Solanalysis Announces Rebrand to Hyperspace and a $4.5M Fundraise

Previously a Solana NFT data site, Solanalysis is now a Solana NFT marketplace aggregator, Hyperspace.
Image source: Subham Dhage on Unsplash

Quick take:

  • Hyperspace has built an NFT marketplace aggregator.
  • The aggregator will allow users to purchase NFTs from major Solana NFT marketplaces.
  • Hyperspace will not be charging NFT purchase fees for now.

Solana NFT data site Solanalysis has just announced a rebranding to Hyperspace, and is now an NFT marketplace aggregator. Previously, Solanalysis filled the niche for monitoring price changes in Solana NFTs by tracking the top NFT platforms on the Solana blockchain.

As Solana NFTs start gaining steam due to its low fees and high scalability, JP Morgan said that Ethereum is losing NFT market share to Solana last month. As an NFT marketplace aggregator, Hyperspace is designed to capture some of the NFT trading market.

Alongside the rebranding, Hyperspace has also announced a $4.5 million seed round co-led by led by Dragonfly and Pantera Capital. Other participants in the fundraise include Jump Capital, Solana Capital, NFX, Galaxy Digital, Shima Capital, Coinbase Ventures, Sfermion, 6th Man Ventures, Soma Capital, Social Capital, and Folius Ventures.

Even though the funds were raised months ago, the company only announced it today. Hyperspace is planning to raise another round of funds in a few months.

Co-founded by Kamil Mafoud, Santhosh Narayan, and Johnny Tan, Hyperspace was created to provide an open NFT marketplace in the Solana ecosystem. The platform will allow users to purchase NFTs from all major Solana marketplaces. 

Hyperspace also hopes to “bring together projects across platforms to provide a great user experience that encourages discovery and community sharing.”

“With the increasing mainstream adoption of NFTs, we believe in a world where users can buy and sell NFTs anywhere without limitation by any one centralized party,” said Mahfoud.

The platform is directly interacting with the smart contracts for each of the NFT marketplaces, enabling users to purchase NFTs from different marketplaces without leaving the site. Mahfoud says that he wants Hyperspace to be the middleman between buyers and sellers.

For now, Hyperspace will not be charging a fee for NFT purchases as it focuses on growing its market share without any added friction, but it may do that when it has gained enough traction in the future. 

The platform’s bigger goal is to capture a share of the NFT market by becoming a full-fledged NFT marketplace where users can list NFTs for sale directly on Hyperspace. Starting out as an aggregator first could help Hyperspace become a popular marketplace when it has a big enough user base. 

While 90% of Solana NFT transactions come from Magic Eden, thus reducing the need for an aggregator, Mafoud believes that there will be even more market fragmentation as OpenSea or new entrants like Coinbase’s upcoming NFT marketplace might stretch to Solana.

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