Until recently, Ethereum was the near-exclusive network hosting most NFT marketplaces. However, the situation seems to have changed for some time with the entry of other networks such as Solana into this market.
According to a Reuters report, the sales volume of NFTs was $94.9 billion in 2020. This figure rose to $24.9 billion in 2021. So the development of the industry is clear. There has also been a big leap forward in the number of portfolios trading NFTs. There were 545,000 in 2020. Today there are approximately 28.6 million portfolios trading NFTs. These figures show that the popularity of NFTs has increased significantly. However, this increase in NFT trading volume has come with several drawbacks. First, some NFT coin operations can lead to network congestion, as was the case with the sale of Otherside early last month. This congestion was accompanied by an increase in gas rates on Ethereum. These weaknesses of Ethereum and the obvious difficulties that this network poses to contain the brand new and dynamic NFT market has led to other competing blockchains being named Ethereum Killers. Solana is an Ethereum killer.
Of all the Ethereum Killers, Solana is arguably the most feared Ethereum challenger. Solana has two advantages that make it desirable in the eyes of traders: the speed of the trades and their fees which are incredibly lower than Ethereum’s gas costs. Solana exploits these two claims compared to Ethereum, in particular thanks to the mechanism of proof of history and protocol Proof-of-Stake (PoS).
Solana offers more efficient speed time and block size than Ethereum. Solana’s block time is 0.4 seconds. Ethereum block time is 13 seconds. The block size at Solana is 20,000 transactions. With Ethereum, the block size is 70 transactions.
Taking advantage of its speed, and especially the size of its blocks, Solana has very low transaction costs: $0.00025 for each transaction.
Thanks to these benefits, Solana has truly made NFTs available to everyone. This accessibility of NFTs has enabled the growth of its market, so in September 2021, NFT Degenerate Ape was sold for nearly $1.1 million. The following month, an Ape Solana traded for $2 million.
If you want to acquire NFT on Solana, follow these important steps here.
Get his wallet Solana
The first thing to do is a wallet solana. There are mainly 3 of them, SolFlare and Phantom and Sollet. However, the latter is open source and is more suitable for advanced users.
At this stage it is important to remember that the wallets are not interoperable meaning if you have a wallet MetaMask that you have used on Ethereum should not be connected to Solana or your tokens will disappear. Use Phantom or Solfare instead.
Why do you want to buy NFTs? To resell them? Is it to exploit it in the metaverse you like to go to? Since metaverses are not yet fully interoperable, you need to ensure that your NFT will be usable on that metaverse. In addition, it is important to determine what amount you want to invest. You should know that cryptoassets are characterized by high volatility. In all cases, you must ensure that the investment you are making meets your expectations and that you have remained reasonable.
You should take the time to browse the catalog of the marketplace where you want to purchase your NFT. It is recommended, as with any purchase, to browse through several catalogs to find the best one. You can also already integrate your price range into the selection filter that marketplaces generally make available. When you have made your choice, simply click on the chosen NFT to display the information from the product sheet. You can read it to make sure the NFT is really what you wanted.
The whole purchase operation takes less than 20 seconds and less than half a dollar. The process is quite simple and you should have no problem completing the transaction after transferring SOL to your wallet. The growing popularity of Solana platforms is mainly due to the ease of use.
As can be seen, buying NFTs on Solana is quite easy. It must be said that Solana has had some problems with outages, the network has already gone down at least five times this year. However, the developers recently tried to fix one of the bugs that caused these crashes. It was a bug related to sustainable nonce transactions.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, a failed cryptocurrency investment in 2017 only heightened my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.