Thread by @asian_mint

You may have heard of "Solana Summer" the past few weeks & may be wondering what it is. From OpenSea integration to topping the charts in volume, SOL NFTs have been gaining traction like never before, & we don't want you to miss out! 👍

Here's a 🧵to guide you (by @egsnft)

@egsnft 1/ Blockchain Technicalities

Solana (SOL), just like Ethereum, is a blockchain platform that allows for and supports building scalable applications. Its prime difference with ETH is its mechanism. SOL mainly uses Proof of History while ETH currently uses Proof of Work. 🤓

@egsnft 2/ Blockchain Technicalities
This is how SOL is able to process 50k transactions per second while ETH averages only about 30 transactions per second, making for congestion in ETH. With this SOL is able to boast its extremely low, and negligible gas fees. ⛽️

@egsnft 3/ Setting up 🔧

To begin your journey into SOL NFTs, start by downloading a wallet that supports the Solana network. The go-to wallet used by the majority, and is supported by most APIs is Phantom. This is the SOL equivalent of a Metamask. This is also available via Mobile📱

@egsnft 4/ Setting up 🔧
You can load up your Phantom by sending $SOL to your wallet address from your exchange (Binance, Coinbase, FTX, etc.) through the Solana Network.

Once the SOL reflects in your Phantom Wallet, you're ready to begin your journey into the SOL NFT space 🚀

@egsnft 5/ Marketplaces 💰

There are different MPs where you can buy a SOL NFT. Majority of the volume is found in Magic Eden where transaction fees are at 2%. The website lays out upcoming and trending projects neatly at its homepage.

magiceden.io @MagicEden

@egsnft @MagicEden 6/ Choosing a Project

In a space where over dozens of projects launch daily, selecting a project to invest in can get overwhelming especially when you're new. Here are some key things to look for & trends to follow in SOL:
a. Art
b. Team
c. Utility
d. Community
e. Activity

@egsnft @MagicEden 7/ a. Art

Aside from strictly tech/utility NFTs, art is one of the bigger considerations. Is it nice enough to wear as a pfp? To post online? These little things can get the project far. It's human nature to go for something that pleases our eyes. NFTs become identities.

@egsnft @MagicEden 8/ b. Team

In SOL, one of the current trends is investing in a team with a strong leader. Successful projects like DeGods and Taiyo Robotics have Frank and Tom respectively who are vocal founders. They drive their community, and become reasons why one would invest (1/2)

@egsnft @MagicEden 9/ b. Team

If the founder has a proven track record, trust is built, and an anchor is made. It becomes much easier to be bullish. Aside from founders, devs are important too especially for NFTs with a native token and LP to ensure the safety of the funds and the investors.

@egsnft @MagicEden 10/ c. Utility

Speaking of utility, SOL NFTs have just gotten over a huge "utility" phase. Every project releasing was being demanded to have staking, breeding, mutation, and what not. Today, we are seeing more maturity in the space and seeking for innovation.

@egsnft @MagicEden 11/ c. Utility

Altho it's difficult to find game-changing points in a roadmap nowadays, when looking at utility, look at how such things would be executed rather than the utility itself. Some projects have "utility" just for the sake of having them. Eye out for true builders 👁

@egsnft @MagicEden 12/ d. Community

This separates SOL today from ETH. The communities in SOL are loud, active, and fun. Look for a project that has a supportive community. OGs from ETH who have recently tried out SOL are having the most fun they've had in a year. Reminiscent of early ETH days.

@egsnft @MagicEden 13/ That said, activity in the Discords, social media accounts, & in MP are important to check. Does the project have high engagement? Do they update regularly?

Is there volume? How about listings? 🤔
Use solsniper.xyz. Great tool for checking MP activity.

@egsnft @MagicEden 14/ Mints and Launches

Just like ETH, most projects would have a majority of their supply minted out via Whitelist. Achieving whitelist in SOL is like ETH back in Nov. & Dec. where holding decent projects or being in a good DAO would get you WL. Some still require engagement.

@egsnft @MagicEden 15/ Engagement means being active in the Discord. Some of the more hyped projects would often look for Fan Art too 🖼

These things are all standard even across NFTs in other chains. But again, SOL projects currently offer more to specific project-holders.

@egsnft @MagicEden 16/ Are SOL NFTs here to stay?

There is no doubt and the numbers don't lie that SOL NFTs are becoming more and more in demand. With ETH OpenSea volume seeing record lows, players are looking for action elsewhere, and up comes SOL.

@egsnft @MagicEden 17/ Okay Bears 🐻 & Reptilian Renegade 🦎 topped the OpenSea 24h Volume over big names in ETH. In fact, OKB topped it for 2 straight days upon mint. With the help of a bunch of key individuals in the NFT space, OKB gained serious traction & interest from ETH maxis.

@egsnft @MagicEden 18/ ETH players seem to be looking to exit for liquidity as of late. WETH volume on the rise. But is SOL here to stay? From the numbers, it seems the rise of SOL NFTs is more than just a lucky project launch or two. It's becoming a whole trend.

@egsnft @MagicEden 19/ Final Thoughts

Solana's meteoric rise over its 2 years of existence is much like its NFT space, built by a community that is for the people. Banter between ETH & SOL maxis, but there is room for both. Competition is good. Be open to all and ride a win where/when you can👌

@egsnft @MagicEden 20/ We may cycle back into an ETH NFT bull in the future, but having exposure to SOL and diversifying sure helps getting through times of drought.

For now, which #SOL communities are the strongest and what should the Asian Mint fam buy into? 👇 Reply below!