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1. What is Solanart?
1.1 What is Solanart?
Solanart is an NFT marketplace that allows users to buy, sell and trade unique digital assets (NFTs) on the Solana platform. Like other NFT marketplaces, Solanart provides a platform for artists and users to create, display, and buy and sell NFTs, including photos, videos, music, and many other types of digital assets.
In particular, Solana is a Layer 1 blockchain developed to build decentralized applications with fast processing ability and low fees.
Solanart has attracted the interest of the NFT community and users looking for diversity and opportunity in the world of digital assets. In a growing NFT market full of potential, Solanart has become an interesting look by leveraging the robustness of the Solana network.
1.2. Fees from Solanart
Market commission - market commission fee, "Creator's fee" - creator fee and "ad fee" - advertising fee are three types of costs that Solanart charges.
Solanart only charges a commission of 3% of the selling price of each item. However, the creator's fee, which the NFT creator collects entirely, is proportional to the proceeds and is included in the sale price. To avoid excessive advertising on the network, this platform applies a 0.02% advertising fee to users.
Before listing an NFT for sale, users should ensure that they have enough $SOL in their wallet to cover the transaction and listing costs. This will ensure the transaction goes as smoothly and quickly as possible.
So what outstanding features does Solanart have? The next section will help you answer.
2. Features of Solanart
In terms of birth time, Solanart is considered the first marketplace on Solana. So what features does this early NFT marketplace have?
2.1. Explore the collections
With Solanart, users can update existing collections on Solana through the Explore collections or Collections section with filters including:
- Trending: collections that are being searched for a lot, through filters: 5 minutes, 1H, 24H, 7 days, 30 days
- Most recent: the most recent collections
- Oldest: collections that were listed a long time ago
- Highest floor price: highest floor price
- Lowest floor price: lowest floor price
- Highest volume: highest trading volume
- Lowest volume: lowest trading volume
Below is the interface displaying NFT collections on Solanart.
Users can rest assured that the collections on the marketplace have been checked for authenticity by the Solanart team. The platform also displays upcoming NFT collectibles, allowing creators to generate interest in their digital assets before they are sold on the platform.
Solanart provides all the necessary details about each NFT collection, including the name, short description, owner, price of the cheapest NFT in Price Floor, collection's social media pages and website . It also shows the most recent price paid for each NFT.
There are also options that allow users to search for NFTs by specific rarity and price. This helps users search for NFTs faster.
After finding a satisfactory collection and NFT, users can buy NFTs and then place them for sale on the platform via the Sell items section on the horizontal toolbar or click on the Sell my NFTs box on the home page.
Besides trending collections, Solanart helps users understand what are currently featured collections on Solana through the Featured Collections section.
Under the featured collections section, users can check which collections have the highest trading volume through the Highest Volume Collections section.
2.2. Loans
Users who already own an NFT can mortgage that NFT to borrow SOL on Solanart.
One thing to note about this feature is that not all NFTs from every collection are accepted as collateral to borrow SOL, but there will be certain collection limits, usually bluechip sets on the Solana ecosystem.
2.3. Launchpad
The Solanart launchpad is where the minting of NFT collections takes place on the Solana ecosystem.
Users can check the projects that have been, are being, and will open mint NFTs in this category.
So we have gone through the features of Solanart. In the next part, Theblock101 will introduce some outstanding NFT projects on Solanart.
3. Featured NFT projects on Solanart
The 3 most prominent NFT projects on Solanart based on Total volume are:
- Dr. Chuckle's NFTs:
This is a collection of 200 NFTs of Dr. Chuckles - the funny cartoon monster in a white coat. As of now, the floor price of NFTs in this collection is around 7 $SOL and has a total trading volume of 468.18 SOL.
-
DYOR Nerds:
This is an NFT project consisting of 5555 NFTs with a total trading volume of 2.98K SOL.
-
Ted_NFT:
Ted_NFT includes 333 NFTs, which are images of Ted bears with a floor price of 2.8 SOL and a total volume at the moment of 6.87K SOL.
4. Advantage and disadvantage of Solanart
Any marketplace has its own advantages and disadvantages and so does Solanart. Here are some of Solanart's strengths and weaknesses:
4.1. Advantage
- Speed and low fees: Solana is a blockchain known for its ability to process transactions quickly and lower fees than Ethereum or many other blockchains. This helps reduce the pressure on transaction fees for users.
- Multi-wallet support: Solanart supports many types of wallets such as: Phantom, Solflare, Ledger, Sollet, Censo, Coinbase Wallet, Trust,... and many other wallets.
- App integration: Solanart provides an API that allows other apps to integrate NFTs directly into their products, opening up new opportunities for engagement and value creation.
4.2. Disadvantage
- Competition: With the strong development of the NFT market, Solanart is facing competition from many other NFT marketplaces, especially well-known projects like Magic Eden .
- Limited NFT selection: Although growing, Solanart may not yet have the diversity of some other major NFT marketplaces, making NFT selection potentially limited for some users.
While Solanart has its limitations, its strengths in creating an environment that fosters NFT creation and trading have kept the interest of the growing NFT community alive.
5. Conclusion
In short, Solanart plays a quite important role in connecting artists and users through NFTs. However, nowadays, with the emergence of more and more NFT marketplaces, Solanart is somewhat overshadowed, especially compared to Magic Eden - the top NFT marketplace on Solana.
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