Until recently, Ethereum was the almost exclusive network hosting most of the NFT markets. However, the situation seems to have changed in recent times as other networks such as Solana have entered this market.
According to a report from Reuters, sales volume of NFTs amounted to $ 94.9 billion in 2020. This figure increased to $ 24.9 billion in 2021. So it is clear that the development of the industry is underway. The number of portfolios traded by NFTs has also seen significant progress. There were 545,000 in 2020. Today, NFTs trade around 28.6 million wallets. These figures show that the demand for NFTs has increased significantly. However, this increase in NFT trading volume came with various disadvantages. First, some NFT mint operations can cause network congestion, as was the case with the sale of Otherside early last month. This traffic congestion is accompanied by an increase in gas tariffs on Ethereum. These weaknesses of Ethereum and the obvious difficulties this network presents in terms of the brand new and dynamic NFT market are due to another competitive blockchain called the Ethereum Killers name. Solana is an Ethereum Killer.
Of all the Ethereum Killers, it could be argued that Solana is the most feared Ethereum competitor. Solana indeed has two advantages that make it desirable in the eyes of traders: the speed of their transactions as well as their costs which are significantly lower than Ethereum gas fees. Solana implements these two advances compared to Ethereum thanks in particular to its History proofing mechanism and its protocol Proof of Bet (PoS).
Solana features more efficient speed time and block size than Ethereum. Solana block time is 0.4 seconds. Ethereum block time is 13 seconds. The size of the blocks at Solana is 20,000 transactions. At Ethereum, blockchain size is 70 transactions.
Taking advantage of its speed, and especially its block size, Solana has very low transaction fees: $ 0.00025 per transaction.
These advantages have enabled Solana to make NFTs truly available to all. This accessibility of NFTs has facilitated the growth of its market, so in September 2021, NFT Degenerate Ape was sold for almost $ 1.1 million. The following month, Ape Solana traded $ 2 million.
If you want to get NFT on Solana, follow these key steps here.
Get his purse Solemn
The first thing to do is to purse Solemn. There are mainly 3, SolFlare and Phantom and Sollet. The latter, however, is open source and is more suitable for advanced users.
At this stage, it is important to remember that wallets are not interoperable, which means if you were to purse MetaMask you used on Ethereum, you should not connect it to Solana or your tokens will disappear. Use Phantom or Solfare instead.
Why would you want to buy NFTs? To resell them? Do you want to pursue it in the metro? Since metaverses are not yet fully interoperable, you need to ensure that your NFT is usable on that metaverse. In addition, it is important to define what you want to invest. You should know that cryptocurrencies are characterized by high volatility. In all cases, you must ensure that the investment you make meets your expectations and that you have remained reasonable.
You have to take the time to browse the market catalog where you want to get your NFT. It is recommended, as with any purchase, to browse through various catalogs to determine the best ones. You can already integrate your price range with the selection filter that generally offers market places. Once you have made your selection, simply click on the selected NFT to display the information on the product leaflet. You can read it to make sure the NFT is what you really want.
The entire 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 demand for Solana platforms can be explained in particular by their ease of use.
Obviously, the process for buying NFTs on Solana is quite simple. It must be said that Solana had some problems with outages, the network has already stopped working at least five times during this year. However, the developers recently tried to fix one of the bugs that caused the crashes. It was a related bug non-durable transactions.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.