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NFT Marketplace Solible Set to Migrate to Serum DEX

2 mins
Updated by James Hydzik
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In Brief

  • The Solana ecosystem is set to get in on the current NFT craze with the entry of Solible Marketplace.
  • This adds to the ecosystem's already rapid expansion, supported by cryptocurrency exchange FTX.
  • With this news, the NFT craze is expanding its own reach across all platforms in the cryptocurrency market.
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With volumes in the NFT space going parabolic, Solible marketplace is bringing the new craze to the Solana ecosystem.

The SOL-System Gets NFTs

The Non-fungible token (NFT) marketplace Solible plans to migrate to the decentralized exchange (DEX), Serum (SRM), allowing users in the Solana (SOL) ecosystem to trade its many collectibles.

This will allow SOL participants to buy and sell Solible’s NFTs in a completely decentralized way. Moreover, Solible’s already open features will be made available to SOL participants. This includes being able to easily create and list customized NFTs.

The marketplace already has a number of interesting auctions in progress. A painting of the famous Shiba Inu dog breed (popularized in crypto thanks to Dogecoin (DOGE)) currently boasts a bid of 500 USDC.

Solible launched late last year in the middle of the NFT boom. Solible NFTs are entirely redeemable, with users able to pay in USDC, FROM or Serum’s own native token, SRM.

Solana Continues To Expand

Indeed, the Solana ecosystem is seeing extensive growth as several new projects either migrate to it or launch in it.

Recently, USD Coin (USDC) announced it would allow SOL participants to use the stablecoin in the ecosystem. This makes USDC one of the first stablecoins on SOL.

Decentralized music streaming application Audius (AUDIO) also made the move, taking with it over 1 million active monthly listeners. Moreover, even major decentralized oracle network Chainlink (LINK) saw fit to connect to the network, with plans to make LINK the oracle “standard” across all SOL dApps.

The moves might be encouraged by the extremely low fees on the SOL network, with an average of just $0.0001 per transaction. The network also has a record fast block time, at just 1433 milliseconds at press time.

In fact, the cost savings are apparent when compared to the Ethereum (ETH) network, the base for most dApps, including DEXs and NFT marketplaces.

On Uniswap (UNI) for example, fees rose to a height of over $100 per transaction last month. Accordingly, a number of DEXs moving over to Binance Smart Chain (BSC), an ecosystem similar to SOL.

NFT Skyrockets

Solible’s migration to SRM DEX comes in an NFT space that is soaring in both volume and value.

Over $338 million has been spent so far in the space after several celebrities hosted auctions for custom and unique NFT pieces. Earlier today, an NFT tokenizing Twitter founder Jack Dorsey’s first tweet launched.

So far, the highest bid is in excess of $2 million.

Moreover, an NFT collection by the Lil Moon Rockets team has seen over two-thirds of the collection sold within just ten days, raising nearly $1 million.

If this volume continues, the NFT space is likely to reach even higher heights in the near-future.

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Emmanuel Young
Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.