have grown to become more than just an average PFP project holders who stake.
And NFTs are rewarded with ten dust daily, a utility token has already
been integrated with Magic Eden metaverse projects in play to earn games
Cets on crack. I can't believe I'm saying that on video.
Despite being a newcomer, Cets on Creck is one of the most hyped project
on the Solana NFT scenes.
And just a month after the project launched its floor, price surged
to over 40 Soul, a testament to the power of the community.
And there have been rumors that cats are actually linked to party beyond club.
Nevertheless, the project has focused on branding and storytelling.
ThugBirdz.
There is no talking about Solana og NFT projects without mentioning ThugBirdz.
This collection of 3333 pixel birds features different rarity trades
based on shades, hats, earrings, face tattoos and lots more.
The collection is being run by thug DAO and has attracted big holders
like Wiz Khalifa and Anatoly Yaka Vanko the founder of Saldana.
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