Why trade NFTs on Solana?
Solana is the perfect place to trade NFTs in terms of the gas fees users incur, be it minting the NFTs, or trading them on NFT Marketplaces.
One only requires 0.0005 SOL, unlike the Ethereum mainnet, where fees can go up to hundreds of dollars per transaction.
Some NFTs minted on ERC20 cost 0.03 ETH but gas can cost up to 0.1 ETH depending on market demand at that point. This makes it unattractive to mint NFT on the Ethereum network. In some cases the gas you pay may cost more than the NFT itself.
It should also be noted that Solana’s NFT volume amongst its top four marketplaces generates over 100,000 traders and close to 180M in trading volume.
Initially, these four marketplaces were where projects and owners can list their NFTs at. However, there were “listing fees”, which were a fixed cost that projects or NFT owners had to bear.
This meant even with zero traction or sales, the sunk cost had to be incurred. This deters projects and NFT owners from list at multiple platforms.
This is where Alpha Art differs.
Alpha Art is the revolutionary NFT marketplace that currently allow users to buy/sell Solana based NFTs without any listing fees. It is also the first and only marketplace on Solana network where you can send an offer to any NFT on our marketplace whether if it’s listed or not.
You can simply browse through any NFT and make an offer via “Make Offer” button which will be valid until your chosen date.
Please note that when you make an offer, the respective amount of SOL will be deducted from your account to be used if the seller accepts it.
This also means that projects and listings will now save on listing fees, making it more cost efficient and encouraging more projects to promote listings over at Alpha Art.
Similarly, being an aggregator on Solana NFTs means they would eventually have the bulk of the volume with all NFT projects being under their market place. This is in comparison to how fragmented it is at this point, with certain projects on Solanart, and others at Solsea, and so on.
Alpha Art does not charge any listing/unlisting/offer fees. Instead, it has a 2% flat seller fee which is taken at the time of the sale — changing the landscape by competing with other marketplaces to remove potential listing fees.
Marketplace utility with Piggy Sol Gang
Alpha Art has a pet NFT project — Piggy Sol Gang — creating what would seem like a DAO for its marketplace, and giving great utility to owners of this project.
One utility of Piggy Sol Gang NFT includes 0.5% discount on fees when buying something for each Piggy they have, up to 4 Piggies.
Another good thing about Alpha Art is it does not change any listing/unlisting/offer fees unlike other marketplaces.
It has a 2% flat fee at point of sale, accompanied by its Piggy Sol Gang being discounted. This flat fee accompanied with discounts will be the lowest compared to marketplaces like MagicEden, which takes 2% on all transactions as well as Solanart which takes 3%.
Alpha Art also has a cleaner UI/UX compared to Solanart, MagicEden and Digital Eyes. Despite the recent launch, it is catching up to Solanart and MagicEden fast with the most number of NFTs listed on their platform.
While there is much room to grow for Alpha Art – there are also some hard truths to determine whether its success alongside Piggy Sol Gang.
Initially, its NFTs were previously used as a dividend payout so owners of the NFTs could enjoy part of the fees the marketplace earned, before the switch to giving discounts on the NFT sales.
NFT marketplaces’ business models are cutthroat, and users will hop to new marketplaces that get them the NFT at the lowest fee possible.
This can be seen with Solanart losing volumes over time to the newer marketplaces despite still being a market leader.
With Alpha Art’s easy-to-navigate UI as well as the lowest fee provided currently in the marketplace, along with added utility of being able to get discounts if you are a Piggy Sol Gang NFT holder, it seems that there will be a shift in users over to their platform.
There is much growth potential for Alpha Art and its pet NFT project, Piggy Sol Gang, as it now mirrors the “DAO NFT” of their marketplace.
It will definitely be interesting to see how other marketplaces react to such a community driven NFT DAO and whether similar models will be adopted by the competing marketplaces.
Featured Image Credit: Al Jazeera / Alpha Art