- Solana NFT Marketplace is the second largest marketplace in the NFT space in terms of trading volume.
- Magic Eden is Solana’s “Opensea”, the majority of users use it for trading and they already have 92.4% of the market share of the game NFT
- Magic Dao was launched to connect with the ME community and reward their users
Solana's NFT marketplace has attracted the attention of many users, mostly retail investors, who find the gas fees for ethereum trading too high and opt for a marketplace that offers fast trading at low fees.
According to CryptoSlam, Solana's total sales in the last 30 days were $119,459,621, while Ether's sales in the same period were $1,947,618,479. Obviously, the difference between the two chains is still significant, as Solana's total transaction value is still 5% lower than Ether's.
As a user, I found trading in Solana easy; all you need to do is set up Phantom by downloading it as a Chrome extension or now as an app on your IOS or Android device. Once set up, add some $SOL and you're good to go. You can now purchase NFT on Solana's Marketplace with the click of a button.
Solana's most famous marketplaces are Magic Eden, Solanart, Alpha Art, Solsea, and more. However, if you are looking for Solana's "Opensea" equivalent, Magic Eden is the place to buy your NFT.
Magic Eden has the largest market share
Source: Delphi Digital
According to the Magic Eden team, Magic Eden has captured 92.4% of the market share of Solana Games NFT. They crossed Total secondary trading volume $ 1b and are constantly updating their website to make the transaction process easier and more seamless. On March 10, they launched a new feature that Show Rarity Ranking They are usually found by going to rare sites such as howrareis and moonrank.
Magic Eden Launchpad
Magic Eden supports a Launchpad on their website on which they launch several projects pre-selected by their team each week. Projects are required to apply for listing; a mechanism used to ensure that projects on the Launchpad are quality projects and not scams. This mechanism was questioned when the NFT project Balloonsville became solid after being cast on the Magic Eden launchpad. Their Twitter page mentions some red flags that Magic Eden allegedly ignored. They allegedly validated the project without any ID or proof of concept regarding its roadmap.
Some projects have become scams and rug pulls; therefore, it is always essential for DYOR and, when possible, to invest in teams and projects that are doxxed.
The most recent exciting development is the launch of Magic DAO. Magic Eden, outlining their interest in connecting more with the community and finding ways to reward members who actively trade on Magic Eden. On February 22, Magic Dao released its roadmap.
They airdropped tickets for 3 levels of magic.
OG – First time traders on ME from September 17 to October 17
Degens – First time traders on ME between October 18 and December 18
Normies – who has been trading on ME for the first time since December 19 – after
In the short term, ME promises MagicDAO tickets, governance, whitelist privileges, and dedicated feedback sessions. In the medium term, after 1-2 months, the team promises Magic Ticket events, games and challenges, and ecosystem benefits.
Many users have already sold their Magic tickets on the NFT Marketplace. As of today, March 12, 2022, the reserve prices for these tickets are as follows.
Standard: 0.22 SOL
Degradation: 0.52 SOL
OG: 1.60 Saul
Magic Eden has proven itself to be one of the clear breakout winners in the Solana NFT market. There are rumors that Opensea will support Solana NFT in the future; if they choose to do so, then Magic Eden will face real competition.