Hyperspace, Solana NFTs and Beyond (Q3 Review)
As we venture into Q4 at Hyperspace, we wanted to take a moment to reflect on our progress since our launch earlier this year.
We’ve seen tremendous growth thanks to our passionate community and we’re excited to celebrate surpassing 20% of weekly NFT trading volume processed via Hyperspace.xyz!
While the Solana NFT ecosystem in Q3 was defined by rapid growth and activity, Q4 will certainly be defined by radical transformation. It is our job not only to adapt quickly to this evolving landscape, but also our duty to help forge a path forward for the ecosystem as we work to enable the best NFT trading and commerce experience for everyone.
Here’s a look at some of our accomplishments so far.
All-time highs: 20%+ weekly volume and 40%+ daily volume 😤
Seeing more and more users fall in love with Hyperspace has been the most satisfying feeling for us as builders. We treat everyday as a new opportunity to grow and win.
That consistent effort resulted in all-time highs across the board including facilitating over 20% of weekly Solana trading volume via Hyperspace, as well as a record-high trading day of >40%.
Integrations with 20+ different liquidity sources
Interoperability has always been the most fascinating feature of web3 to us. Integrating new marketplaces and sources of liquidity means providing amazing experience for our end users and benefiting the underlying platforms.
The NFT space continues to evolve and new trading structures (i.e. AMMs, liquidity pools) have emerged offering trading with cheaper fees, better price discovery, and/or enhanced liquidity. With our most recent integrations of Hadeswap, Elixir, and Solvent, we have been able to bring our users greater trading opportunities in a simple, familiar UX.
The end result: Hyperspace users can view all Solana NFTs all in one place, and then buy any NFT with just one click.
Integrations with Ecosystem Builders
We have always taken a platform-first approach. Here’s a few recent collaborations:
Rarity Integrations. We integrated both Howrare.is and Moonrank.app rarities into the Hyperspace platform to provide users with more rarity options as they browse our site. Though we have our own rarity methodology, we recognized that different communities have different preferences for computing rarities. We started this rollout with the largest Solana collections and continue to add more and more collections!
Glow Wallet Integration. Thanks to our integration with Glow Wallet you can now list NFTs directly from your wallet. Additionally, with Glow you can even buy NFTs from Hyperspace.xyz through Safari. A well-kept secret!
LaunchMyNFT Integration. LaunchMyNFT (LMNFT) is a tool-based launchpad that allows creators to launch an NFT mint page quickly at low cost. We’ve added support to seamlessly onboard newly minted collections to Hyperspace for secondary trading, and link back to the original LMNFT collection.
Exchange.art Integration. We are now aggregating 1/1 art NFTs from Exchange.art, the largest fine art marketplace on Solana.
200+ API Consumers!
Since launching our Solana NFT APIs a few months ago, we have now onboarded more than 200 developers to build using Hyperspace API. Use cases to-date span NFT projects, gaming platforms, market-makers, sniping tools, discord/twitter bots, data platforms, and individuals looking to improve their workflows.
You can read more about our APIs here.
A barrage of new product features
Collection bidding. Users can now place a single floor bid for any NFT in a collection (“limit order”) providing buyers with more powerful tooling and capital efficiency, and providing sellers with faster access to liquidity. We have gone a step further and started to integrate buy-side bids from other platforms into Hyperspace.
Quick sell tool. This tool lets sellers bulk list and update NFTs efficiently from any page on Hyperspace. We wanted to reduce friction for our users looking to open and close out of positions rapidly.
Advanced analytics. In order to enrich users with more actionable data, we introduced our advanced analytics tab on the collection page including price/volume over time, price distribution for listed NFTs, and a top holder leaderboard per collection.
+ many more improvements to the Hyperspace experience!
The Solana NFT Market
NFT activity on Solana has remained strong, proving to be one of the bright spots in this broader crypto “bear market”. Formed just over a year ago now, the Solana NFT community has truly grown up together and stood together over time to form one of the most exciting and innovative NFT ecosystems to-date.
While the price of SOL has largely declined over the last year since all-time highs, we have seen robust on-chain activity from users.
In short, users still like their JPEGs.
On the product side, we’ve seen continued innovation from builders and the emergence of new trading structures for NFTs (think NFTs x DeFi) from platforms like Hadeswap, Elixir, Solvent, etc. We believe these are natural evolutions in the market as both builders and users seek out more efficient ways of trading.
Looking ahead to Q4
Of course the big question on everyone’s minds right now is: What the heck happened to creator royalties?
In a space that moves as fast as ours, it’s not surprising to see shifts in power from one set of users to another. In fact, this happens in most markets like real estate where you see market times favoring buyers described as a tenant’s, or renter’s market.
In the NFT ecosystem, you have three major user groups: buyers, sellers and creators. The early days were prolific for NFT creators and that has now been followed by a swinging of the pendulum towards buyers / sellers. Perhaps we will find equilibrium, but expect the pendulum to continue swinging.
We will look to publish more on this topic soon but we are working alongside the Solana ecosystem to develop and promote viable solutions that allow creators to flourish.
Regardless, Hyperspace has been at the forefront of innovation for Solana NFTs, continuously shipping defining product experiences to meet community needs and further the ecosystem.
So we will continue doing what we do best: adapting quickly and building great products as we continue our mission of enabling the best NFT trading and commerce experience for everyone.
Let the good times roll.
