Solanalysis raises $4.5 million, rebrands to Hyperspace
NFT News

Solanalysis raises $4.5 million, rebrands to Hyperspace

BTC Peers Reporter

Solanalysis is expanding its operations within the Solana ecosystem. The Solana-centric NFT data site has rebranded to Hyperspace, purchasing a new domain – Hyperspace.xyz). Plans are also on the way to build an NFT marketplace aggregator.

Solanalysis began its operations tracking top NFT collections deployed on the Solana blockchain. However, the data site has since expanded its product offering to include a launchpad for new collections, as well as the ability for users to track their own NFT portfolios.

Now known as Hyperspace, the company has raised $4.5 million in a seed round anchored by Dragonfly and Pantera Capital. Other participants in the round include Jump Capital, Solana Capital, NFX, Galaxy Digital, Shima Capital, Coinbase Ventures, and several others.

It is worth mentioning that the fundraiser happened a few months ago but was only just announced.

As for its NFT aggregator, the platform will allow users to purchase NFTs from any of the major Solana NFT marketplaces on a single platform. This will be achieved by directly interacting with the smart contracts for each of the NFT marketplaces.

For a start, there are no plans to include gas fees in transactions on the platform. This is undoubtedly a marketing move to gain some grounds in the market. The zero-fee option might change in the future.

Right now it’s growth for us. At that point when we have concentrated as many eyeballs then we can think about adding a fee on the aggregation side.

Presently, 90% of Solana NFT transactions come from Magic Eden. This reduces the need for an aggregator. But Hyperspace co-founder Kamil Mafoud believes that there will be even more market fragmentation as OpenSea or new entrants like Coinbase’s upcoming NFT marketplace expand into Solana.