The Solana NFT space is heating up. With it, many marketplaces have sprung up. This leads to an unavoidable issue: market fragmentation... and the loser here is the consumer. To sell an NFT, users now need to decide between multiple marketplaces. To buy an NFT, users have to open multiple tabs to find the art they are looking for. This makes for a highly inefficient market. Moreover, mechanisms to purchase NFTs are limited and not capital efficient. Even the simple bidding process (which few marketplaces have implemented yet), is terribly inefficient since buyers need to lock up their capital in a single NFT for an indeterminate amount of time.

Introducing: Milky Way

Milky Way will solve the market fragmentation issue by leveraging powerful aggregation tools. With over 1M+ NFTs already indexed (and more coming), users will be able to buy, sell and discover NFTs from all Solana marketplaces through Milky Way. No more 5 open tabs, only 1 now.

Milky Way is also introducing the first ever implementation of a brand new bidding mechanism dubbed the "Floor Wall". Leveraging the aggregation of NFTs, Floor Walls allow a user to place a bid on an entire collection, rather than a single NFT. For example: Alice is willing to buy any Degen Ape for 3 SOL, but can't afford to place a 3SOL bid on all 10,000 Dege Apes. Instead, Alice places a Floor Wall bid. As soon as any Degen Ape reaches her Floor bid, she will receive her Degen Ape for 3 SOL.

This has huge implications both from the user capital efficiency perspective, but also from a pricing perspective. This provides markets and collections a direct way to quantify the floor price of a collection.

What's next for Milky Way

We plan on launching Milky Way to mainnet shortly after the hackathon. We're incredibly excited to help push Solana's growing NFT space to its limits, and make it a leader in NFT innovation.

We fully intend to make Milky Way community owned and governed, and one of the first milestones for us will be to decentralize the protocol governance and ownership.

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