The NFT landscape has long encompassed Ethereum, the industry benchmark blockchain, and other blockchains such as Solana and Solana NFT.
The Phantom wallet will assist the music app Audius in displaying NFTs, according to recent news. Audius, like many other companies, particularly in the arts, has chosen to enter the realm of non-fungible tokens, in this case using Solana’s (SOL) blockchain. Due to Phantom, NFTs are shown on one’s profile in the app.
Audius formerly only supported NFTs based on Ethereum, but it now also supports ones built on Solana.
SOL has benefited from the NFT craze
SOL’s meteoric rise results from the network’s entrance into non-fungible tokens (NFT) and, in particular, the launch last month of the “Degenerate Ape Academy,” an NFT built on Solana’s network. The Solana NFT was so popular that 10,000 cartoon monkey photos were sold in the first ten minutes of its launch. Because customers needed SOL tokens to buy the Solana NFT cartoon apes, the price of SOL skyrocketed.
Proponents of NFTs clearly emphasize SOL’s success as a crucial reason to invest, as Antoni Trenchev, co-founder of crypto lender Nexo, puts it. “Solana has a thriving ecosystem; projects are being built on it, and he has reaped the rewards of the NFT craze.”
In March, the NFT market gained notoriety after a piece of digital art sold for $69.3 million at a Christie’s auction. NFTs are non-fungible cryptographic tokens recorded on a blockchain. They may be used to authenticate the validity, ownership, and provenance of anything (physical or non-physical) such as artwork, collectible cards, etc. On Solana, several initiatives are working on NFT.
NFT projects on Solana
Solanart.io is one of the marketplaces on Solana where you may sell and purchase Solana NFT’s. The majority of them are Crypto Punks-inspired collectibles, consisting of a series of figurines with varying rarities based on the objects shown on them. In addition, Sol Punks, a spoof of the more famous Crypto Punks, and Dengen Ape, an homage to the Bored Ape, which is now a significant hit at Sotheby’s auction house, are also on Solana.
The number of building blocks for Solana NFT has increased in the Solana ecosystem during the last few weeks.
New marketplaces, such as Digital Eyes and SolSea, have been launched to keep up with the fast-expanding number of NFT mints. Furthermore, after the advent of the Aurory, projects have begun to use Metaplex’s Candy Machine to handle the minting process, resulting in a smoother trip.
On the other hand, despite significant demand for earlier efforts like the deformed apes, the proliferation of NFT initiatives on Solana has begun to erode the value of the collections. As a result, many projects’ floor costs have dropped recently, with some mints not selling out and others selling for less than the minting price.
Simultaneously, the price of Solana’s native token, SOL, has soared, going from $100 to temporarily breach $200 in less than a week, propelling it into the top ten coins by market capitalization. NFT ventures have been decreasing their prices to provide a lower minting rate.
Some projects have even given them away for mere pennies. Following a disappointing launch, upcoming snake-themed NFT startup Sneks reduced its rates from 2.25 SOL to 0 SOL, while Lit Jesus gave away NFTs for free. In addition, some did not even keep their profits. The American Foundation for Suicide Prevention received $ 220,000 from the Trippy Bunny Tribe, who sold their NFTs for 1.11 SOL.
Following the massive success of the Bored Ape Yacht Club NFT collection on the Ethereum blockchain, the Degenerate Ape Academy NFT collection on the competing Solana blockchain is swiftly gaining traction.
The 13th rarest Degenerate Ape NFT was auctioned for $1.1 million. Moonrock Capital, a London-based blockchain advising firm, announced the purchase on Twitter, paying for the NFT with 5980 Solana SOL tokens. According to one report, other degenerate monkeys in the collection have sold for up to $ 1.7 million.
SolPenguins, another Solana NFT series, is a lot like the Ethereum-based Pudgy Penguin collection. However, the notable difference for SolPenguins, is they are significantly more affordable, with a starting price of $281 or 1.6 SOL.
SOL is now the sixth most valuable cryptocurrency by market cap. With the cost of Ethereum gas forcing some companies to look for alternatives, Solana could become a more attractive option. Solana NFT’s have piqued the curiosity of celebrities. TV personality Steve Harvey updated his Twitter profile photo on a Solana Monkey Business NFT, a blockchain-based NFT business.
Solana is backed by FTX, a cryptocurrency exchange founded by crypto entrepreneur Sam Bankman-Fried. They recently revealed intentions to establish an NFT marketplace that will be interoperable with the Ethereum and Solana networks.
High-frequency trading organizations are developing apps on top of Solana, intending to capture global financial data flows quicker. They also want to use the network to trade tokenized securities.
Solana has been the best-performing cryptocurrency this year due to increased interest in the network. It had risen more than 14,000 percent from roughly $1.50 to $215 at its high before the recent dip. It was approximately $40 just a few weeks ago.
The pricing reflects expectations that Solana’s underlying blockchain would become the next Ethereum, the main network for decentralized finance apps, tokens, and platforms such as MakerDao, Chainlink, Uniswap, SushiSwap, and Aave.
Solana’s supporters believe it will someday challenge Ethereum as a platform for decentralized finance, DeFi, and other blockchain-based applications. Solana claims to handle 65,000 transactions per second at an average cost of $0.00025 per transaction, making it significantly faster and less expensive than Ethereum.
