donutmedialab.com — Getting to Know the Solana Blockchain-Based NFT Ecosystem. Although the popularity of NFT (non-Fungible tokens) is not as high as last year, the topic of NFT is still quite relevant to discuss today, especially when looking at the development of blockchain technology as the basis of the NFT ecosystem.
Ethereum still dominates the NFT market. This is quite common, considering that Ethereum was the first blockchain to support NFT projects with smart contracts of the ERC-721 token standard. Even last year alone, Ethereum held around 95% of NFT transactions across various markets.
However, did you know that there is now a platform that is predicted to be the killer of Ethereum in the NFT market? Her name is Solana. With a faster and more energy efficient network than Ethereum, the number of NFT transactions based on the Solana blockchain has increased significantly. This is in contrast to Ethereum which actually decreased by around 15% from its previous one.
Based on this phenomenon, this article will explore the NFT ecosystem owned by Solana. How does Solana work for NFT printing? What are the best NFT markets and projects? So why does Solana NFT deserve to be the main competitor to Ethereum’s NFT? Come on, find the answer below.
What is Solana?
In short, Solana is a type of public blockchain built to host a wide variety of decentralized applications (dApps). Unlike Ethereum’s recent migration to the proof-of-Stake version (currently still Proof-Of-Work) of Ethereum 2.0, the Solana platform has evolved to operate using two combinations of working consensus algorithms, namely Proof-of-Stake (PoS) and Proof. -of-History (PoH).
Even though it is classified as a layer 1 blockchain, like Bitcoin and Ethereum, the combination of the above two algorithms makes Solana considered to have solved the scalability trilemma, making it one of the leading platforms today.
Amazingly, this blockchain network is eco-friendly because it saves electricity, although the average speed can reach 3,000 transactions per second (100x faster than Ethereum). As for the average fee on the Solana blockchain, it is also cheap, at 0.00045 SOL per transaction, compared to the base fee on Ethereum which stands at 0.00252 ETH.
How to print NFT on Solana Blockchain?
Just like other popular blockchains, Solana also supports smart contracts which are used to print and secure NFT transactions. In addition, with various NFT platforms and marketplaces integrated into the Solana network, the creation process is made easier even if you don’t know how to print properly.
The first thing you need to prepare before printing an NFT is, of course, to create a crypto wallet dedicated to the NFT marketplace. If the MetaMask wallet is only compatible with the Ethereum network, then for the Solana blockchain-based NFT, the popular wallet is Phantom.
If you don’t have a ghost, please search for a ghost. Download it as an extension in your browser. As additional information, the popular browser or browser used by NFT enthusiasts today is bold.
Once Phantom is installed in the browser, you can simply deposit your wallet with SOL, Solana’s native cryptocurrency, to finance gas costs on the NFT market later.
The 3 most popular Solana NFT Markets
Ethereum is still the most popular blockchain for NFT, this can be seen from most of the NFT markets located on the network. However, as previously mentioned, user preferences can change quickly because the energy usage, transaction speed, and large fees are not worth it when using Ethereum.
This is what ultimately makes NFT on Solana increasingly popular, even well-known NFT marketplaces such as OpenSea have been integrated with the Solana blockchain. However, due to the recent integration, OpenSea is not included in the three lists of Solana’s NFT marketplaces below:
1. Magic Eden
Despite being one of the new NFT marketplaces, Magic Eden has grown to become Solana’s most popular NFT platform based on its trading volume. Apart from no NFT listing fees and only 2% transaction fees, Magic Eden also allows transactions using tokens from some of the top Solana projects, such as DUST and Aury.
As Solana’s first NFT marketplace, Solanart is also the second largest platform behind Magic Eden with an NFT trading volume of around 637 million USD. Users of this marketplace can create, sell, and buy digital collections with a transaction fee of only 3%.
Despite being fifth in trading volume, the number of NFT traders on the platform is the third largest after Solanart and Magic Eden. In addition, SolSea is also the first marketplace to release a rarity rating for NFT Collections listed there. For transaction fees, SolSea charges the same amount as Solanart, which is 3%.
What are the top NFT projects in Solana?
The striking difference between NFT on Solana and Ethereum is their utility or usability. If all this time you’ve only known that NFTs have just been traded, then on the Solana blockchain it’s used for much more than that. You can already build projects based on Solana, you know.
Of course you have often heard about CryptoPunks and the Bored Ape Yacht Club which are the most popular Ethereum projects in the NFT field. Solana also has some interesting NFT projects:
Keep in mind, the basic concept of NFT is to convert digital assets into non-exchangeable tokens. That means, NFT as a crypto token should still be staked like the token you are trading with. This is the basis for the existence of the DeGods project.
DeGods allows their NFT owners to earn passive income from staking. By betting NFT DEGODS, you will get a reward of 10 dusts per day. Remember the magic of Eden marketplace? Now, the DUST tokens obtained from DeGods NFT staking, you can later use for other NFT transactions in the marketplace. I can earn a lot!
2. Solana Monkey Business
Just like CryptoPunks and Bored Ape Yacht Club, Solana Monkey Business includes an NFT bluechip project on Solana. With a collection of 5,000 items, the lowest price of any of these NFT collections is 235 Sol, or about $15,100.
In addition, all owners of the Solana Monkey Business NFT collection will have access to MonkeDAO, Solana’s first official NFT Decentralized Autonomous Organization (DAO). DAO is an organization where you can contribute to the development of blockchain-related policies.
3. Cets On Crack
Cets On Crack is one of the most popular projects in Solana’s NFT scene. On its website, the project focuses on branding and storytelling. There are rumors that the project is also related to the Bored Ape Yacth Club.
In just a month after the project launched, its base price jumped to over 40 soles, a testament to the strength of the Web 3.0 community. In addition, CET on NFT Crack holders can also stake their NFT.
With various advantages ranging from speed, use of electrical energy, transaction fees, to utilities, then starting to invest in Solana blockchain-based NFT can be a pretty good consideration for you. In addition, with Solana’s NFT staking feature, the risk of speculation losses is certainly less than that of NFT Ethereum.