In recent months, Solana has emerged as the new platform of choice by non-fungible token (NFT) enthusiasts from around the world. While it’s still some way from overtaking the massive popularity of Ethereum, its faster transaction speeds and lower fees are difficult to compete with and show a lot of promise.
One of the earliest Solana NFT projects, Degenerate Apes, was so popular at launch that the platform had troubles due to ferociously high demand, a feature which has become increasingly common as investors scramble to mint new artwork. All 10,000 Degenerate Ape NFT’s sold out in record time, resulting in over $66 million worth of SOL transferred within a matter of minutes.
Beyond NFTs, Solana has been the focus of several new decentralized finance (DeFi) projects that have helped boost its credentials. The most notable of these is Serum, a decentralized exchange designed by Alameda Research, the team behind the hugely popular trading platform FTX.
Solana Blockchain Statistics
Solana (SOL) Marketcap: $61.5 billion
24-hour trading volume: $6.4 billion
Transactions per Second (TPS): 50,000
Average cost per Transaction: $0.01
NFT Projects on Solana: 193
Highest Selling NFT: 13,027 SOL ($2.1 million)
As Solana NFTs grow in popularity we are now seeing a move towards projects with less hype and more substance, looking perhaps to smaller supply volumes which provide enhanced exclusivity. The days of multiple 10,000 supply projects launching every day has somewhat saturated the eco system and the minting of new projects has become a far more selective process for investors in recent days. One such project, Smolfishes, which underwent a “stealth mint” in the early hours of the morning, without hype or promotion, and a supply of only 333 with a 0.3 Sol mint price, is a solid example of a promising project which may become a future blue chip.
The Solana – Ethereum Wormhole
In September 2021, the bi-directional blockchain bridge project ‘Wormhole’ developed an NFT bridge between Ethereum and Solana. This means the 6 million+ NFTs currently minted via Ethereum’s ERC20 protocol can be ported to Solana (and vice versa using SOL’s Solana Program Library (SPL) protocol).
Considering the excessively high gas fees and largely inaccessible prices associated with Ethereum NFTs, this is great news for SOL users and NFT enthusiasts. It also means Solana-minted NFTs can now be ported to Ethereum and listed on OpenSea, the world’s largest NFT marketplace.