Welcome to the world of NFTs, where the lines between fantasy and reality are blurred and anything is possible.
In this post, we will be diving into the exciting comparison of two of the most popular platforms for trading Solana-based NFTs: Magic Eden vs Solanart.
Both Marketplaces offer unique features and benefits, but which one reigns supreme? Keep reading to find out!
Summary:
- Recently, Solana-based NFTs have gained significant attention with popular projects such as DeGods.
- A comparison of the two NFT Marketplaces, Magic Eden vs Solanart, in terms of their listing process, fees, usability, and other important factors to consider.
Magic Eden vs Solanart
| Platform | Magic Eden | Solanart |
|---|---|---|
| Blockchain Supported | Solana | Solana |
| Wallets | Phantom, Sollet, Solflare, etc. | Solflare, sollet, strike, phantom, etc. |
| NFT Trading Volume | $2.07 billion | $660 million |
| Listing Fees | 0% listing fee | 0.02% listing fee |
| Transaction Fees | 2% transaction fee | 3% transaction fee |
| Popular Projects | y00ts, Okaybears | Degods, Degenerate ape academy, Aurory |
| Active traders | 1,419,058 | 245,533 |
Magic Eden vs Solanart: Key Differences
Solanart boasts in-built metrics for popular sets and a launching pad, whereas Magic Eden boasts a plethora of additional features such as a whitelist management system, a gaming section specifically for NFTs, and an NFT drop calendar.
Magic Eden: Key Features
Magic Eden is an NFT platform that allows users to buy, sell and mint NFTs on the Solana network. The platform’s main goal is to make the NFT venture more accessible by simplifying the minting process and lowering the cost of transaction fees.
It utilizes the Solana blockchain, which provides a high-performance network with low transaction fees.
The key features of Magic Eden include:
- Simplified the minting process and reduced transaction fees.
- Runs on the Solana blockchain, which offers a high throughput and low fees.
- Allows for the buying, selling, and minting of NFTs.
- Offers a range of features such as upcoming launches, popular collections, launchpad, attributes filter, stats, auction, and a community.
Solanart: Key Features
Solanart is a decentralized marketplace that allows creators to mint and sell their digital assets, such as digital art and collectibles.
Some of the key features of Solanart include:
- Built on the Solana blockchain, which allows for fast and low-cost transactions
- Support for both fungible and non-fungible tokens (NFTs)
- An easy-to-use interface for minting, buying, and selling NFTs
- A built-in wallet for storing and managing NFTs
- An open-source codebase, allowing for transparency and community contributions
Listing and Transaction Fees
Magic Eden is a unique platform that offers a 0% listing fee for creators to post their digital content. However, there is a 2% transaction fee for each sale made on the platform.
Additionally, Magic Eden allows buyers the option to honor royalties set by the creators, which are embedded in the metadata of the content.
This feature allows creators to continue earning revenue from their content even after it has been purchased.
On the other hand, Solanart is a different platform that charges a 0.02% listing fee and a 3% transaction fee for each sale.
This means that creators will have to pay a small fee to list their content on the platform, as well as a higher transaction fee for each sale made.
Supported Wallets
Magic Eden supports 14 Solana blockchain-based crypto wallets. Here is the full list-
- Phantom
- Slope
- Exodus
- Brave
- Coinbase wallet
- Solflare
- Solong
- Torus
- Glover
- Coin98
- Math Wallet
- Glow
- Bitkeep
- Backpack
Solanart also supports more than 10 wallets based Solana blockchain. Here is the list of some popular wallets-
- Sollet
- solflare
- Trust wallet
- Coinbase wallet
- Phantom
Must Read: Top 9 Solana Wallets for high security
Listing and Minting Solana NFTs
To list and mint Solana NFTs on Magic Eden and Solanart NFT marketplace, you will need to have a Solana wallet and some Solana (SOL) to pay for the transaction fees. The first step is to connect to the Solana blockchain using a web3 wallet such as MetaMask.
Once you have connected to the blockchain, you can visit the website for either Magic Eden or Solanart NFT marketplace and create an account. After creating the account, you can use the platform’s tools to create and mint your NFT.
This may involve uploading an image or other asset, setting a name and description, and setting the price for your NFT.
Once your NFT is minted, you can list it for sale on the marketplace. Some marketplace may also charge a listing fee or other charges to have your NFT listed for sale.
Auctions or Bid
Auctions is a feature on the Magic Eden and Solanart NFT marketplaces that allows users to bid on unique digital assets, known as non-fungible tokens (NFTs).
Users can place bids on these NFTs, and the highest bidder at the end of the auction will be the winner and will take ownership of the NFT.
The auction process is typically set for a certain period of time, and the starting bid for each NFT is set by the creator or seller.
Auctions are a popular way for creators and sellers to monetize their digital assets and for buyers to acquire unique and rare items.
How to buy NFTs on Magic Eden Marketplace?
- Go to the Magic Eden Marketplace website (https://magiceden.io/)
- Create an account by clicking on the “Sign Up” button in the top right corner of the homepage.
- Verify your email address by clicking on the link sent to your email.
- Log in to your account.
- Browse through the available NFTs by selecting the “Marketplace” tab.
- Once you find an NFT that you like, click on the “Buy” button.
- Review the details of the NFT and confirm your purchase by clicking on the “Buy Now” button.
- You will be prompted to pay for the NFT using Solana. Make sure you have enough SOL Tokens in your wallet to complete the purchase.
- Once the payment is confirmed, the NFT will be added to your collection.
Popular Solana NFT Collections
Magic Eden is a popular NFT marketplace that features a wide variety of collections from different artists and creators. Some of the most popular collections on Magic Eden include:
Also Read: Top 10 NFT Collection of all time
1. Okay Bears
- Total Volume: $2.8 million
- Total owners: 4992
- Current Floor Price: 49 SOL
Okay Bears is a collection of diverse and unique bear avatars built on the Solana blockchain. The collection was released in April 2022 and it made its mark in the NFT community.
The collection has a total of 10,000 bears, each with a unique background color, outfit, and expression. Some of these traits are rarer than others making them more valuable.
This collection not only offers collectibility but also token-gated eCommerce for its holders. This means that only those who own a bear from the collection can access exclusive merchandise through a Shopify integration.
This added feature makes owning a bear from the collection more valuable and coveted. The initial price of each bear is 1.5 SOL, making it an accessible option for NFT collectors.
You can buy Okaybears NFT Collection on the Magic Eden Platform.
2. Solana Monkey Business
- Total Volume: $1.6 million
- Total owners: 2890
- Current Floor Price: 210 SOL
Solana Monkey Business is a unique collection of 5,000 pixelated monkeys that are algorithmically generated and built on the Solana blockchain. Each monkey is a small 24×24 pixels in size, and it is created by combining 99 different traits that are spread across 6 layers, making each monkey one-of-a-kind and rare.
The metadata of the collection is stored on Arweave, a decentralized data storage platform, which ensures the security and immutability of the collection. This makes it possible to verify and track the authenticity and ownership of the Solana Monkeys.
Every monkey is generated by combining a variety of traits, which creates a large combination of possibilities, some of which are rarer than others, making it more valuable for collectors.
You can buy SMB NFTs on both Magic and Solanart marketplace.
Conclusion
In conclusion, Magic Eden and Solanart are both NFT marketplaces that offer unique and diverse options for collectors and creators.
Magic Eden offers a wide variety of fantasy-themed NFTs, including magic spells and creatures, while Solanart offers a more realistic and grounded selection of NFTs, with a focus on exploring and survival.
Both marketplaces have their own strengths and appeal to different types of collectors and creators.
Ultimately, the choice between these two marketplaces will depend on your personal preferences and the type of NFTs you are looking for.
FAQs
Magic Eden vs Solanart: Which is better?
Magic Eden is the better NFT Marketplace on the Solana blockchain. This is because it offers zero minting fees on its platform and only 2% transaction fees. On the other hand, Solanart charges 3% transaction fees. Magic Eden also has a high trading volume of over $2.8 billion in total NFT sales.
Is Magic Eden reliable?
Magic Eden is a secure and dependable place for people to buy and sell these unique digital assets. From what it appears, users of the platform have been impressed by its simple layout and additional features, making it a suitable option for those new to the NFT market.
Additionally, the platform has also received a significant amount of funding, raising $130 million with a $1.6 billion valuation, to expand and support new blockchain networks. However, as always, it’s important to do thorough research and read reviews before making any transactions on any platform.
