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Solana blockchain developers are the ones who are accountable for the development of the Solana platform in addition to all of the one-of-a-kind characteristics that it contains. These characteristics, which include the Tower BFT and proof-of-history, distinguish the Solana platform as the most effective web-scale blockchain anywhere in the world. We emphasized that given the present issues with platforms such as Ethereum having expensive transaction fees, SOL will become the preeminent platform for the creation of NFTs in the years to come.
Solana is currently leading the race to become the fastest, most secure, and scalable solution in crypto. It was founded by engineers with software experience at Apple, Google, Intel, and Dropbox. The project quickly raised $25 million from multi-coin capital, foundation capital, and distributed globally. Solana scales as a layer one blockchain following earlier principles outlined in Moore's law. The network is secured using CPU and GPU power, removing the need for sharding or other complicated layer-2 solutions that compromise security and adaptability.
Solana creates a block every 400 milliseconds with less than a second for confirmation and low transaction fees of 50,000 per second. For this reason, Solana is undoubtedly the fastest web-scale blockchain, with a capacity comparable to the internet. Solana quickly passed Ethereum in block counts because of its speed. Transactions on Solana also cost $0.00001 which is far less than Ethereum which costs around $30 per transaction at the time of writing this article. Solana put forward 8 core innovations that set it apart from Ethereum, making it the most preferred blockchain for NFT Marketplace Development Company, and building of NFT projects. These innovations are proof of history, tower Byzantine fault tolerance, turbine, gulf stream, sea level, pipeline, cloud break, and Archivers.
The key innovation and secret powerhouse of the Solana blockchain is proof of history. It is the proof of history that allows Solana to offer blazing fast transactions of up to 50,000 per second. It is the same technology that enables creators to mint digital collectibles with embedded licenses at a cost that is lower than what obtains in other NFT marketplaces on Ethereum. With proof of history, Solana nodes can agree on the order of blocks of transactions which includes NFT and trading transactions in various platforms and marketplaces without having to communicate. These Solana nodes maintain their own clock by encoding the passage of time in a simple SHA 256 sequential hashing verifiable delay function.
The best way to understand this key feature which offers a seamless experience in building an all art protocol, DeFi platform, or wallet, is to imagine taking a photo of you sitting on a couch and reading Forbes magazine which you then publish in the next issue of Forbes. That is how it works on Solana with several nodes only having to keep track of the time of the events.
The speed and capabilities of Solana have made it a preferred platform for most developers building their NFT marketplace. There are also other applications such as the high-speed decentralized exchange, Serum, and other useful products such as Audios, and Chain analysis that contributes to the volume of activities of Solana, together making it a preferred platform for building NFT marketplaces.
The native token of the platform, SOL has a maximum supply of 26 million, which makes it a scarce asset in the long run. At the time of writing this article, SOL is one of the most traded assets and also the token that has brought the highest percentage in profit to holders since the start of the year. The value of the platform has made it the home of many promising platforms in the NFT space, most of which are working as an open NFT marketplace. Since Solana processes the most amount of blocks per second, the platform is extremely efficient for minting and transfer of NFTs. Solana NFTs are also unique. If you compare Solana NFTs with those on Ethereum or other blockchain networks. The collections are equally diverse but other than that the number of people coming on board the Solana ecosystem makes it a place packed with numerous possibilities. According to NFT platform reviewers, most of the NFTs you will find on Ethereum are also available on Solana. There are multiple wallets and a variety of designs and since the token has so much potential, simple flipping of NFTs can lead to insane gains now and later. In the next part of this article, we will look at the most popular NFT marketplaces on Solana.
The most popular NFTs on Solana are usually a part of the most desired collections because there are tons of buyers willing to pay for these NFTs and more. With the high gas fees on Ethereum and problems with other platforms, the most common of which is scalability issues which results in high gas fees, Solana may not be leading the race in the NFT market at the moment, but it surely has a huge potential to become the first open NFT marketplace that will overtake Ethereum in terms of trading volume, diversity of collections, and overall user experience.
Think about this for a moment. What does a crypto punk, a broad ape, and a rock represents beautifully as images have in common? It may sound strange a message, but all these are all NFTs that can now sell for more than a million dollars on the Ethereum blockchain. As we have seen before now NFTs on Ethereum are strictly for the super-rich because they are so expensive. Solana was built to scale much more efficiently than most other blockchains so these NFTs on Solana are less expensive, which means there are a lot of buyers ready to buy insofar as they are not fake NFTs and are equally great looking when compared with Ethereum NFTs. To consider the most popular NFTs on Solana at the moment we will look at the cost of the NFT project that is the real measure of the value, the collection commands, and the price user is willing to let go for it.
We now move to CoinMarketCap where the list of the most valuable and popular NFTs on the SOL platform is right on display.
The first on the list is the Hot Bunnies NFT collection, which is quite different from the degenerate ape academy collection, which is on most blockchains but is unique for its promise to make SOL hot. The team behind the project has already spent about a million dollars promoting the collection, and they plan a host of other marketing events to promote interest in the cartoon-style hot bunny art which is the major content of the collection. At the time of writing this article, the hot bunnies are worth about 1899 SOL or over $350,000 sealing the top spot for the most valuable NFTs on SOL. The collection consists of the 9,696 blockchain hot badass representing a randomized collection of fashion accessories, and luxury lifestyle items.
With a daily trading volume of 57.77 SOL, and a market cap of 303.24 SOL, the WEYU NFT collection sits on the third spot on our list of the most valuable NFTs on SOL at the moment. The project aims to bring about a better world by using the power of blockchain technology at a time when the market is still growing rapidly and has a lot more potential. WEYU was launched under the Tech For Good Movement a project of the United Nations High Commission For Human Rights. The rare collection of extraordinary NFTs celebrates the interaction of technology and social good. Three original pieces of artwork created by the famous artist NFN Kalyan were divided into pieces of NFTs each having unique utility commanding attributes that are valuable in the WEYU ecosystem. The recreation of the pieces was done by refugees from around the world.
Of the currently selling NFTs, the SOL Soccer is the next asset on our list that has commanded the highest prices. It is a cute pixel art theme NFT of 32 American NFL teams consisting of uniquely generated collectible player NFTs of teams playing home and away. You can mint NFTs of these players by connecting your wallet to the website. A different team player pops up each hour from the 32 different teams with 100 players at home, and another 100 players away. At the time of writing, the estimated worth of this NFT collection is 220.89 SOL and a 47.1 SOl in trading volume.
The next NFT, we will discuss is the Meta Waifus which is an NFT collection that consists of 5,600 Waifus art that are exactly 3D characters living on the Solana blockchain. The NFTs give holders access to an exclusive ecosystem of gaming and multimedia content, and the game characters can be used in the Waifus gaming verse. Access to the MetaWaifus is exclusively based on ownership of the native platform NFTs. The NFTs can also be used to generate different types of multimedia content like visual novels and the likes. The NFTs can also be visualized in AR, and the characters can be featured in a unique visual novel game. Meta Waifus is currently capped at 283.39 SOL.
The six projects we have discussed so far are listed because of the financial value they command just like any crypto launched and listed on exchanges. The creators of the projects are mostly artists and developers whose investment in the respective project is their time while collectors are the most common buyers of the listed NFTs. Minting these NFTs can also be done on the website for some of the platforms while other projects use auction-style sales to launch collectibles.
An NFT marketplace may not be the same as a firm offering financial services, but they are as valuable in the new digital world. If you would like to see the full list of SOL NFT marketplaces, you can see that here. Our focus in this article is on the most popular NFT marketplaces in the SOL ecosystem. The marketplaces were also created for developers and artists to launch NFTs and verified collections with unique rarity ranks. So you will find several NFT marketplaces out there, but what makes a great marketplace is actually the host. These hosts are the most popular on SOL at the moment.
Solanart.io is the most popular NFT host platform on SOL at the moment. It displays useful stats such as volume and floor prices. It is much like OpenSea but the NFTs you will find here are on the Solana blockchain. It supports the listing of fractionalized as well as complete NFT projects, but it may be hard to get individual NFTs up to the platform. The platform also, display newly listed collections as well as the most popular collections on the platform which are usually the most expensive because they are in high demand. Several SOL wallets such as Phantom, Sollet, Sollet Extention, and Solflare can be used to comfortably interact with the platform. Some of the collections on Solanart are Degenerate Ape Academy, Aurory, Abstratica, Thug Birdz, and SolPunks.
Digitaleyes.market is the largest verified NFT marketplace on the SOL ecosystem. Some of the features are not as developed as you will find on other platforms, but you can find quality projects, perhaps some of the most expensive in the entire SOL ecosystem. The platform also shows the top collections, but you should have a deep pocket to check this out in the first place because even though they may seem cute, they are expensive. The platform supports Phantom, Solflare, Sollet, and Solong wallets.
Solsea.io seem like the easier platform to get on with your Solana NFTs. You can simply mint NFTs right from your SOL wallet on the platform, and move NFTs back to your wallet after delisting it from public sale. They allow sellers to enable license when they mint artworks on the platform. What this implies is that you can sell your artwork on Solsea without selling your ownership right to the artwork. When minting NFTs on Solsea, the platform lets you select whether you wish to give buyers of your art the right to use it publicly or privately only. Private-use license allows your users to use the art privately, while public use license allows users to use it publicly. Solsea also verifies collectibles before they are listed on the platform. The most popular NFTs on the Solsea platform are Flipies, Degenerate Ape Academy, and Crypto Idolz. Solsea supports Phantom and Sollet.
Most NFT platforms allow users to embed licenses on their artwork. The most reputable platform on SOL offering this feature at the moment is Solsea which shows the options when the NFT is being minted. Minted NFTs are not the same as verified NFTs, and the price of minted NFTs is determined by the demand for these assets which is mostly a function of the community and effort of the developers building the collection.
Collectors of NFTs are holders of mint NFTs. They do this in anticipation of a future price increase or to share in the benefit offered by the certain in-platform utilities. Gaming NFTs are renowned for offering metaverse utilities for NFTs on their platform while other NFTs may be tokenized assets or simple digital arts created by the issuing artists. That brings us to the end of SOL NFTs now, lest try to wrap our head around what is an Open NFT marketplace.
The best way to describe a place where NFTs are sold is an open NFT marketplace, although the word is not commonly used this way in most of the cryptocurrency literature. The first idea of NFTs came from packs of Pokemon cards that a lot of people bought for a few dollars and resold for thousands and even millions of dollars recently. If Pokemon cards could be so valuable, the thought went straight to real artworks that took artists sometimes weeks to create.
Developers on Ethereum quickly came up with the idea of non-fungible tokens which were a unique representations of non-fungible value on the blockchain. The blockchain as we all know is a decentralized network, that make it open and accessible to everyone.
So when we have digital assets such as arts, tokenized assets, event tickets, and other collectibles these assets are open and so we can refer to the host platform as open NFT marketplaces. SOL is not different, artworks and collectibles on SOL are accessible to anyone who owns as much SOL as is quoted on the open exchange or marketplace platform.
Overall, there is no such platform on SOL or anywhere else where NFTs are traded and it closed. You may find projects that offer those who bought in a presale exclusive access. That should be the best example of what a close platform could mean in the context of NFTs.
Solana is a spectacular blockchain with over $30 billion locked-in projects on the blockchain, with more than 400 projects already existing in the ecosystem. NFTs are a key aspect of the crypto industry that is widely acclaimed and projected to grow in adoption. Combining the speed and efficiency of Solana with the relevance of NFTs in the cryptocurrency space, we deliver blockchain development solutions that are trusted and efficient in the Solana NFT space. Our blockchain app development company are highly skilled in the various aspects of blockchain development and technically proficient in the Solana tech stack. You can rely on us as the blockchain development company for everything you build on Solana.
Rejolut is an NFT development company with several years of experience deploying projects on multiple blockchains. We have earned our reputation from writing over 100,000 lines of code and deploying successful NFT collections and host platforms across multiple blockchains. There is one thing we are trusted for, and that is quality. We check to ensure that everything works properly and our work is reviewed by our in-house team before it ever goes out to you. We save creators the hassle caused mostly by their technical limitations. Whether you are just an artist or an investor with a great idea, you can launch a collection or a platform of your own on SOL by simply reaching out to us at Rejolut. We has mastery in front-end, back-end, integration, DevOps, and all the required technologies to set up a fully running platform. Save yourself the hassle and time with Rejolut.
You must have read our previous articles about NFTs and how to create one which will prove useful to developers and newbies alike. If you haven't read those simply note that NFTs are the digital representations of value in form of artwork and other collectibles. They are unique because unlike tokens they cannot be exchanged, one for another no matter how similar they seem when looking at them.
In this article, we have explored the Solana platform and the unique features it possesses, such as the Tower BFT and proof-of-history that sets the platform apart as the most efficient web scale blockchain on the planet. We explained that given the current problems of high transaction fees on platforms like Ethereum, SOL will become the default platform for NFT development going forward.
We also discussed the most popular collections in the SOL ecosystem which are worth several thousands of dollars. We looked at each platform and specific features that made the platform stand out for what they were. While some of these platforms rely on the community and the hype to create value, others build useful products such as gaming or metaverse development applications where the NFTs can be bought and sold.
We went further to discuss the marketplaces where you can buy and sell NFTs on SOL and in this case we looked at three of the most popular platforms. We mentioned that Digital eyes was a platform that took verification seriously, which increased the prices of NFTs on Digital eyes marketplace. Solsea is unique for allowing creatives to embed license on their work thus protecting their labor and empowering their economy.
The sale of NFTs involves buying and selling of NFTs much like traders trade currencies and tokens on centralized and decentralized exchanges. Well, we believe that is enough for this article, and what you have read should be more than enough for you to start or improve how you use or how much you know about NFTs.
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