Solana-based NFT marketplace, Exchange.art, to expand to Ethereum.
Solana-based NFT marketplace, Exchange.art, to expand to Ethereum.
The Evolution of Exchange.art: From Solana to Ethereum Integration
Exchange.art, a Solana-based digital art marketplace, has announced its plan to expand its platform and integrate support for Ethereum, making it a multi-chain marketplace. This move is set to go live on August 1 and aims to onboard new creators and collectors from the Ethereum ecosystem.
The Rise of Non-Fungible Tokens (NFTs)
Non-fungible tokens (NFTs) have gained significant popularity in recent years, providing a way for digital artists to tokenize and sell their creations securely on the blockchain. Ethereum has been at the forefront of the NFT market, with its high trading volume and established network of artists and collectors.
According to data from CryptoSlam!, Ethereum’s NFT trading volume currently takes the lead at $10.2 million in the past 24 hours. Solana, on the other hand, trails behind in second place with just over $920,000. This stark contrast in trading volume highlights the dominance of Ethereum in the NFT space.
Exchange.art’s Multichain Expansion
Exchange.art’s decision to integrate Ethereum comes as no surprise, given its ambition to be a hub for digital art. By expanding beyond Solana, Exchange.art aims to provide a seamless experience for both artists and collectors by leveraging the two largest NFT ecosystems in one place.
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Many artists face challenges when it comes to selling their work across different platforms and ecosystems. Maintaining multiple platforms and communities, constantly updating information, and communicating with people across various platforms can be exhausting. Exchange.art aims to solve this problem by offering a unified platform where artists can manage their artworks and engage with a single community.
Larisa Barbu, the COO of Exchange.art, explains that being multichain is a logical step in the platform’s vision. The integration with Ethereum will not only attract more artists and collectors but also simplify the process for creators who prefer to maintain just one platform and one community. By reducing the complexity of managing multiple platforms, artists can focus more on their craft and building a strong presence in the NFT market.
Empowering Artists and Protecting Royalties
Exchange.art has already made a significant impact in the Solana NFT ecosystem. Since its release in 2021, the platform has onboarded 16,000 Solana-based artists, enabling them to earn a collective $13 million in sales. Exchange.art has stood by artists during times of uncertainty by introducing a royalties protection standard. This standard ensures that creators earn a consistent percentage of the sales across different marketplaces, providing them with a stable income stream.
To further support Solana-based artists, Exchange.art introduced Code Canvas, a derivative platform that allows creators to mint generative art NFT collections. This initiative has provided artists with innovative tools to unleash their creativity and explore new avenues of digital art.
Following in the Footsteps of Magic Eden
Exchange.art is not the first Solana-based NFT marketplace to embrace Ethereum integration. In August, another Solana-based marketplace called Magic Eden introduced Ethereum support to cater to a wider range of artists and collectors. This move exemplifies the growing trend of blockchain platforms becoming multi-chain to provide greater accessibility and inclusivity for users.
Conclusion
The integration of Ethereum into Exchange.art marks an exciting milestone for the platform and the wider blockchain community. By expanding beyond Solana, Exchange.art aims to bridge the gap between two of the largest NFT ecosystems. This integration will not only attract more artists and collectors but also streamline the experience for creators by providing a unified platform.
Exchange.art’s vision of becoming a hub for digital art extends beyond its multichain expansion. The platform’s commitment to empowering artists, protecting their royalties, and fostering innovation through derivative platforms like Code Canvas sets it apart in a rapidly evolving industry.
As the blockchain industry continues to evolve, we can expect more platforms and marketplaces to embrace the multi-chain approach, allowing artists and collectors to thrive in an interconnected and vibrant digital art ecosystem.
Edited by Toby Leah Bochan.
