Thread by @iamkadense

As I've become more public with my acquisitions and thoughts in NFTs, I have been asked two primary questions in different ways:

1) Why so bullish SOL NFTs?
2) Why no investments in the ETH NFTs lately?

Time for a 🧵

To start, I am not a Solana Maxi. I was a vocal ETH advocate in my circles and been called an ETH maxi in the past.

For the record, my position is that maximalism is a poor investment strategy and leads to blind spots. 2/n

Started off investing in ETH NFTs with @ParallelNFT It remains one of my largest NFT investments. My handle starts with //. 'nuff said.

Gaming NFTs will be massive and Sci Fi TCG with amazing art, team and roadmap made understanding NFTs intuitive for me. 3/n

Recently with gas wars, it was clear to everyone that gwei is a high barrier to entry.

It common place to see bids higher than asks bc it was cheaper to bid higher to have the other party accept and pay the gwei.

Buyer < Gwei > Seller = Broken Market Dynamics 4/n

Setting up a burner wallet to mint, then to move to a hardware wallet became a real cost. The cost of gwei may secure the network but it also shifts the cost of personal security to the user to adopt best practices.

Forcing users to make tough choices around security 5/n

The common ETH rebuttal is that once L2 scaling and merge that this will drive costs down significantly. I often used this position.

However, cost and time to transfer NFTs from main chain across a bridge and back is another point of friction for mass adoption. 6/n

NFTs are crypto's main adoption use case. Making it seamless, easy and friction must be a priority for all builders.

Currently,ETH has more barriers than onramps for the average person and mass adoption. That is indisputable in my opinion. 7/n

UX matters.@MetaMask for NFTs is painful to use. A NFT wallet that doesn't display NFTs without a 3rd party seems poor UX to me. It's a meme now, how bad it is.

I've not found a user. Not a single one. That has used @phantom vs @MetaMask and said Metamask is better. Zero. 8/n

So why hasn't Solana NFT adoptions accelerated with its advantages on UX and cost alone.

The same reason when I was a ETH Defi user I looked down on BSC projects as low grade and scammy and never used it.

What BSC was to Defi, SOL is to NFTs to ETH.

Is this fair? 9/n

In some ways, yes. Ratio of rugs, low effort and copy pasta projects on SOL are high. This is why supporting these projects are a bad look. STOP

Are there scams and copy pasta on ETH? yes but not nearly the same rate.

It gives the illusion that SOL NFTs are a minefield. 10/n

What's missed in this bad reputation are the amazing artists, projects, developers and growing community in SOL NFTs.

This is no longer a secret now. The problems that plague ETH NFTS are solvable today with SOL. 11/n

When were deciding where to launch @PenguloveNFT and gear swapping, we couldn't do it on ETH.

Gwei costs would be limiting factor on people swapping attributes. We need it to be done fast and at minimal cost for our community. This is why we chose SOL. 12/n

We may be a small project for now but I use it as an illustration of decision making that each creator now has to make moving forward.

Which chain do you use to optimize for your use case and adoption? 13/n

Let's take 3 larger examples that arrived to the same conclusion.

#1 @alexisohanian launched a $100 million joint venture with Solana Ventures to invest for Web3 on Solana. 14/n

forbes.com/newsletters/fo…

Example #2. Recently, co-founder of Twitch @justinkan came out of retirement to launch @fractalwagmi for gaming NFTs.

Here are his words on why he chose Solana 15/n

https://twitter.com/justinkan/status/1470438455645777930?s=20

Example #3. Today, the GOAT Michael Jordan and his son launch HEIR on the solana for WEB3 fan engagement.

Here are his words on why he chose Solana 16/n

Three of the best in their respective fields chosen Solana. Where do you think they see the future headed for Web 3?

I'm middle curve but I like to bet with the smart money. 17/n

There's a great Gretzky quote that is crucial in technology and been a guiding mental model for me in my career investing.

We are early but I'm betting where I see puck going. NFA. Fin