When Exchange Art launched in October 2021, it was our mission to do everything we could to strengthen the art market on Solana and empower the creator economy.
Over the last year, we have successfully integrated our original core values into our platform and continue to work vigorously in providing solutions that matter the most to our creators, including enhanced tooling, real-life and online opportunities for the community we’ve built, and developing innovative strategies to strengthen and support the art market, and its creators, on Solana.
Due to our drive and the support of Solana’s fine arts and our creator community, Exchange Art has already reached feature parity with some of the largest NFT marketplaces out there. Despite other marketplace leaders having had huge advantages in their respective markets, first and foremost, a significant head start in gaining traction and momentum, we have maintained strong growth since day one, even amidst a very tough bear market that we as an industry continue to navigate. Just this past month (November), we saw a 60% increase in sales volume on our platform. This is a huge testament to the year we’ve had and where we are going!
At launch, we had opted to align our transaction fees with some of the major NFT marketplace leaders - low fees create high trading volume and sustainable cash flow - but we soon realized, this model is not one-size-fits all, especially when the overarching goals of a platform and the communities differ greatly. As a collectibles focused marketplace, this model is not sustainable for us in the long run and we must adopt practices to promote long term growth and continued success as a leader in the NFT space. We are a creator focused and art focused marketplace, we do not allow for generative PFP projects(think SMB, DeGods, y00ts) to trade on the platform and we will continue to stand by this model as it benefits creators the most.
After careful consideration, we have decided to level our Primary Marketplace fees to an industry-standard rate of 5%, while Secondary Fees will have no change and remain at a rate of 2.5%. This change will go into effect on Monday, December 12, 2022 UTC.
Along with our mission to strengthen the art market on Solana and develop ways creators can earn a living, we value our community of collectors and contribute much of our success to you. We value support from our entire community and to earn this, we promise to always be transparent in explaining any changes and updates that are made on Exchange Art and being here, always, to answer every question and concern any of you may have.