0
Gemini home
Coinrule home

Solanart: NFT marketplace explained

solanart
Gemini home

Solanart, an NFT marketplace hosted on the Solana blockchain, was launched in 2021. The marketplace includes various NFTs created by users, organisations, and celebrities.

The platform maintains its inventory of NFTs available for purchase in an offline database, in contrast to other NFT marketplaces. This helps to secure a large number of NFTs for sale on the platform.

DappRadar's marketplace statistics show that the platform has had over 238k traders and an overall sales volume of over $660 million.

The platform charges zero fees to buy and sell NFTs, which adds to its growing popularity.

Compatible wallets with Solanart

Solanart is currently only compatible with the Sollet wallet, the Sollet Chrome extension, and Phantom, though it is very likely that other wallets will be supported in the future.

If you have one of these two wallets, connect at the top right, confirm in your wallet, and you can begin buying and selling NFTs and viewing your wallet collection.

Etoro home

How to buy and sell NFTs on Solanart?

To purchase an NFT, you must first link the wallet to solanart. With the wallet connected, click on the one you are interested in buying. You can then find information such as the address of the NFT owner, and you can view all of the information in the Solana explorer by clicking on the view token.

Finally, if you click, you can see who the last buyer was and when they bought it. To purchase, click on buy and confirm it. Once the transaction is complete, you will see your new NFT in your wallet. And from there, you can list it for sale, which will appear in the My NFT For Sale section.

To sell the NFT you have purchased, click the "Connect Wallet" button in the top right corner. When you click on the "Wallet" tab, you should see the NFTs you can sell.

Click "Sell" and add a description of a maximum of 50 characters. Enter the SOL price at which you want to sell it.

Click "SELL", confirm the transaction in the wallet's pop-up window, and wait a few seconds for the transaction to complete. This way, you'll be able to sell your NFT.

Solanart market commissions

The platform charges a 3% market commission on the selling price of each transaction. Additionally, a creator's fee is added to the sale price and is fully paid to the artist. This fee varies depending on the collection.

There is a 0.02% advertising fee to prevent excessive advertising. Before putting your NFT up for sale, ensure you have enough SOL to pay the listing and transaction fees.

Bottom line

The top characteristics that set Solanart apart from the rest of the NFT marketplace competition include low transaction charges, a speedy platform, a rapidly expanding collection of NFTs, strict standards, active assistance, and, of course, being powered by the Solana network. These characteristics undoubtedly give NFT creators, buyers, and sellers a competitive edge in their business of digital trading assets.

Etoro home
Author: Priya Kumari

Author: Priya Kumari

Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.

Share

This site uses cookies, please see ourCookie Policyfor more information.