Exchange.art, the popular Solana-based digital art marketplace, is set to go multichain and include Ethereum compatibility. On August 1, more than 80 Ethereum-based artists, including Sotheby’s “Glitch Art” sale artist Patrick Amadon and inventor Amber Vittoria, will be integrated.
According to data from the analytics portal CryptoSlam!, Ethereum’s non-fungible token (NFT) trade volume is the highest in the past 24 hours, at $10.2 million, with Solana behind in second place with little more than $920,000. Larisa Barbu, COO of Exchange.art, said that the company has always intended to expand beyond Solana, and that it hopes to do so by onboarding new creators and collectors.
“The vision of Exchange.art is to be a hub for digital art and then slowly, build out solutions for traditional art as well,” said Barbu. “So because that’s the vision, and that’s where we aim to go being multichain is just kind of the next step in this direction.”
She also mentioned that many artists struggle to sell their work across numerous ecosystems and platforms, particularly on Exchange.Art allows them to leverage the two major NFT ecosystems in one location.
“Artists would much prefer to actually maintain only one platform and one community, rather than [always] juggling between two or three platforms, two or three communities, always updating information between the three of them, communicating with people on all of those platforms, and so on,” said Barbu. “It was actually a decision that we made because there was a demand for it from an artist standpoint – and it will help a lot of artists.”
Since its launch in 2021, Exchange.art has onboarded 16,000 Solana-based artists, assisting them in earning a total of $13 million in sales. Exchange.art created a royalties protection standard to enable creators receive a consistent percentage across markets, with the goal of standing by artists during a time of uncertainty over royalty payments. Exchange.art launched Code Canvas in March, a derivative platform designed to assist Solana-based artisans in minting generative art NFT collections.
Furthermore, Exchange.art is not the first Solana-based NFT marketplace that use Ethereum. Magic Eden, a Solana-based NFT marketplace, adopted Ethereum in August to create its ecosystem multi-chain.