NFTs on Solana and the best place to find them
This article is a follow-up to a previous one DappRadar wrote on October 26th, 2021.
Since it launched in March 2020, the Solana blockchain has grown to become one of the biggest and most important networks in the world of web3. People now buy and sell millions of dollars worth of Solana NFTs on a daily basis. And now that the blockchain has secured its place at the top table, people are asking how they can get involved and where they can carry out their own trades.
- Solana currently sits in fifth place for total value locked with $2.77 billion securing the network. This is behind Ethereum, Binance Smart Chain, Tron and Avalanche.
- The fortunes of Solana NFT marketplaces have waxed and waned over the past year. Magic Eden currently controls the space, but this could all change over the next 12 months.
- DappRadar’s Ultimate Guide to NFTs outlines everything you need to know about trading, holding, swapping and appraising non-fungible tokens.
DappRadar is a tool that gives its users many things. It can help people to find the best NFT collections with the best value. You can find out which NFTs just sold for the highest price. You can even stake your cryptocurrency on one chain and harvest your rewards on another one.
Another useful tool on DappRadar is our Rankings page. Here, you can find thousands of dapps across more than 40 blockchains. For anyone looking to find the best place to trade their Solana NFTs, this is the place to go.
As we can see in the list above, there are four NFT marketplaces where users trade a significant volume of their Solana art, collectibles and items. Each one offers different levels of performance and user experience. And for this reason some get more customers than others.
Magic Eden is the number one site to trade NFTs built on Solana. Across every metric and every NFT project, it’s the biggest and most advanced at what it does. To be the best in such a competitive industry is impressive; that Magic Eden launched in September 2021 makes the achievement even more remarkable.
Traders on the marketplace executed more than 1.8 million deals over the past 30-day period. This equates to $280.48 million worth of NFTs being bought and sold.
Like most of the best products on the internet, Magic Eden is intuitive for new users and easy to trade with. If you do find it a bit tricky to buy and sell with though, DappRadar has developed a handy user guide.
OpenSea also caters for people trading on the Polygon and Klaytn networks. And even though it may lag far behind Magic Eden in terms of Solana NFT trading, it’s by far the biggest marketplace across all blockchains.
The graphic above shows NFT sales for the past seven days. Despite talk of a crypto winter and the death of non-fungible tokens, $121.51 million worth of sales seems like a relatively healthy situation.
DappRadar has a comparative review outlining the differences between trading Solana NFTs on Magic Eden and OpenSea.
Third on DappRadar’s rankings list for Solana NFT marketplaces is Solanart. The platform launched in March 2020 and was the premier marketplace for trading on the blockchain.
Last October, it boasted weekly trading volumes around the $30 million mark. Since then, Magic Eden has muscled into its territory and swiped most of its users and their SOL. Now, monthly transactions on Solanart amount to slightly less than $1 million.
We can probably put some of this down to the general bear market dip. But, unfortunately for Solanart, the platform has simply lost market share and needs to fight an uphill battle to regain it.
SolSea comes fourth in our list, despite having more monthly users than Solanart. This is due to the average value of those users’ transactions being much lower than its competitor’s.
The platform launched in August 2021, which makes it a month older than Solanart. SolSea was the first NFT marketplace on Solana with integrated minting. And it also introduced embedded licenses and rarity rankings for NFTs on the network.
In many ways, it attempted to emulate the success of its near-namesake OpenSea. And it appeared to be making good headway at the beginning. Last October, it attracted more than 11,000 visitors in one week and they completed over 58,000 transactions.
Unfortunately, it couldn’t maintain its market share. This is probably a result of its higher-than-average fees and clunky-looking design. As we noted when looking at Magic Eden, ease of use and slick UX is often the key to a successful internet product.