Hyperspace — Much More than an NFT Market Aggregator. A Deep Dive
A deep dive into a marketplace aggregator for Solana NFTs, offering user-friendly discovery and browsing tools for NFTs across Solana marketplaces.
- NFTs — where we are
- What are NFTs?
- A brief history of NFTs
- NFT Marketplaces and Aggregators and Their Major Challenges
- Meet Hyperspace — An NFT aggregator
- Background of Hyperspace
- Core products of Hyperspace
- Other Features of Hyperspace
- What role does Hyperspace play in the NFT Marketplace?
- Onboarding new users
- Potential Future Applications
- Conclusion
NFTs — Where We Are
Imagine receiving a unique digital token that establishes your ownership of the digital artwork you purchased after paying a reasonable price for it Online. How wonderful would that be? In any case, NFTs have made that opportunity possible. NFTs can be anything from tokenized forms of physical objects like real estate, tickets, digital artwork, game artifacts, articles, domain names, music albums, collective ownership cards, and significant investments.
The world of digital art and collectibles is currently inundated with NFTs. Similar to how everyone thought Bitcoin was the digital money alternative, NFTs are now promoted as the digital replacement for collectibles. Digital artists are experiencing changes in their lives as a result of the significant sales to a new crypto audience of NFT enthusiasts. It is evident that NFTs are significantly transforming the digital economy and giving blockchain unprecedented importance in the new Web3 era.
We are in an era with a massive explosion and surge in NFT supply and demand. One of the most significant factors in this boom was the profound changes within the art market and the industry at large when prestigious auction houses made record-breaking sales of their digital artwork. An example of this was Mike Winkelmann’s (aka Beeple) sale of the “Everydays — The First 5000 Days” at Christie’s auction for $69 million. Such a massive sale from such a prestigious auction house validated the NFT marketplace significantly.
We are in an era with a massive explosion and surge in NFT supply and demand. One of the most significant factors in this boom was the profound changes within the art market and the industry at large when prestigious auction houses made record-breaking sales of their digital artwork. An example of this was Mike Winkelmann’s (aka Beeple) sale of the “Everydays — The First 5000 Days” at Christie’s auction for $69 million. Such a massive sale from such a prestigious auction house validated the NFT marketplace significantly.
A Brief History of NFTs
In 2014, Kevin McCoy minted the first-ever NFT on Namecoin, which was called Quantum. But throughout the subsequent years, several other NFTs were introduced on pre-Ethereum blockchains; for instance, Spells of Genesis launched in 2015 and is regarded as the first blockchain-based game ever. The first cryptocurrency art market was created in 2016 with the release of Rare Pepes.
These projects, however, fell short of achieving universal acclaim. Except for people who were knowledgeable about cryptocurrencies and blockchain technologies, these projects were not discovered. NFTs only started to become more popular with regular users in 2017.Around this time, the first NFT collections were launched on the Ethereum network. Previous blockchains made trading and transferring ownership exceedingly difficult. The Ethereum network and its smart contracts technology, which were integrated into the blockchain, allowed for token generation, programming, storage, and trade. The onboarding process was made more superficial, and these new features expanded access.
CryptoPunks, a collection created by Larva Labs was one of the first Ethereum NFT projects and has emerged as a symbol of early NFT history As a result, many of its pieces have sold for millions of dollars.
While on the Solana blockchain, the first NFT project was kreechures. Kreechures is an NFT RPG game that was first released on March 26, 2021, where you can acquire, level up, and grow your character. Kreechures is currently listed on Hyperspace.
By all-time volume, Ethereum is still the leader in the NFT market. Solana has only reached slightly over $2.5 billion in sales, compared to Ethereum’s close to $30 billion total. Regarding non-fungible tokens (NFTs) and decentralized finance (Defi), the Solana blockchain is already among the most well-known in the world. Throughout 2022, demand for Solana NFTs has risen significantly.
NFT Marketplaces and Aggregators and Their Major Challenges
First of all, what is an NFT marketplace?
An NFT marketplace is a website where NFTs can be bought and sold. These websites allow users to store and display their NFTs and sell them to other users for cryptocurrencies or cash. Users can directly mint their NFTs on several NFT marketplace websites.
NFT marketplaces typically handle the transfer of an NFT from one party to another in exchange for a fee. Every NFT market operates in accordance with a unique set of regulations. There might be various NFT types, fees, payment options, accepted blockchains, and other limitations depending on which one you choose.
On the other hand, NFT market aggregators are platforms that allow consumers to search and discover NFTs from several marketplaces. These aggregators combine listings of NFTs across markets, making it easier for users to find and purchase NFTs while also saving users time and effort from comparing listings across several marketplaces. To use most of these NFT marketplaces or aggregators, you must have the following:
- A crypto wallet: You must select a wallet with the blockchain network supporting the NFTs you want to purchase. For instance, you will need to utilize a suitable Solana wallet, such as Phantom, if you intend to buy or trade NFTs based on the Solana blockchain platform.
- An amount of token in your wallet: Before buying, listing, or minting an NFT, you must fund your wallet in advance. Once more, you’ll need to confirm that the marketplace you plan to utilize supports the cryptocurrencies you want to use.
- A user account (in some cases): If the platform requires registration before you can transact on them, you must create an account on the specific market you want to buy or sell NFTs.
Their Challenges
Creating an NFT marketplace or aggregator is a challenging process that requires expertise, experience, and a thorough comprehension of the target market. Additionally, they encounter some difficulties, some of which are stated below, much like any other product or technology.
a) Inadequate Copyright Protection
NFTs are excellent for any artist who wants to produce digital art, own it, and profit from it. However, the problem is that photos and other tokens can be easily copied and disseminated online without the artists’ permission. Additionally, the NFT marketplace lacks the legal structure, precedent, and copyright proof necessary to confirm or reaffirm the actual ownership of an NFT piece of art.
b) The inability of creators to be creative and express themselves
The creation of NFT marketplaces enables artists to sell their products online and express themselves in the virtual world. The majority of them, however, add numerous restriction and moderation tools that restrict the creativity and freedom of artists. Most artists who want to use the NFT marketplace may not be able to utilize it for this reason.
c) Unsatisfactory customer support
Some NFT marketplace owners may need to realize how crucial it is to assist users in navigating their platform or with any problems that may arise when using their platform. In truth, these owners are unaware of any flaws or issues users may have when utilizing their service. Because of this, it’s critical to have 24/7 customer service that is constantly available, prepared to take all input, and able to give each customer the solutions they need.
d) Limited Methods of Payment
There aren’t many different payment methods available in existing NFT markets. They still do not let customers pay with bitcoin, for example, even though they can accept payments from various sources, including credit cards, debit cards, online banking, and several wallets. However, analysts predict this problem might be fixed soon because the market is changing, and consumers are becoming more demanding about these platforms.
e) Too many technicalities and non-education
Yes, NFTs are very popular these days. However, this does not imply that everyone knows what it is and how it generates income. This confusion is present because there is little non-technical information regarding NFT, making it look incredibly complex to most people, especially newbies. Additionally, most intriguing markets attempt to integrate everything in one place, making it confusing and disorganized for beginners. Users may find it difficult to switch between categories, make choices, create tokens, and manage payments as a result of this.
f) Complex user interface (UI)
The purpose of high-quality, straightforward, and intuitive UI is to improve and simplify the user experience (UX). Because the user interface is responsible for how users interact with a marketplace, having intuitive UI results in the user exerting the slightest effort to obtain the intended result.
Most NFT marketplaces place a higher value on other market features, such as verification, rapid development, and protection. However, UX and UI are critical to the success of an NFT marketplace. No artist will want to utilize a dull and outdated interface that fails to draw attention and makes it difficult for him to generate tokens.
g) Online fraud risks and cyberthreats
The likelihood of cyber threats to token holders has also considerably increased because of NFT’s enormous popularity. Numerous hackers and con artists establish innovative techniques for stealing tokens from user accounts or, in some situations, generating fake NFT drops.
Someone may pose as a particular NFT creator and sell fake artwork in many well-established and significant markets. There is also the prevalence of counterfeit NFT drops, airdrops, and giveaways, which causes limitations of well-known NFTs. Additionally, even though most NFT marketplaces have undergone audits by numerous reliable audit firms, some marketplaces remain to allow for hacking due to recent technological advancements and subpar software solutions.
h) Lack of Decentralization
Most NFT marketplaces are centralized, even though they claim to be decentralized markets. When you list your NFT for sale on these platforms, the NFT goes to a central wallet, where it is escrowed until it is sold. This type of setting or approach gives rise to a central source of risk to the market. If hackers get hold of the keys to the main central wallet, then all the funds and NFTs therein will be drained instantly, leading to collapse. An alternative to this is to allow the listed NFT to remain in the users’ wallet before a sale, leading to a less concentrated point of risk and more decentralization.
Let me introduce you to an NFT marketplace that’s doing things differently when it comes to NFT marketplaces on the Solana Blockchain and with lots of potential to explode into the new “Shopify” for Solana NFTs.
Meet Hyperspace — An NFT aggregator
Pardon me because there are better ways to introduce the platform. It’s much more than an NFT aggregator. I’ve been racking my head for the best way to present it. Perhaps “Meet Hyperspace — the home for NFTs on Solana” would have been better.
When you have an all-encompassing platform with several unique features, finding the right words to describe it becomes hard. So, what is Hyperspace? I’ll try my best.
Hyperspace is an open-source, user-friendly digital marketplace aggregator, launchpad accelerator, and analytics platform for all things NFTs on the Solana Blockchain. Hyperspace is a platform with a suite of products serving the NFT community, including developers and end users (buyers and sellers) on Solana. Due to its excellent and groundbreaking features, the platform has risen to become Solana’s number-one NFT marketplace aggregator. There’s a lot to explore on Hyperspace and how it’s solving the various challenges rocking the NFT marketplace. Grab a cup of coffee, and let’s enter the world of Hyperspace together.
Background of Hyperspace
Known initially as Solanalysis.com, Hyperspace was established in September 2021 by a group of entrepreneurs with extensive experience in the blockchain and technology sectors, including co-founders Kamil Mafoud, Santhosh Narayan, and Johnny Tan. The Solanalysis team recognized that the Solana ecosystem needed more fundamental NFT infrastructure and tooling in light of the NFT market’s rapidly growing popularity and development. As a result, the team created a truly open NFT marketplace experience that will bring projects from various platforms together to provide a better user experience that encourages discovery and community sharing.
In August 2021, when NFTs first became popular on Solana, there were only a few exchanges where users could trade them and a few data sources where their prices could be tracked. The Solanalysis team collaborated to develop a market that tracks the top NFT collections on the blockchain platform and facilitates comparisons between them.
Consequently, additional capabilities were added to the data site, including the ability for users to keep tabs on the value of their own NFTs. It also provided a platform for NFT projects to introduce new collections. The Solanalysis project was rebranded as Hyperspace when there was a need to provide a solution that would serve as an all-in-one platform for everything NFTs on the Solana blockchain.
Core Products of Hyperspace
Hyperspace is not just an aggregator or a marketplace; it is much more; it offers a full suite of products! In this section, we shall cover all the product offerings of Hyperspace.
1) The Marketplace.
The marketplace is Hyperspace’s flagship product, precisely designed to address the present issues in NFT marketplaces. Hyperspace’s marketplace is a complete market aggregator for all NFTs on the Solana blockchain. The entire Solana NFTs may be accessible via the marketplace without being redirected, giving users the advantages of complete blockchain composability while also saving them a ton of time, money, and stress.
One of Hyperspace’s goals is to offer everyone the best NFT trading and commerce experience while maintaining the openness and composability of web3. The marketplace has capabilities that allow other NFT platforms to join and plug directly into it, thus acting as the “middleman” between the buyer and seller. According to co-founder Kamil Mafoud, the primary objective of establishing the marketplace is to help platforms “build their own web3 stores and monetize their audience by surfacing liquidity from Hyperspace. Hyperspace might turn into Solana’s Shopify for NFTs because it allows other protocols to build their web3 markets on top of the marketplace.
The marketplace aggregates all the NFTs on the Solana blockchain from reputable NFT marketplaces in the space, allowing you to sweep the entire market in one location. There are currently 17 NFT marketplaces integrated into Hyperspace, and a lot more will be added soon.
Features of the Marketplace
Hyperspace has equipped the marketplace with several unique features to accomplish the abovementioned goals and objectives. Some of these features include:
a) Low trading fees
Compared to other NFT marketplaces, Hyperspace marketplace’s trading fees are among the lowest. Solsea, for example, charges a 2% fee for every NFT sale on their platform. On the other hand, Magic Eden charges a 2% fee on all transactions, including purchases and sales. The fee structure on Hyperspace is intended to spur long-term user interest in the platform. The following is a breakdown of the fee structure:
- 0% listing fees — List your NFTs for sale quickly and for free.
- 0% buyer fees — No costs are involved when purchasing an NFT on Hyperspace.
- 1% seller fees — You will only pay 1% in marketplace fees when you list and successfully sell your NFT (plus a royalty to the artist)
b) Rarity/Rank
All NFTs listed on the Hyperspace marketplace are ranked based on rarity. These ranks are easily visible because they are boldly written on every NFT to guarantee that users do not miss them. The visibility of the rank/rarity of the NFTs enables users to know what they’re trading and helps them make the best selection. Depending on the NFT collection, Hyperspace offers ranking from three separate sources: Hyperspace, Howrare, and MoonRank. Using multiple ranking sources provides a robust framework for users to conduct in-depth analyses and comparisons on the NFT they want to purchase.
c) Composable Contract
As previously mentioned, one of the goals of Hyperspace is to allow other platforms to pug into the marketplace by building their front end to enable greater exposure and liquidity sourcing for these platforms. The smart contracts of the market are highly composable and allow community owners to list NFTs externally without interacting with the marketplace. By doing this, you may reach as many possible buyers as Hyperspace offers and maximize your access to buy-side liquidity. When you list an NFT through Hyperspace in your local market, the NFT will be listed for sale on the marketplace’s underlying smart contract. It will instantly be made available for purchase to users of the Hyperspace marketplace.
d) Infinite Bidding
Users are allowed an infinite number of bids on the marketplace if their escrow balance is at least equal to the maximum bid amount. Most NFT marketplaces’ bidding systems only permit a single bid from a single wallet address on a single NFT. However, users can place multiple bids on an NFT using the mechanism offered by Hyperspace Market, provided their wallet balance is more than the maximum bid amount.
e) Personalized user settings
Customizing your Hyperspace market features is just another significant aspect of the marketplace. This feature, another way Hyperspace is driving total decentralization, is unheard of on any other platform. You can access these settings by clicking on your connected wallet address icon at the top-right-hand of the website. Users have the option to customize the following preferences for each wallet connected to the marketplace:
- Select which ranking source you prefer to use — Hyperspace, MoonRank, or Howrare.
- Choose to enable or disable cross-mint buy — Enabling cross-mint buy will prompt you to select whether to buy NFTs with a credit card or a Solana wallet. Hyperspace will assume you will link your wallet if you turn off this option.
- Choose to enable or disable modal warnings — With this setting, the warning window that appears when you try to buy an NFT from an untrusted collection will be disabled.
- Select an RPC endpoint — This is a setting that is not usually in the front ends of Decentralized applications. RPC, which stands for “remote procedure call,” is a method for connecting several computers. This is how cryptocurrency transactions are verified, and new blocks are added to the blockchain. Only the more tech-savvy users and developers should use this option.
- Select to hide pool listings — With this option, listings that are a part of a pool will be hidden (e.g., Solvent, Elixir, Hadeswap, Goatswap, Tensor).
f) Aggregation of NFT collections based on categories
The Hyperspace marketplace offers well-organized sections of several NFT categories. This feature aids in reducing noise that is present in other platforms due to the randomized arrangement of NFTs. Secondly, it directs users on which NFT collection to buy from while they browse the market, assisting them in making the best choice and maximizing their financial investment. Additionally, the categorization of NFTs aids in protecting users from potential scams and defrauds arising from fake NFT listings.
The various categories include:
- Top collections — which can be sorted by seven days, one day, and 1 hour
- New collections
- Recently listed
- Upcoming launches
- New mints — which are unverified collections on Hyperspace
2) Launchpad
To begin with, let me explain what a launchpad is for the sake of those unfamiliar with the term. NFT launchpad is a platform for creators, artists, and organizations to presale, mint, or release their projects. Launchpads enable creators to raise funds for their projects’ development, public launch, and marketing. Using launchpads, creators can reach their project’s target audience.
Hyperspace offers NFT listing through its launchpad to provide artists with the visibility and exposure required to expand their work. On the buyer side, Hyperspace launchpad features only carefully selected and validated launches and collections with unique and high-quality collections with the potential to grow.
Features of Hyperspace Launchpad
Hyperspace launchpad was created to make minting easy, smooth, and secure for all artists. The launchpad offers the following benefits to creators:
a) Full service for the minting process: Hyperspace offers artists meticulous service throughout every stage of the minting process. Developers are not required to be employed by creators for coding or setup. Everything is taken care of by Hyperspace, ensuring that authors launch securely and without delays or bugs.
b) Carefully selected community of creators: The Hyperspace launchpad’s thorough application assessment process maintains its uniqueness and establishes a foundation of trust among creators and buyers within the marketplace and throughout the Solana community.
c) Direct marketing support: The Hyperspace launchpad team raises awareness of the creator through their social media channels before the launch. They tweet and share launch notifications on Discord.
How to Apply for Launchpad on Hyperspace
Head over to the landing page of Hyperspace, click on the “create” icon, followed by the “apply for launchpad” button on the drop-down menu that pops up.
A form will open in a new tab on your browser, which you must fill out to the best of your ability because it will serve as the basis for reviewing your application. The form requires general information about your NFT, such as the project’s name, email address, launch date, website link, etc. The response time ranges from two to four days.
3) Analytics
How can you determine whether most of the NFTs in a collection are held in a single wallet or several wallets? What do you do when you want to quickly assess the performance of an NFT collection before making a purchase? How can you see the price distribution, the number of bids, and the amounts of different rarities in an NFT collection?
Drawing insights and producing charts for your intended endpoint or data on analytical platforms like Dunes or Flipside may be challenging and typically require in-depth technical skills. The majority of NFT analytical platforms, on the other hand, which are the next alternative, only offer a broad perspective of the market and do not provide granular data.
Hyperspace analytics provides a one-click view of different analytical endpoints for every NFT collection on the marketplace. Simply choose the NFT collection that interests you, then click “Analytics” on the following page to access Hyperspace Analytics. You will receive complete information on what you’re purchasing immediately without leaving the marketplace.
Features of Hyperspace Analytics
a) Market overview: This chart displays the collection’s listing price, floor price, and trade volume over a specified period. It compares these data to allow users to assess the NFT’s performance after its listing.
b) Unique holders: This chart shows the number of people currently holding an NFT of a collection over a given period. It only displays distinct holders or unique holders of the NFT.
c) Listing price distribution: This shows the percentage of listings in an NFT collection compared to the floor price. It displays how many NFTs from a specific collection are listed or sold within different price ranges of the floor price. For example, if a collection of 10,000 NFTs has a floor price of 3 SOL and 1,000 of them are listed for 2 SOL each, then the listing distribution of this category is within 66.7% of the floor price.
d) Top collection holders: This is a hierarchy list of holders of a particular collection, indicating the number of NFTs owned, the percentage of the collection’s total supply, the total floor value of the NFT held, and the number of listings completed by them. This section also provides each holder’s wallet address, which opens to a more in-depth wallet investigation when clicked.
e) Bid Analysis: This displays a list of all bids placed for a certain NFT in descending order of time. It shows the amount received by the seller, the bid price, the quantity, the user wallet address, the NFT marketplace where the transaction took place, and the time the bid was completed.
f) Filter Option: The analytics page has a filter option that allows users to choose NFTs with specific attributes from a collection. The data on the analytics page changes based on the attributes selected by the user. For example, if you only want to analyze NFTs of a particular collection with a brown background, you simply use the filter tab to change it.
4) Upcoming Drops
NFTs of various collections from numerous projects are minted daily on the Solana blockchain and sold on different NFT marketplaces. Keeping track of every drop on the Solana blockchain takes time and effort. Users who attempt to keep up with all of the NFT drops on Solana on their different platforms end up losing a significant portion of their funds to fake and rug-pull drops because they rarely have enough time to research these projects.
Upcoming drops on Hyperspace is a platform that showcases all of the NFT mints on the Solana blockchain. The “Upcoming Drop” section assists the Solana community in discovering new projects and creators. Furthermore, Hyperspace creators can also apply to be featured in the “Upcoming Drops” section to gain exposure to interested users by filling out the upcoming drops form.
Features of Hyperspace “Upcoming Drop”
a) Mint Schedules: Each drop is shown in descending order of when its mint will happen. For instance, mints on February 10 will be displayed before mints on February 5. Additionally, the Upcoming drop includes mints that will be released up to two months from the current date, giving users plenty of time to DYOR (Do your own research) before the mint date.
b) Past Drops: Previous NFT mintings are well documented in the “Upcoming Drop” section. In this section, you will find previously featured projects along with their drop date and website. This feature enables projects to gain additional exposure by being highlighted on Hyperspace when references are made to the project’s mint page.
c) Aggregated list of drops: Hyperspace’s “Upcoming Drop” section provides a comprehensive list of practically all NFT mints on Solana daily. Up to five separate drops on various platforms may be featured on the Upcoming Drop in a single day.
Other Features of Hyperspace
1) Royalties to Creators
Hyperspace provides creator royalties to artists to encourage them to create more. Royalties paid to NFT creators are payments made to the original creator for each secondary sale of digital assets created by them. On Hyperspace, creators receive a 2.5% to 4% royalty on each trade made on their work by other users. Hyperspace believes that creators should be adequately compensated and rewarded for their work.
2) Leaderboard
The top-performing NFT projects on Solana are displayed on this leaderboard based on trading volume. The list includes rankings for projects in the gaming, PFP, utility, collectibles, generative art, and virtual world categories, along with information about their floor price, market cap, volume, and other factors, based on a seven-day volume. Users can utilize the dashboard to compare multiple projects to gain more insights.
If a trade button appears next to one of the collections on the Leaderboard, it means it has been confirmed and is available for trading.
3) Wallet Tracker
The Hyperspace wallet tracker is another unique function that Hyperspace offers. Tracking top NFT collections on Solana is the primary product of Solanalysis, from which Hyperspace was born. That same product has evolved into a sophisticated tracking and ranking of wallets based on NFT purchases, not only on Hyperspace but across the entire Solana blockchain.
This feature provides a ranked list of wallet addresses with the highest purchases. The data displayed includes the portfolio value, total spend, NFTs purchased, maximum buy, and total sale for each wallet address in the list. It also shows the top seller, top buyer, and the NFT project with the highest sale.
What role does Hyperspace play in the NFT Marketplace?
1) An intuitive User Interface (UI)
Hyperspace is an open, digital marketplace for Solana NFTs with user-friendly discovery tools for buying aggregated NFTs across various marketplaces. It is an all-in-one NFT platform built on the Solana blockchain that enables users to monitor the Solana market and discover, evaluate and mint new NFTs. The broad range of user-friendly NFT products offered by Hyperspace, which drive Web3’s openness and interoperability, enables anybody to engage in the market economy.
2) Openness and Composability
Hyperspace is the leading Solana NFT Marketplace Aggregator. You can trade listings from any Solana NFT marketplace without being redirected, including Magic Eden, Opensea, Coral Cube, Solanart, Fractal, SMB, Holaplex, Rarible, and any other marketplace that is based on an auction house.
The openness and composability of Web3 are some of its fascinating aspects. Composability, which is the convenience with which various Defi protocols can be combined, linked, and integrated in a cost-free and permissionless way, has not yet been fully achieved and adopted. However, Hyperspace has created an interconnected NFT market that enables users and creators to enjoy the benefits of web3’s openness and composability in their purest form.
By communicating directly on-chain (rather than through a redirect link) with all major marketplaces, Hyperspace enables you to purchase NFTs. As a result, even if one marketplace is unavailable or goes down, you may continue to conduct transactions on the underlying smart contract on Hyperspace.
3) Increased Access to Buy-side and Sell-side Liquidity
NFTs have acquired significant popularity in the Solana ecosystem, capitalizing on Solana’s low fees and high scalability to foster a thriving developer and creator community. Creators and collectors have seen more significant fragmentation among several centralized platforms due to the advent of multiple NFT marketplaces fulfilling this market demand, resulting in diminished liquidity and limited discovery chances. Hyperspace is tackling this by increasing liquidity on both ends and visibility for NFT collections and creators.
Users are still left navigating variable levels of decentralization and accessing isolated pockets of liquidity on both sides (buys and sales) of the market as centralized marketplaces start to specialize in specific verticals such as PFP, gaming, music, and other use cases. As you interact with these platforms, consider the following: As a user wanting to purchase NFTs, am I comparing prices across a wide range of NFTs? Am I displaying my NFT to the most significant amount of prospective buyers as a user trying to sell? You occasionally ask yourself these questions as you shop at any NFT marketplace. Hyperspace, through its aggregated market, is solving these problems more than any other platform in the space.
4) Complete Decentralization
The Web3 industry overuses and occasionally misapplies this concept. A project can claim to be 100% decentralized even with only 1% decentralization (which is only evident in its smart contract). Decentralization is the challenge that has been impeding Web3 protocols, particularly in the Defi space. Looking closely at some Defi projects, you won’t find a hint of decentralization.
Hyperspace is one platform that has embraced complete decentralization in all of its products. They’ve accomplished this in two distinct ways, among others:
a. Decentralized Frontends
The front end is the web app or user interface you use to engage with a smart contract. Most of the time, the front end, which is the website that often has a URL like “hyperspace.xyz,” is totally under the control of the project’s core team, while the smart contract itself is typically fully decentralized. Defi apps are usually accessed over DNS or ENS, and in both cases, the developer team controls the code the user receives and can update that code at any moment.
The assets and trading pairs listed for trading on a well-known DEX (decentralized exchange) on Solana, like Serum or Raydium, for instance, are under the control of the exchange and can be delisted anytime, even though they can still exist on their underlying smart contracts. This is how the majority of Web3 protocols and NFT marketplaces are constructed.
A similar situation is seen with NFT marketplaces. For example, a collection that MagicEden or OpenSea deem to be against their policies may be removed from the front end without the control of the end users. Additionally, these websites periodically encounter downtimes, much like other websites. In any of these situations, users will not be able to trade the NFT openly, even though they are legitimately listed on-chain. Some Defi platforms only recently realized the necessity of decentralizing their front end. Hyperspace is at the forefront of this category.
Hyperspace is developing tools and apps that will enable anyone to launch their own front-end site or application, hence accelerating the adoption of decentralized frontends. Furthermore, with fee composability, such as configurable seller and buyer referral fees, integrated directly into Hyperspace’s smart contract, the platform allows others to develop their front-ends to surface liquidity to users and be rewarded accordingly.
b) Non-Escrow
NFT escrow services offer an intermediary location where listed NFTs are kept up until an agreed-upon condition, such as payment, benefits, trades, etc., is satisfied. These NFTs are typically kept in the marketplace’s smart contract’s central wallet.
The issue with this system is that when the marketplace assumes control over all listed assets and does not permit users to keep them in their own wallets, this makes the platform to become overly “centralized,” sacrificing decentralization. This system works similarly to a centralized exchange that manages user assets.
Additionally, this approach leaves the market with a single point of risk and security weakness. For example, what would happen if an online marketplace’s escrow wallet keys were stolen? Or what happens if the market abruptly shuts down, as numerous other crypto platforms have recently done in the wake of the recent market crash? If the system were decentralized, this wouldn’t happen because a hacker can not just take the keys to the marketplace and “rug” all of the NFTs.
Hyperspace, the non-custodial NFT aggregator marketplace, never takes custody of its users’ NFTs after they list them. Thus, it does not restrict user preferences or functionality or compromise the platform’s security. When you put your NFT up for sale on Hyperspace, it will stay in your wallet until a buyer is prepared to buy it, thus demonstrating complete decentralization.
5) Bulk or group purchases
If you want to buy several NFTs, you often have to do so separately on most existing NFT marketplaces. Users can execute multiple bulk transactions at once using NFT aggregators
On Hyperspace, this function is called “sweep”; it allows you to select multiple NFTs from single or multiple collections and buy them with a single click. The ability to add numerous NFTs to your cart is another feature that enables bulk buying. When you click directly on an NFT, it will be added to your cart. You can buy them now or save them for later.
Onboarding New Users
I’m hoping the offerings from Hyperspace get you fired up and ready to take action to use the platform. Relax; I’ve got this covered for you. This section will include directions on how to correctly buy, sell, list, bid, and make offers on the Hyperspace marketplace to benefit newcomers and others unfamiliar with Hyperspace.
Browsing NFTs
— Filtering
You can access any tradable collection from the Stats page or the global search bar. To begin, on the stats page, click the Trade button to the right of any collection. Next, you can use the filter option to narrow your selection of NFTs by:
- All Listings: You won’t be able to buy an unlisted NFT on this option, but you can still place a bid.
- For Sale: This option contains NFTs listed on Hyperspace, including those not verified.
— Sorting
You can also sort NFTs in a couple of different ways:
Rank: This option allows you to sort NFTs based on the various sources of ranking on Hyperspace
Price: This enables you to sort NFTs based on (ascending or descending). It also allows you to set a minimum and maximum price range.
— NFT Details Page
For more information about any NFT, click on it. A detailed page about the NFT will open up.
- Unique Traits (token metadata): You can see what characteristics make this NFT special and unique.
- Sale Price
- Owner
- Token Address
- Bid & Transaction History: Ths allows you to review the current and previous bids and purchases for this item.
Buying NFTs
Before you do anything else, you must connect your wallet. Follow this tutorial if you haven’t already set up your wallet. If you’ve already connected your wallet, you can buy from any card or the item’s details page by clicking the buy now button. A pop-up window from your wallet will appear, requesting you to confirm the transaction. Once you click confirm or approve, that’s all.
Listing NFTs for Sale
The steps to successfully list and sell your NFT are as follows:
- In the navigation bar, select the Account link after connecting your wallet in the navigation bar.
- Locate the NFT you want to sell and click on the sale button.
- Additionally, by selecting an item, you may view more information about it and buy and sell it.
- Set the price you want to sell by following the on-screen directions.
Making Offers on NFTs
When looking through other users’ portfolios or searching for NFTs, you may prefer to make an offer on the NFT rather than purchase it, either because the initial price seems excessive or because it isn’t yet available for purchase.
You will find the make offer button when you click on an item; follow the on-screen instructions afterward to input an offer amount. From your account page, you can always see the active offers you’ve made.
Canceling an Offer
You can cancel bids at any time by going to the Sell/Account page in the navbar, where you can locate the Bids table. From here, you may view all of your pending bids and offers and, if necessary, cancel them. If you have any SOL in escrow, it will be refunded to your wallet.
Accepting an Offer
Users with NFTs in their wallets may begin getting bids on their NFTs before they have even logged in and connected their wallets for the first time.
You can view and accept bids made on Hyperspace (after connecting your wallet) by going to the Bids Received area on the Account page.
For Developers
As I have previously stated, one of the core goals of Hyperspace is to allow developers to plug into its smart contract directly. This section covers ways by which developers can make this possible.
— REST APIs: Hyperspace offers REST APIs for their GraphQL API, which can be fetched in a flattened state using this link. The reason for flattening the response was that the team wanted to use only one endpoint. The REST API endpoint needs an API key to track usage.
— Hyperspace JS client: Using the Hyperspace JS client, developers may build and host their dashboards, analytics, or marketplaces without any knowledge of rust or smart contracts on the Solana network. You can access the Hyperspace JS client here. While the SDK is still under development, it offers the following access:
- Details on NFT collections that Hyperspace has indexed (floors, volume, market cap, etc.)
- NFT collection activity in various markets
- User history and behavior across the market
- Buying and selling on different NFT markets
- Hyperspace Contract Listing, Bidding, Delisting, and Accepting Bids
- Create your marketplace and decide on your pricing
You can chat with the Hyperspace crew directly on Discord while interacting with other developers. The quickest place to have your questions answered is in the #dev-help channel. Visit their discord to join the discussion.
Potential Future Applications
Although the products and plans for Hyperspace encompass a lot, there is still an opportunity for development.
1) Uncovered landscapes
Although it seems a little over-ambitious, this is important to note. The future of the Web3 market is interoperability, and Solana is only one blockchain. Users today explore as much as they can in other blockchains rather than being content or constrained by just one. Going multi-chain is necessary, especially considering how good other networks’ products are made.
This plan might not be a short-term goal. To allow for progressive development, it is still important to note this in the long-term roadmap and to start the necessary preliminary action.
Being the hub for NFTs across all blockchains would eclipse Amazon and Shopify’s dominance in the Web2 sphere. Users only need to alter their network as they explore and discover NFTs from the entire blockchain.
2) More Refined Experience
It would be excellent to have offers and recommendations based on users’ past NFT interactions, search preferences, and wallet history as they scroll or navigate the marketplace. The marketplaces in Web2 are so seamless and user-tailored that you will be engrossed in the products and services you come across. A user’s associated wallets can be used to integrate such an experience into the Hyperspace marketplace.
Imagine that when you connect your wallet, the first thing you see is one of your favorite NFTs that you’ve previously bought or engaged with; it will be so enticing that when you’re pleased, you’ll be encouraged to buy more.
3) Community-based Categories of NFTs
In addition to the existing marketplace classifications of NFTs, a more generic categorization of NFTs based on marketplaces and communities can be introduced. This will enable better organization and provide specific pages for different markets.
Communities that build on top of Hyperspace can have a section dedicated to displaying their NFTs. Furthermore, individual marketplaces might have their own pages where their NFTs are shown.
Conclusion
Hyperspace has provided a marketplace aggregator for Solana NFTs that offers simple browsing and purchasing across Solana marketplaces. They have made it simple to purchase and sell NFTs.
Buyers and sellers can now access high liquidity through the market aggregation of Hyperspace at no additional cost from a single unified front end. For buyers, being able to explore high liquidity gives you access to the most affordable prices for any group or subset of NFTs. As a seller, you can continue to list anywhere and have your listings appear in several locations under one platform.
Since the NFT industry is still in its infancy and there is still much to be accomplished, Hyperspace’s journey has only just begun. The hyperspace team devised an ambitious plan that included the creation of a watchlist and a mobile App to create the future of open marketplaces for NFTs in the web3 age. They are developing robust systems and infrastructure, as well as intriguing new features aimed to empower users regularly, such as analytics, social tracking, and community tools, and creating a suite of tools to enable partners to create decentralized frontends.
To make this happen — to build a decentralized and open future for NFTs and to encourage transparency and true ownership of digital assets — there is a call for exceptional talent, including designers, artists, creators, and web3 enthusiasts to join Hyperspace. Will you answer the call?
References
- Investopedia — Non-Fungible Token (NFT): What It Means and How It Works
- Wikipedia — Non-fungible token
- nft now — What role does Hyperspace play in the NFT Marketplace?
- AltcoinBuzz — First NFTs on Each Blockchain
- Hyperspace docs
- Hyperspace website
- Hyperspace substack: Hyperspace — Defining the Future of Open Web Marketplaces
- The Block — Solana NFT data site Solanalysis rebrands to Hyperspace and raises $4.5 million
