1/ How and why the NFT market will move towards Solana. 🧵
2/ To be clear, the NFT ecosystem is not going to abandon ETH. But its surge in popularity has resulted in prohibitive, unsustainable gas fees.
There are simply too many people and transactions on the network—and they’re not going away. A symptom of ETH’s success.
There are simply too many people and transactions on the network—and they’re not going away. A symptom of ETH’s success.
3/ We’ve been promised an eventual reduction in gas fees via ETH2, an upgrade to the Ethereum network—but that’s a whole year away, and may not mitigate the problem as much as we hope.
That leaves competitors with a significant time window of opportunity.
That leaves competitors with a significant time window of opportunity.
4/ Here’s a fact: Creators and marketplaces are not going to wait. They are not going to leave money and opportunity on the table.
The most influential forces in the market must now consider lower-cost alternatives—namely Solana, Polygon, and other promising upstarts.
The most influential forces in the market must now consider lower-cost alternatives—namely Solana, Polygon, and other promising upstarts.
5/ But Solana has a clear early mover advantage.
-Leading $SOL NFT marketplace Solanart.io is approaching $1B volume
-1000s of projects have already launched with robust communities
-The $SOL dev ecosystem is a beast, and has received billions in VC funding
-Leading $SOL NFT marketplace Solanart.io is approaching $1B volume
-1000s of projects have already launched with robust communities
-The $SOL dev ecosystem is a beast, and has received billions in VC funding
6/ $SOL itself is up 100x in a YEAR with a $60B market cap. You could have bought it at $1.40 last year—today? $200.
Bullish on SOL’s future yet?
Bullish on SOL’s future yet?
7/ Developing on Solana has its advantages. So many NFTs are innovating with burning, staking, evolving, farming, and swapping mechanics. But these all require gas fees.
With ETH, the cost can be in the hundreds of dollars. With $SOL, it’s fractions of a cent. And it’s FAST.
With ETH, the cost can be in the hundreds of dollars. With $SOL, it’s fractions of a cent. And it’s FAST.
8/ Collectors were tolerating ETH gas at $50/transaction, but now that the cost has ballooned to $200+? Nah.
As a result, buyers are opting out, selling NFTs at panic prices, and generally being left illiquid.
As a result, buyers are opting out, selling NFTs at panic prices, and generally being left illiquid.
9/ It won’t take much before the market starts moving towards $SOL and others.
-OpenSea is likely to enable SOL NFTs in the near future
-Major NFT influencers are already preparing SOL launches
Once big name creators and marketplaces test the waters, the market will follow.
-OpenSea is likely to enable SOL NFTs in the near future
-Major NFT influencers are already preparing SOL launches
Once big name creators and marketplaces test the waters, the market will follow.
10/ By the way, the experience of buying NFTs with a $SOL wallet like @phantom is exceptional. The product works great and is fast af. If you have an ETH wallet, a SOL wallet will feel familiar.
If you don’t have a Solana wallet, get one.
If you don’t have a Solana wallet, get one.
11/ I’m not saying SOL is about to dominate or take over. My belief is we will have a rich multi-chain ecosystem including ETH, SOL, MATIC, AVAX and more.
It’s just a question of when.
It’s just a question of when.
12/ Thx for reading.
If you liked this thread, follow along @chriscantino to learn more about NFTs and crypto.
If you liked this thread, follow along @chriscantino to learn more about NFTs and crypto.
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