In the short history of the Solana NFT ecosystem, the Solsea NFT marketplace has played a crucial role. Solsea is the first open NFT marketplace on Solana, according to the company. So, how does Solsea look presently, and how does it fit within the rapidly expanding field of Solana NFT marketplaces?
The rise of NFT in 2021 prompted a search for Ethereum alternatives.
First, a little background on Solana around the time of the launch of the Solsea NFT marketplace.
As is well known, the year 2021 marked the beginning of the mainstream acceptance of NFTs. Without a doubt, Ethereum was the undisputed leader in the NFT space in terms of blockchains as the year progressed.
With a few notable outliers (NBA Top Shot on Flow and Axie Infinity, which transferred from Ethereum to the Ronin sidechain), Ethereum was the home of the most well-known NFTs. However, because of the way Ethereum works, as NFTs grew in popularity, the chain became less appealing to many individuals.
For now, let’s just concentrate on three major difficulties with Ethereum that occurred as a result of its burgeoning NFT industry. It had a negative influence on the environment, had slow transaction speeds, and had high transaction prices. As a result of these developments, there has been an increase in demand for alternative smart contract chains that can support NFT trading.
Solana NFTs were created in response to the demand for non-ETH NFTs. Solana debuted in 2020 and was quite quiet for a time. However, because it is a proof-of-stake blockchain, it is a better option to Ethereum in terms of the three flaws outlined above.
To be sure, anyone looking for non-Ethereum NFTs in the fall of 2021 was likely to be directed to Solana over other possibilities. Solana became Ethereum’s main competitor in this sense, even if Ethereum still outperformed it in terms of price, market size, and usage.
However, there was one additional stumbling hurdle. While anyone interested in Ethereum NFTs would quickly come across OpenSea, there was no equivalent NFT marketplace on Solana. That’s exactly what Solsea wanted to talk about.
The origins of the Solana NFT market Solsea
At the end of August 2021, the Solsea NFT marketplace, a product of the ALL.ART protocol, went live. It aspired to be a Solana equivalent of the then-Ethereum-exclusive NFT marketplace OpenSea, as the name suggests.
It’s worth noting that the marketplace Solanart debuted in July 2021, a year before Solsea, and is often regarded as the first Solana marketplace. Despite this, Solsea positioned itself as the first open Solana NFT market.
Solsea featured a number of ground-breaking services for consumers of its NFT marketplace when it first launched. NFTs with embedded licenses, a rarity index for NFT collections, wallet funding via FTX, and integrated NFT minting were among the features.
Solsea’s NFT marketplace also had a popular calendar tool that allowed users to keep track of forthcoming NFT drops. Solsea swiftly established itself as a home for Solana NFTs thanks to all of these capabilities, as well as the special benefits of Solana NFTs over Ethereum.
What is the current state of the Solsea NFT market?
So, did the OpenSea of Solana NFTs, as the Solsea NFT marketplace was dubbed, live up to its name? In a nutshell, it didn’t.
For starters, OpenSea debuted in December 2017, well before most people had heard of NFTs. Solsea, on the other hand, debuted at a time when the NFT craze was already in full force. As a result, it’s reasonable to infer that other Solana NFT marketplaces were working on their platforms concurrently with Solsea. Not to mention Solanart, which had only been released a month before.
As a result, a number other Solana NFT marketplaces debuted not long after Solsea, creating additional competition. Digital Eyes and Magic Eden are the two most important.
In terms of all-time trading volume, Solsea now ranks fourth behind the other three marketplaces. Furthermore, Dapp Radar places a single Solana NFT collection – Solana Monkey Business – ahead of Solsea in terms of transaction volume.
Overall, the Solsea NFT marketplace may not have become the “OpenSea of Solana,” but it still has over 80,000 traders and a functioning platform. It’s unclear whether Solsea will be able to sustain and develop its user base and platform as the Solana NFT ecosystem expands.
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