NFTs blockchain SOL exploded! Is it worth starting?

Buyers are currently spending heavily on Solana-based NFTs, which look very similar to Ethereum-based clusters.

Buy SOL now on capital.com

NFT collections inspired by Bored Ape Yacht Club and Pudgy Penguins are rapidly spreading over Ethereum competitor Solana. W: Sellers are getting high prices for it.

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Solana NFTs for prizes in the millions

London-based blockchain advisory firm Monrock Capital yesterday bought Solana-based NFT from Degenerates Abbey Academy for $1.1 million. Others from the group are currently on the market for up to $1.7 million.

The unofficial NFT group is inspired by the Bored Ape Yacht Club NFT group which is based on Ethereum. Sotheby’s this week sold a batch of 101 Bored Apes for $24.39 million.

Another set, Solanapes, which features NFTs with “unique random trait combinations for ETH monkeys,” was released first.

However, the Degenerate group has a different design and is only based on the same animal. The Degenerate group differs from the first group of monkeys based on Ethereum and is based on only one animal.

There are also cheap NFTs in Solana

SolPenguins, which is very similar to the Ethereum-based Pudgy Penguin, is currently very popular on the Solana blockchain. However, buyers do not spend that much money on it: the minimum price is 1.6 sols, that is, 281 USD.

Currently, most of the profitable NFT projects such as token artwork, audio clips, video clips, or chatbots are on Ethereum.

Projects on Solana are proliferating to take advantage of the lower transaction fees on the blockchain. Degenerate Ape Academy writes about this on Twitter:

“Maybe the lower transaction fees mean we can live in Manhattan.”

Solana’s blockchain is also popular. SOL is the sixth largest cryptocurrency by market capitalization – a point that has risen surprisingly quickly since its launch last spring.

But not everyone believes that Solana will continue to thrive in the NFT world. For example, one NFT trader comments that Solana is “less mature” and “would not be a landing place for high-end NFTs” in the future.

Background NFTs: Unique NFTs. Since they are stored on the blockchain, they cannot be forged. However, according to other large NFT traders, designers using Solana’s grid are able to cut out the cheap variants.

As for Gmoney, he is a borrowed investor in NFT:

“There is nothing original about them. I think if Solana wants to be taken seriously in NFTs, they should encourage people to do new and innovative projects. Don’t copy/paste.”

To date, the largest (and most expensive) NFTs are based on Ethereum. Who knows if Solana will outperform Ethereum in the NFT world. But the first attempt is clearly going in the right direction.

Buy SOL now on capital.com

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Last updated on September 13, 2021

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