All-Art Protocol is launching Solana’s first open NFT marketplace, with integrated minting, NFTs with embedded licenses, FTX-Pay compatibility, a rarity index, and many more features. This Solsea review will cover all the dimensions of Solsea, so brace yourself; it will be an exciting ride.
The Solana ecosystem has expanded rapidly, with several new NFT initiatives recently launched. Members of the community needing a secondary market for all NFTs minted in the Solana ecosystem have expressed their need for an open NFT marketplace.
Emerging communities of NFT creators will be able to thrive only in an open economy. Solana blockchain, the backbone of SOLSEA, will have the opportunity to attract many NFT enthusiasts interested in taking advantage of its new licensing rules, low transaction costs, and fast speeds.
What is Solsea?
Anatoly Yakovenko founded Solsea, a digital NFT marketplace on Solana, in 2017. It includes integrated minting. It’s the result of the All-Art Protocol.
Solsea is Solana’s first and largest NFT marketplace, allowing developers to select and attach licenses while minting NFTs. It also records all future drops, allowing users to monitor, customize, and optimize their chosen NFT drops. In addition, Solsea allows its members to list NFT privately and openly, facilitating peer-to-peer sales outside the marketplace.
Understanding the fundamentals underlying NFT marketplaces is critical to understanding this marketplace, and that is what this Solsea review aims to accomplish. NFT marketplaces are digital galleries, similar to art exhibitions in the physical world. But instead, each marketplace serves as a central location for consumers to auction or purchase their favorite digitized content.
Thus, authors can profit directly from their work, and collectors can own a unique piece of content.
Solsea Review: What makes it unique?
The applications of NFTs demonstrated on the market are limitless. Examples include cryptocurrency domain name ownership, real estate, identification documents, and physical assets. This Solsea review will tell you that you can find anything you desire in a digital asset at varying prices. Your favorite celebrity may own the NFT collection you’re after.
In contrast to OpenSea, which takes Ethereum (ETH), Klatyn (KLAY), Polygon (MATIC), and Solana (SOL) for transactions, Solsea only accepts SOL and a few FIAT currencies (USDC and USDT).
The cost of minting varies according to the marketplace you select. As you may have discovered firsthand, minting NFTs on an ETH-based marketplace like OpenSea costs an arm and a leg.
This Solsea review is here to tell you that Solsea is lauded for its low-cost experience, yet the only NFTs accessible here are SOL-based. In addition to the costs charged during the minting process, OpenSea earns a 2.5% profit when an NFT is sold, while Solsea charges a 2% fee after each successful transaction.
Advantages of Solsea
- The future project can be airdropped.
- Participants can plan ahead of time for NFT drops to prevent missing project launches.
- The first NFT marketplace allows curators to choose and include licenses while minting NFTs.
- In charge of integrating copyright licenses into NFTs during the minting process.
- A simple and user-friendly interface for uploading NFT collections.
- Each Solsea NFT is confirmed and minted, including trait statistics and rarity ranks.
- Curators can sell their NFTs to the public or privately to make more complete or comprehensive purchases.
Another advantage is that Solsea handles royalties for creators. Curators can define the percentage of royalties they want to receive while minting an NFT on Solsea (e.g., 10%). As a result, whenever an NFT sells on the secondary market, you can receive a portion of the royalties established by the existing owner.
Solsea Review: How to Join Solsea
If the following benefits sound appealing in this solsea review, look at Solsea for yourself. Create a Solana wallet on Phantom first—buying, storing, or exchanging NFTs on Solsea is impossible without one.
You can deposit your Solana tokens after following the simple instructions on the website to build your wallet. First, check that you have at least 0.2 SOL in your account; your wallet will be marked invalid.
To become an NFT curator or to join the marketplace for buying and selling, you must first register a Solsea account with a valid email address and a private password. Then, write down your login details and keep them safe from hackers.
Buying and Trading on Solsea
The Solsea platform’s main page contains important platform information as well as notable collections. You may easily filter projects to find the best collection for you. You can find NFTs for music, painting, photography, gaming, virtual, and utility purposes. Among the other filters are price, rank, likes, views, genres, licenses, and rarity.
If you find an NFT that interests you, you can look at its history, including its sales history and pricing, before deciding whether it’s a wise investment or a good sell.
After you’ve gone through everything, click “Buy NFT” and confirm the transaction in your Phantom wallet. You will now see an NFT on your profile and in your wallet’s “Collections” section. It is crucial to note, however, that Solsea is not entirely devoid of fake collections.
Joining project community channels on Discord, Twitter, and Telegram can aid in the detection of suspicious behavior. You can also express your issues to other community members and project management on such sites.
Solsea Review: Features of Solsea
- For the first time, authors can directly include licenses in NFT.
The most important feature is the ability to add licenses to newly issued NFTs. In addition, creators will have the option of embedding the license agreement within the NFT. The first set of licenses will be covered in another article.
- Sales of ALL Solana NFTs that are SPL token compliant.
You can list and purchase any NFT issued on Solana that adheres to the Metaplex metadata standard, such as Exiled Apes. We are also open to including other standards minted before Metaplex or had minting concerns.
- Solana’s potential PFP calendar and severe NFT reductions
As you’ve read in this Solsea review, you can keep track of all the future drops in the Solana ecosystem that you won’t want to miss out on with our simple, easy-to-use calendar that allows you to customize and optimize for your favorite NFT drops. After all, the sea is a vast, open expanse that will require assistance to navigate.
- Minting of NFTs on the market with characteristics/attributes
You will be able to mint specific NFTs, such as collectibles, P2E assets, art pieces, and PFPs (and so on), efficiently, conveniently, and affordably. In addition, you can mint Metaplex-compatible NFTs directly on the marketplace and customize each NFT with your attributes.
- On-chain collection creation
While NFTs can be minted individually, we will also provide producers with the capabilities to create “collections” of NFTs. NFTs can be minted as part of a collection, held on-chain, and connected to individual NFTs minted on the marketplace.
Collections will have properties, which may include traits. When minting NFTs from the collection, traits will be displayed in the NFT minting UI. (Bulk minting will be enabled in the future alongside the introduction of cAMM Liquidity pools in phase 2).
- Public and Private listings
The NFT can be listed both publicly and privately by sellers. The link to the NFT will not be available in the marketplace’s explore section if it is listed privately. This function is meant for private off-marketplace P2P sales.
- Listing and Sales in different currencies (SOL, USDC, etc.)
Sellers can select the listing currency, including stablecoins and other popular Solana tokens.
- Integration of FTX-Pay
Non-crypto native collectors can use FTX Pay to easily purchase NFTs using their credit cards.
- Index of rarity and trait ranking
Every NFT with traits that is part of a well-established collection has a computed rarity index. Each collection’s characteristics will be classified, numbered, and their rarity will be displayed.
- The 3D viewer of NFTs
NFTs uploaded in 3D formats, such as GLB, will be displayed in an interactive 3D viewer. If you consider yourself somewhat familiar with NFTs or are a collector, you should know about XBO– the upcoming crypto exchange platform.
A lot of rewards and features have already been introduced by XBO. The early bird entry to this platform added to the aim of enabling crypto investments to be open to everybody.
A Bored Ape NFT, which could represent the face of the brand, is desired. The chosen NFT’s owner will get $100,000 in return for licensing Yuga Labs’ awarded intellectual property (IP). The Bored Ape who best reflects the XBO brand will be selected! You can submit your entry here.
- Minting procedure that is both quick and inexpensive
Minting NFTs on other chains, particularly Ethereum, caused significant friction due to rising gas fees. Solana has cheap gas fees, which gives up new opportunities for artists wishing to sell their NFTs at a lower cost.
- Transaction costs are low.
Because of Solana’s low transaction cost, buying NFTs on the market will not incur high additional costs.
- Fast UI and UX with caching of NFTs
Caching files saved on decentralized storage is critical to provide consumers with a seamless experience. The SOLSEA experience will be quick and delightful thanks to All-APIs Art that cache the files.
Solsea Reviews: Issues you may encounter
- Due to security reasons, you will need to connect your Phantom wallet to your Solsea account. To save time, keep your login information close to hand.
- Because the description part has a strict word limit, describe your NFT collection as clearly as possible while using as few words as possible.
- If you want to create several NFTs in one collection, be aware that there is no bulk option. Instead, if you want to change the artwork, mint each NFT separately.
- Patience is required when minting your NFT. The process takes a split second, mainly if your computer’s power and Wi-Fi signal aren’t the fastest.
- Be prepared to lose some SOL if uploads fail. But don’t worry. Each transaction only costs about $0.075.
- Allow time on the platform for three transactions: two for the minting and one for fixing the price. In terms of Phantom’s approval mechanism, each transaction is illogical. You won’t know how much the transaction charge will be until the minting process is finished. However, don’t let this deter you—minting fees are never too high.
- During the minting procedure, you cannot set the price. Instead, after successfully minting your NFT, navigate to your Phantom wallet, choose the second tab that is not in focus by default and displays your NFTs, and then click the list button.
- The sum of the three transactions costs about $2 per NFT. Reasonable prices in comparison to Ethereum, which usually charges roughly $70-$100 for the first time it is minted.
Solsea Review: Conclusion
If you don’t already have one, first create a Solana wallet. Phantom, Sollet, Solflare, Slope, Coin98, Torus, and Ledger wallets are now supported by SolSea. Deposit SOL into your wallet; we recommend at least SOL 0.2. Otherwise, your account may not be considered “legitimate.”
To become a SolSea creator, you must create an account by registering with a valid email address. Then, before your account can be activated, you must first verify your email address. And you’re all set.
Phantom, Sollet, Solflare (desktop and mobile), Slope, Torus, Coin98, and Ledger are currently supported by SolSea. In addition, you can fund your wallet by purchasing NFTs with fiat currencies via FTX Pay or Moonpay.
Every successful NFT sale is subject to a 2% marketplace fee. Artists can also set their fees for their work (royalties). Other than Solana network fees for other transactions, there are no other marketplace fees (minting, creating collections). When an NFT is delisted or purchased, the rent price for listing (creating a token account) is reimbursed to you.