Solana NFT Marketplace Faceoff – Magic Eden vs Solanart vs Yawww

What is Solana?

In addition to supporting smart contracts, Solana supports a variety of decentralized applications (dApps) and non-fungible tokens (NFTs).On Solana’s blockchain, there is a native token, the SOL token, which provides value transfer as well as network security. Using Solana, you can theoretically perform 65,000 transactions per second with near-zero fees. With Solana, there are two types of consensus mechanisms — Proof-of-Stake (PoS) and Proof-of-History (PoH).

Cryptocurrency holders who use Proof-of-Stake “stake” their coins with a validator. Validators are computers which run the blockchain’s software and maintain their own copy of the blockchain. They are the equivalent of miners in a proof-of-work blockchain, like Bitcoin’s. Transactions are validated by randomly selected miners using Proof of Stake (POS). By using Proof of Work (POW), we can validate transactions and add new blocks to the blockchain.

The proof-of-history method establishes that transactions have been correctly sequenced and have been found and recorded by the right leader. With Solana’s blockchain, transactions are ingested and records are created at intervals of time. To prevent time wasting, leaders are selected ahead of each slot. Proof-of-stake mechanisms allow nodes (or validators) to be selected as leaders based on the quantity of SOL they hold. It is the responsibility of each validator to continue a count or tally of the passage of time, referred to as a proof-of-history sequence, and to continue the next block of transactions.

Magic Eden

Magic Eden NFT is the most popular market on Solana. Known as Magic Eden, it facilitates buying, selling, and minting of NFTs on the Solana Network.The goal is to become the source for finding, trading, and creating NFTs of all types online. Magic Eden, the number one NFT platform on Solana, has done an impressive $2 billion in trading volume in its first two months following its launch.

Solanart

As the brand name suggests, Solanart is a fully-fledged NFT marketplace that runs on the Solana network that enables anyone to acquire or sell NFTs based on the Solana network. Founded by Baptist Hamel, Solanart provides high quality capabilities to artists for the purpose of promoting them and sharing their work in a trustless environment.

Yawww

Yawww is a new kid in the Solana Marketplace block with a radicle view on how an NFT Marketplace should work and how NFT artists should be empowered. According to their website

We at Yawww believe that you should have the complete power to choose what to do with the Web3 assets you own. In Web3, winnings should be shared collectively and not swept by a very few select entities. So remember, Your marketplace, Your NFTs, Your SOL, YOUR CHOICE! Will you join our movement? Let’s win together!
https://yawww.io/

Observations

There is no doubt about it, Magic Eden is the Google of search engines and the Amazon of online shopping worlds! In terms of sales volume and user engagement, it is light years ahead of the competition provided by Solnart and Yawww, respectively.
Marketplace Magic Eden is the highest contributor (99.47%) to the total Sales out of the 3 Marketplace. Yawww and Solanart have realized that they will not be able to compete with Magic Eden in typical NFT marketplace scenarios. As a result, they are targeting niche markets in which they can experiment with experimental features such as 0% Royalties and variable fees.
With its innovative approaches, Yawww has made a significant impact on the market. From July 2022 onwards, there has been a steady increase in Yawww’s sales week over week.
In the 0% Royalty Fee category on Yawww, DeGods, Okay Bears and Blocksmith Lab’s NFT collections are the leading NFT collections.
There are three NFT collections that are the leading NFT collections on Yawww with Royalty Fees – DeGods to Okay Bears to Blocksmith Lab.
There is a positive correlation between the sales volume of Solanart and Magic Eden
Yawww’s sales volumes are primarily derived from NFTs that are royalty-paying

SQL Reference

with nft_sales as (
  SELECT 
  	tx_id,
  	block_timestamp,
  	purchaser,
  	seller,
  	sales_amount,
  	case 
  		when marketplace ilike 'magic%' then 'Magic Eden'
  		else INITCAP(marketplace) 
  	end as market_place 
  FROM
      solana.core.fact_nft_sales
    WHERE
      marketplace in (
        'magic eden v1',
        'magic eden v2',
        'yawww',
        'solanart'
      )
		and block_timestamp >= CURRENT_DATE - 180
  ),
daily as (
  	SELECT 
  		date_trunc(week, block_timestamp) as date, 
  		market_place,
  		count(tx_id) as txns,
  		count(distinct seller) as sellers,
  		count(distinct purchaser) as buyers,
  		sum(sales_amount) as sales_volume
  	FROM nft_sales
  	GROUP BY date, market_place
)
SELECT * FROM daily