Solana NFT data site Solanalysis rebrands to Hyperspace and raises $4.5 million (via Timccopeland)
It has rebranded to Hyperspace and built an NFT marketplace aggregator.When NFTs started taking off on Solana in August, it was lacking in marketplaces to trade them and had a scarcity of data sites for monitoring price changes. Solanalysis carved out a niche by tracking the top NFT collections on the blockchain platform and making it easy to compare them.
The money was raised a few months ago but the round has only just been announced. Hyperspace is also planning to do another raise in a few months. Hyperspace co-founder Kamil Mafoud says that when it comes to trading NFTs, there’s always a buyer, seller and a site in the middle facilitating that interaction. “We want to be the platform that sits in the middle,” he says.
The bigger goal for Hyperspace, however, is to take hold of a share of the NFT market. Its aggregator will also be a fully fledged marketplace. As a result, users will also be able to list NFTs for sale on Hyperspace directly, which other Hyperspace users will be able to buy. Yet on Solana, the NFT market has largely been cornered by Magic Eden, which has sucked up more than 90% of the deal flow. As a result, there might be little demand for an aggregator right now. But Mafoud remains“Very highly concentrated liquidity will reduce the need for it but the level of fragmentation is generally wavering,” Mafoud says. He speculates that Magic Eden might spread to Ethereum and OpenSea — the dominant NFT marketplace on Ethereum — might stretch to Solana.
He says there are three important things: gaining market share, having a really good user experience and user interface, and having the community invest back into the business. “And that’s probably what we’ll look to do,” he says.
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