Solana has had quite a ride since the end of 2021, mainly due to the rising popularity of non-fungible tokens (NFT) as well as the all-time high Ethereum (ETH) network fees – both of which have been in its favor. The beginning of 2022 showcases it clearly that Solana is riding this new wave to the maximum and is out to benefit from it like never before. How? Look at the massive sales figures clocked for NFT on Solana – a whopping $1.8 billion.
According to the CryptoSlam tracker, NFT sales on the Solana blockchain had already exceeded the $1 billion mark by mid of January. Why am I not surprised? Remember the time when one “degenerate monkey” NFT from the Degenerate Ape Academy collection got traded for more than $1 million on Solana? It happened just this last September.
Solana vs. Ethereum on NFTs
At this point, it’s pretty clear that the Solana network is enjoying much more popularity when it comes to NFT trading when compared to the Ethereum network, all because of the exorbitant Ethereum network fees. The high ETH gas charges have at times made it simply impossible to issue NFTs on its network, which has worked to the advantage of Solana, and the investors have the wind of it as well.
So, is ETH becoming a no-go as far as NFTs are concerned? No, not yet.
Surprisingly, Solana is still far behind ETH regarding the overall volumes of NFT exchange happening on its blockchain. At least for the time being, Solana does not seem to have been massively solicited by NFT lovers.
However, that all should change in 2022. Let’s say that the NFTOpenSea platform agrees to offer NFTs based on the Solana blockchain – it could be another turning point for Solana. It will undoubtedly bring in more investors and create the hype needed to push Solana as ‘the’ blockchain of choice for NFT trading.
In any case, we are up for exciting times ahead when it comes to the world of NFTs, and Solana is definitely on its way to making a solid mark.
