Solana is a functional open-source platform that offers a new and high-speed layer-1 blockchain. It was launched in 2017 by Anatoly Yakovenko, Stephen Akridge, and Greg Fitzgerald to optimize scalability and speed for DApps and blockchain projects, while keeping a low-cost profile.
Solana utilizes an innovative hybrid consensus version that combines a lightning-fast synchronization engine with a unique proof-of-history (PoH) consensus system. As a result, the Solana platform can easily process about 710,000 transactions per second (TPS) without any scaling error.
Solana is arguably the largest threat to Ethereum's dominance and other leading blockchains such as Cordano, as it's able to execute NFT trading without the common errors associated with bigger blockchain protocols such as low market cap, huge conversion costs, and higher transaction fees.
What's most unique about Solana is its ambitious design objective that aims to solve the blockchain trilemma (i.e., a concept proposed by Ethereum). This trilemma examines three significant challenges: decentralization, scalability, and security that developers face when creating blockchains.
Before we go into the different NFT projects in the Solana ecosystem, let's talk about essential ways to buy NFTs on Solanart, a Solana NFT marketplace.
How to Buy NFTs on Solanart
Before you dive right into purchasing an NFT from Solanaart, here are some steps and guidelines you should consider.
Set Up Your Solana-Based Wallet
First, you're going to need a Solana-based wallet to buy an NFT. There are various wallets to choose from, with phantom as the most trusted option. Several wallets can accept specific collections, charge varying fees, and offer different terms, as such, it is important to do critical research before making your pick.
Get Your SOL Crypto
The Solana-based platform requires you to purchase SOL on one of the different online exchanges. Some of the Cryptocurrency exchange platforms that offer SOL include Coinbase, Binance, and Uphold. Then you can easily opt for an exchange platform, purchase your required SOL amount, then send it to your wallet address.
Discover Your Solana NFTs
There's no singular strategy for NFT investment. Everyone has their strategy, i.e., the NFT that resonates with them. But it's advisable to check out some of the trending sections on the Solana platforms to discover the piece that is gaining the most attention to give you a good starting point.
Purchase Your NFTs
Solanart is one of the simplest tools to you'll find useful when purchasing your SOL NFTs. To purchase your NFTs, you can easily explore the latest NFTs on the "top" or "trending" NFT sections. For example, if you intend to keep a low-cost profile, you can search for "what's trading at a low price."
Update Your Wallet
Updating your wallet is a straightforward procedure. First, you can easily click the purchase button and approve your purchase when your wallet type pops up. Then, immediately after making the purchase, you can easily check your wallet to find your new purchase.
Top 5 NFT Projects on Solana
Here's a list of top 5 NFT projects on the Solana ecosystem.
Aurora
Aurora is one of Solana's most popular play-to-earn NFT and desktops games. It's a project developed by Solana Foundation, CMS, and Alameda Research. Aurora utilizes the same play-to-earn version used by the Axie Infinity (AXS), and players battle to get $AURY and NFTs tokens that can be used to purchase items in the game.
The project is backed up by notable investors such as EA, Ubisoft, and other reputable companies from Solana to Alameda Research. Plus, it has several new members with years of experience that aim to develop AAA games.
Aurora's Initial DEX Offering (IDO) was the largest IDO on Solana, and it has raised over US$108 million of funds, estimated to the price of US$15.54 per token. Its IDO also helped raise funds for one of the sought-after games in the Solana Ecosystem and showed multiple support from the community. Aurora is currently the highest-priced NFT at Solana, and they're listed on Solanart platforms that support Solflare, Clover, Phantom, and Slope.
Solana Monkey Business
This project constitutes a set of 5,000 randomly generated pixel monkeys. You can easily picture these generated pixel monkeys as a combination of Crypto Punks PFPs and Bored Ape Yacht Club. But on Solana, you're typically considered Solana NFT royalty, especially when you're a Solana Monkey Business (SMB) holder.
You can easily access MonkeDAO, the first official NFT DAO on Solana. The platform offers unlimited value to its members through meetups and projects, operating its node on the Solana blockchain and continuously making DAO history through its several on-chain elections.
DeGods
It's almost impossible to scroll through Solana NFT Twitter and other NFT platforms without reading about DeGods. It's usually because this set is more than your average Personal Financial Planner (PFP) project. If you're a holder of a DeGod or DeadGod, you can easily stake your NFT for 10 $DUST per day.
The maximum allocation of $DUST is usually 33,300,000, and the only way to mine for $DUST is by staking your DeadGod. The only aesthetic upgrade that the DeGod holders can get is the layering of these 1/1 pieces over their original NFT, while retaining their original metadata or rarity attributes. Plus, you can get three times the amount of $DUST staked as a DeGod holder.
Fearless Bulls
When it involves the Solana NFTs, there is no limit to business strategies and innovation, as the Fearless Bulls Club continues to rethink and optimize jpeg utility from the ground up. If you're a Fearless bull holder, your NFT acts as a ticket into a unique DAO community that enables you to earn profits from the Bullish Growth Fund.
The Bullish Growth Fund receives 70 percent of the mint or haunt proceeds and uses them to build the brand, fund marketing efforts, and renovate the project's business ventures. Plus, the Fearless Bulls plan an IDO (holders can stake their bulls) and other exciting and significant developments in the future of e-commerce.
Catalina Whale Mixer
The Catalina Whale Mixer is created for all Whales in life, culture, and business (i.e., for individuals who take risks, work hard, live life to the fullest, and refuse to live within the limitations others set for them). It's a Web3 global franchise founded with high aspirations and has done quite a lot within the short span of its launch.
Catalina Whale Mixer aims to develop an animated show based on the ideal world of Whales. Its characters in the series are meant to be cast from the Catalina Whales Genesis Collection holders and use features from Wagmi Beach, Whale Television, and BluePrints.
Thugbirdz
It's almost impossible to talk about the Solana NFT projects without the Thugbirdz immediately crossing your mind. The Thugbirdz is a set of 3,333-pixel birds with scare traits based on types, shades, face tattoos, hats, cigarettes, and earrings, with several other traits being run by ThugDAO.
Thugbirdz is fun to watch, as the DAO intends to roll out some amazing and exciting new developments. Plus, the founder of Solana is also a holder of the Thugbirdz.
Conclusion
Though Solana offers one of the best ecosystems in the crypto industry, you'll have to consider the potential security issues from using a POS consensus mechanism and other notable downsides. But whether Solana is a suitable ecosystem for you is largely dependent on the project needs and design objective.
