In the thriving world of digital art marketplaces, Exchange.art, a renowned Solana-based platform, has dropped some news that’s sure to reverberate through the sector. They’ve revealed that they will be incorporating support for Ethereum and catapulting their operations into multichain territory, anticipated to roll out on the 1st of August.
In the race for NFT trading volume supremacy, data from CryptoSlam! puts Ethereum firmly in the lead with $10.2 million in transactions over the last 24 hours. It leaves Solana a distant runner up, who clocking a modest $920,000.
This grand plan, COO Larisa Barbu indicates, was always on the cards for Exchange.art. The aim is to attract new creators and collectors into its fold and build a hub for digital art, eventually branching into traditional art solutions. Going multichain appears to be the next natural progression in their vision.
An interesting insight emerged during the COO’s interaction with CoinDesk. Barbu highlighted that there’s a sizable group of artists grappling with the trials of peddling their creations across different ecosystems and marketplaces. The move to integrate Ethereum onto Exchange.art offers these artists a way to tap into the two largest NFT ecosystems without the cumbersome juggling act across multiple platforms and communities.
Since its inception in 2021, Exchange.art has brought onboard 16,000 Solana-based artists, generating a combined $13 million in sales. The platform has always advocated for the interests of artists, launching a royalties protection standard to ensure a regular earning percentage for creators across various markets is maintained. A standout feature in their offering is their Code Canvas solution, launched in March, which assists Solana-based creatives to mint generative art NFT collections.
But Exchange.art is not alone in making its ecosystem multi-chain. Another Solana-based NFT marketplace, Magic Eden, has also adopted Ethereum in a similar move back in August.
While these integrations undoubtedly open up exciting avenues for artists, questions arise on whether the convenience of a single platform could potentially curtail the diversity and competition necessary for a healthy ecosystem. It remains to be seen how this development impacts the delicate balance of the crypto space.
Source: Coindesk
