SolSea Launches Pre-Market for NFT Collections and Restricts Trade of Unverified NFTs
One of the biggest pain-points when launching an NFT collection is trade on a secondary market while minting (primary sale) is still ongoing. It endangers the mint itself and jeopardizes the value of NFTs yet to be minted. It has become clear that this is one of the biggest problems collections face during their launch. Several in-depth discussions with collections regarding their concerns related to premature secondary market listings have led us to create a solution to these issues, a unique feature we titled Pre-Market.
What is SolSea’s Pre-Market?
Anyone can list an NFT from a collection that is in the Pre-Market stage, but purchasing is disabled. This mechanism protects the primary sale until the minting is complete, while providing communities with a price discovery tool in real-time on the secondary market. Traders can price and list their freshly minted NFTs based on their estimation of the value once the primary sale ends, effectively creating a fair market before trading is enabled.
We have now disabled purchasing of unverified NFTs minted outside of SolSea.
When a collection minted outside SolSea is in the Pre-Market stage, listings are visible but purchasing is only possible after minting is over. This new mechanism is in place to add another layer of protection for our users against fake NFTs and collections, while still allowing independent creators the freedom to openly mint their art on the platform.
The Pre-Market feature sounds fairly simple, but it is the biggest shift SolSea has made since our launch in September 2021. In our many conversations with SolSea users, one phrase was the common source of misunderstanding — “open marketplace”.
What is an “open marketplace”?
The core concept of SolSea has always been that it is open to anyone who wants to mint, buy or sell NFTs. SolSea is unique in this sense, as it is the first marketplace on Solana to offer both a primary and a secondary market for NFTs in one place, whether it be 1/1 hand-drawn art or AI-generated collectibles. While this openness is vulnerable to exploitation, it also enables individual creators and smaller collections who are just starting out to enter the NFT space freely.
Keeping SolSea open is important to us as our users represent both creators of digital collectibles and 1/1 artists. The Pre-Market feature for collections protects these projects and keeps their launches safe from premature secondary market trade, while allowing individual artists to sell their artworks uninterrupted.
Because all NFTs minted on SolSea are NFT-PROs with embedded licenses, users can easily spot the difference while exploring listings. If someone attempts to sell a fake collection NFT by minting it on SolSea, it will be immediately noticeable.
Much More is Coming…
The SolSea and ALL.ART teams are working hard on a set of unique features that will open the doors to completely new market dynamics involving the $AART token. Our mission is to explore and experiment with new opportunities made possible thanks to NFTs, while fighting to establish better standards, more openness and novel creator economies of the future. Stay tuned as more news is coming out every day.