NFT: Will the Solana (SOL) blockchain end the Ethereum (ETH) hegemony?

Venture capital companies (venture capital) are betting on a major expansion in the use of blockchain Solana (GROUND) for the creation of NFTs. The banking giant JP Morgan assured him: Solana will catch up with Ethereum (ETH). This milestone has still not been reached, but this prediction seems to be coming true in the future. Inexpensive blockchain is indeed on the rise. In recent weeks, investors’ attention has focused on the NFT opportunity in the Solana ecosystem.

The Solana (SOL) Blockchain Fuels Investor Confidence

Friday 1er April 2022, Fractal, the crypto gaming NFT video game marketplace, which hosts its NFTs on Solana, raised $35 million in a seed round co-led by Paradigm and Multicoin, with participation from Andreessen Horowitz, Animoca , Coinbase and Solana Labs. This funding round came two weeks after Magic Eden, Solana’s most popular native NFT storefront, raised $27 million under Paradigm leadership, with additional funding coming in part from Sequoia. These two fundraisers attest to the growing confidence of investment funds in the Solana blockchain and the NFT video games based on it.

NFT Will the Solana SOL blockchain end the Ethereum ETH

The Solana blockchain advances its pawns in the NFT ecosystem

The Solana blockchain seems to be becoming more and more preferred by investors and marketplaces, accumulating multi-million dollar transactions. Recently, it exceeded $1.5 billion in NFT transactions, and OpenSea has chosen to integrate NFTs from the Solana blockchain. Two pivotal moments reached in the same week! Justin Kan, CEO of Fractal and co-founder of Twitch, commented on the choice to use the Solana network: We started with Solana because we thought it was the best user experience for users, gamers and game companies. “.

NFT Will the Solana SOL blockchain end the Ethereum ETH
The blockchain triangle

A less expensive and faster blockchain, but more centralized

Why is Solana increasingly popular among NFT and crypto market investors? Simply because it provides consumers with low transaction fees and increased speed. Indeed, many players prefer it over Ethereum (ETH), which leads to high fees and longer wait times on its network. Privileged speed… to the detriment of security and decentralization. Each blockchain seeks to provide the best possible answer to the famous blockchain trilemma. This trilemma (or triangle) includes scalability, decentralization and security. Favoring one of these parameters has an influence on the balance of the triangle. By favoring scalability, Solana is therefore more vulnerable to failures due to a more centralized system. This makes the blockchain subject to criticism, especially from its main competitor Ethereum.

Nevertheless, all this attention has attracted new investment to Solanabut also new efforts from platform giants like OpenSea, which notably announced in a tweet that it will add support for the Solana blockchain in the coming weeks. The juggernaut’s total transaction volumes have reached stratospheric heights, pushing the company to a valuation of $13.3 billion. A boon for the Solana blockchain.

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Gregory Morat

Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! And yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.

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NFT: Will the Solana (SOL) blockchain end the Ethereum (ETH) hegemony?

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