Solana is a powerful decentralized blockchain built to enable scalable and user-friendly apps. Not only it is ultra-fast and low cost, but it is also censorship-resistant. This means, that the network will remain open for applications will run freely and there is no interruption while carrying out a transaction.
Solesea is the NFT marketplace that is part of the Solana Ecosystem. It plays an important role in the Solana Ecosystem. In fact, Solsea portrays itself as the first open marketplace on Solana.
Rise of NFTs: A hunt for an Ethereum Alternative
The rise of NFTs in 2021 was substantial. People were looking for different ways to invest in them. Ethereum emerged as a reliable blockchain platform for NFT transactions.
2021 was the year of Ethereum, but, because of the way Ethereum functions i.e. Low speed and high cost in transactions people were looking for an alternative.
In comes Solana…
Solana was officially launched in March 2020. The founder Anatoly Yakovenko made Solana to support the concept of smart contracts and also help create decentralized applications, or dapps.
Yakovenko wrote in Solana’s white paper that,
The blockchain operates on both a proof of history (PoH) and proof of stake (PoS) model. Proof of Stake allows validators to verify transactions according to how many coins they hold, while PoH allows for those transactions to be time-stamped and verified more quickly.
Ethereum works on a proof of work model (PoW). It is limited to a small number of transactions, whereas, Solana supports a large number of transactions per second.
Even though the number of users in Ethereum is more, by the end of 2021 Solana became Ethereum’s main competitor because of its low pricing and highly efficient features.
The Beginning Era of Solana NFT Marketplace Solsea
Launched towards the end of August 2021, the Solsea NFT marketplace is a product of the ALL.ART. The name Solsea itself shows that this NFT marketplace platform is determined to become an equivalent just like the exclusive Ethereum marketplace, OpenSea.
Although, it is important to note that the marketplace Solanart actually launched before Solsea in July 2021. Hence, it is known as the first Solana Marketplace. Still, Solsea portrays itself as the first OpenSource Solana NFT Marketplace.
At the time of the launch, Solsea provided some groundbreaking features for the users of its NFT marketplace. These features include NFTs with embedded licenses, a rarity index for NFT collections, wallet funding through FTX, and integrated NFT minting.
In addition, Solsea has a popular calendar feature. It helps its users track upcoming NFT events using this feature.
In short, with all these features, plus the specific benefits of Solana NFTs versus Ethereum, Solsea easily establishes itself as a home for Solana NFTs.
So, what is Solsea, how does it look like, and where does it fit into today’s advancing field of Solana NFT marketplaces?
Solsea is the First NFT marketplace that allows creators to choose and embed licenses while minting NFTs. Creators can easily know what they are selling, and collectors know what they are buying.
It is cost-efficient and provides multi-currency. Further, it calculates rarity rank score and traits statistics for every fully minted verified collection. Users can keep their NFT listing on sale visible to the public or even view it privately.
Solsea: Create a collection and sell NFTs on Solsea
Step #1 Solsea Profile
Choose one of the supported Solana Wallets such as Phantom, Solfare, or Sollet. Connect your wallet and create a profile on Solsea.
Step #2 Create your Collection
After creating the profile you can create your own collection on Solsea. All-Art protocol in solsea makes sure that it is written on blockchain and in association with NFTs you mint.
Stepp #3 Final- Mint your NFTs
You can easily mint the NFTs on Solsea. Just start uploading your artwork and add the information about them. Choose a license and Mint your First NFT for sale.
Must Read, How to Sell your NFT Art?
So in the battle of two NFT marketplaces i.e. Solesea and OpenSea, who wins? andWhere does Solesea Stand? Does it live up to its name by becoming the OpenSea of Solana? We are about to find out.
Seasol vs OpenSea
OpenSea launched in December 2017. It was around long before people even started investing in NFTs. Contrarily, Solsea launched when NFT mania was at its peak.
However, OpenSea with its huge user base holds the ground and has a steady growth in the NFT marketplace. As of now, Opensea has over 600,000 users in 2022.
Solsea is slowly catching up; it has over 80,000 traders on its active platform. It remains to see if Solsea will maintain and grow its user base and platform along with the Solana NFT Ecosystem.
In short, SolSea NFT marketplace has a long road ahead in becoming the “OpenSea of Solana”.
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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading.