Until recently, Ethereum was the almost exclusive network hosting most of the NFT markets. However, the situation seems to have changed in some time with the entry of this market with other networks like Solana.
According to a Reuters report, the sales volume of NFTs will be $ 94.9 billion by 2020. This number will rise to $ 24.9 billion by 2021. So the growth of the industry is clear. As for the number of portfolios selling NFTs, it has also seen a huge leap forward. There will be 545,000 by 2020. Today, there are an estimated 28.6 million wallets trading in NFTs. These figures reveal that the popularity of NFTs has grown significantly. However, this increase in the volume of NFT trading has various drawbacks. First, some NFT mint operations could lead to network congestion, as happened with the Otherside sale early last month. This congestion was accompanied by an increase in Ethereum’s gas charge. These vulnerabilities in Ethereum and the obvious difficulties presented by this network with the emergence of the new and dynamic NFT market have given other competing blockchains the Ethereum Killers name. Solana is an Ethereum Killer.
Of all the Ethereum Killers, Solana is the most feared Ethereum challenger. Solana has two advantages that make it desirable in the eyes of traders: the speed of its transactions as well as their costs which are significantly lower than the gas fee of Ethereum. Solana works on these two improvements compared to Ethereum thanks especially to its History proof mechanism and its protocol Proof-of-Stake (PoS).
Solana has more efficient time speed and block size than Ethereum. Solana’s block time is 0.4 seconds. The block time in Ethereum is 13 seconds. Solana’s block size is 20,000 transactions. In Ethereum, the block size is 70 transactions.
Taking advantage of its speed, and especially the size of its blocks, Solana has a very low transaction fee: $ 0.00025 for each transaction.
These benefits enable Solana to make NFTs truly available to everyone. This access to NFTs has accelerated the growth of its market, so that in September 2021, the NFT Degenerate Ape sold for nearly $ 1.1 million. The following month, an Ape Solana was sold for $ 2 million.
If you want to get NFT in Solana, follow these key steps here.
Have her purse Solana
The first thing to do is get one purse Solana. There are top 3 which are SolFlare and Phantom and Sollet. The latter, however, is open source and more suitable for advanced users.
At this stage, it is important to remember that wallets are not interoperable, which means that if you have a purse The MetaMask you use in Ethereum, you should not connect it to Solana unless you lose your tokens. Use Phantom or Solfare instead.
Why would you want to buy NFTs? To sell it again? Is taking advantage of it in the metaverse you want to go to? Since the metaverse is not yet fully interoperable, you need to make sure that your NFT is available in that metaverse. In addition, it is important to know the amount you want to invest. You should know that cryptoassets are characterized by high volatility. In all cases, you need to make sure that the investment you make meets your expectations and that you remain reasonable.
You need to take the time to browse the catalog of the market where you want to get your NFT. It is recommended, as is done with any purchase, to browse the various catalogs to sort out the best. You can also integrate your price range with the selection filter that is commonly used in the markets. If you have already selected, simply click on the selected NFT to display the product sheet information. You can read this to make sure NFT is exactly what you want.
The entire purchase operation takes less than 20 seconds and even less than half a dollar. The process is simple and you have no problem completing the transaction after transferring the SOL to your wallet. The growing popularity of Solana platforms can be explained in particular by their ease of use.
As can be seen, the process of purchasing NFTs at Solana is very simple. It must be said that Solana has had some problems with outages, the network having stopped working at least five times this year. However, the developers have recently tried to fix one of the bugs that caused these crashes. This is a bug related to durable nonce transactions.
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Luc Jose Adjinacou
Far from weakening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and relay the information in my pen related to this ecosystem.