Getting to Know Solana’s Blockchain-Based NFT Ecosystem

Getting To Know Solana’s Blockchain-Based Nft Ecosystem
Getting To Know Solana'S Blockchain-Based Nft Ecosystem

Trading.resi.co.id – Although the popularity of NFT (non-Fungible tokens) is not as high as it was last year, the topic of NFT is still quite relevant to be discussed 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, Ethereum held around 95% of NFT transactions in various markets.

However, did you know that there is now a platform that is predicted to be the Ethereum killer 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 has actually declined by around 15% from its predecessor.

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 Ethereum’s main competitor to 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 (currently still Proof-Of-Work) version of Ethereum 2.0, the Solana platform has evolved to operate using two combinations of working consensus algorithms i.e. Proof-of -Stake (PoS) and Proof of History (PoH).

Despite being 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 top platforms today.

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Surprisingly, 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 is 0.00252 ETH.

How to print NFT on Solana Blockchain?

Like other popular blockchains, Solana also supports smart contracts which are used to print and secure NFT transactions. Plus, with multiple NFT platforms and marketplaces integrated into the Solana network, the creation process is made easy even if you don’t know how to print properly.

The first thing you need to prepare before printing an NFT is, of course, creating a cryptocurrency wallet dedicated to the NFT market. 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, look for a ghost. Download it as an extension in your browser. As an additional information, the popular browser or browser used by NFT enthusiasts today is in bold.

Once Phantom is installed in your browser, you can simply deposit your wallet with SOL, Solana’s native cryptocurrency, to fund 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 in most NFT marketplaces located on the network. However, as mentioned earlier, user preferences can change quickly because energy usage, transaction speed and high fees are not worth it when using Ethereum.

This is what makes NFT on Solana more and more popular, even well-known NFT marketplaces like OpenSea have been integrated into the Solana blockchain. However, due to recent integration, OpenSea is not included in Solana’s three lists of NFT markets below:

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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. In addition to no NFT listing fees and only 2% transaction fees, Magic Eden also allows transactions using tokens from some of Solana’s top projects such as DUST and Aury.

2. Solarart

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. Users of this marketplace can create, sell and buy digital collections with a transaction fee of just 3%.

3. Sun Sea

Despite being the fifth largest in trading volume, the number of NFT traders on the platform is the third largest after Solanart and Magic Eden. Additionally, SolSea is also the first marketplace to release a rarity rating for the NFT collections listed there. For transaction fees, SolSea charges the same amount as Solanart, which is 3%.

What are the main NFT projects in Solana?

The striking difference between NFT on Solana and Ethereum is their utility or usability. If all this time you only knew that NFTs had just been traded, then on the Solana blockchain it is used for much more than that. You can already build projects based on Solana, you know.

Of course you have 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:

1. The Gods

Remember that the basic concept of NFT is to convert digital assets into non-exchangeable tokens. This means that the NFT as a crypto token must still be staked like the token you are trading with. This is the basis for the existence of the DeGods project.

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DeGods allows its NFT owners to earn passive income from staking. By betting NFT DEGODS, you will receive a reward of 10 dusts per day. Remember the magic of Eden Market? Now DUST tokens obtained from DeGods NFT staking you can later use for other NFT transactions in the market. I can earn a lot!

2. Solana Monkey Business

Like CryptoPunks and Bored Ape Yacht Club, Solana Monkey Business includes a bluechip NFT project in Solana. With a collection of 5,000 items, the lowest price of any of these NFT collections is 235 Sol, or around $15,100.

In addition, all owners of the Solana Monkey Business NFT collection will have access to MonkeDAO, Solana’s first official Decentralized Autonomous Organization (DAO) NFT. 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. Rumor has it that the project is also related to the Bored Ape Yacth Club.

In just one month after the project was launched, its base price had jumped to over 40 soles, a testament to the strength of the Web 3.0 community. Furthermore, CET holders on NFT Crack can also bet their NFT.

Conclusion

With various advantages ranging from speed, electricity usage, transaction fees and utilities, starting to invest in Solana blockchain-based NFT could be a good consideration for you. Also, with Solana’s NFT staking feature, the risk of speculation losses is certainly lower than NFT Ethereum.

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