Solana Emerges as Ethereum Competitor in NFT Markets

Solana Emerges as Ethereum Competitor in NFT Markets

Until now, most NFTs have been ERC-721 tokens built on the Ethereum blockchain. But the Solana blockchain has become increasingly popular among token creators because of its speed, scalability, and low costs.

Soaring prices continue to attract speculators and collectors while fueling the proliferation of NFT marketplaces.

Last week, Bored Ape Yacht Club creator Yuga Labs sold its collection of 107 NFTs for more than €20 million. The sale was conducted as an online auction conducted by fine-art dealers Sotheby’s.

Until now, most NFTs have been ERC-721 tokens built on the Ethereum blockchain. But the Solana blockchain has become increasingly popular among token creators because of its speed, scalability, and low costs.

Solana hosts an alternative to the Bored Ape Yacht Club – the Degenerate Ape Academy. A single Degenerate Ape sold for €938,264 on 11 September – a record for Solana-based NFTs.

With a market cap of €41.7 billion and a 30-day price gain of 276.31 percent, Solana is riding the NFT craze to record prices.

Publication date: 
09/14/2021 - 16:45
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