Although NFTs initially picked traction on the Ethereum blockchain with the so-called “blue-chip” NFT collections such as CryptoPunk, Etherock, and others selling to the tune of hundreds of thousands of dollars, the increased activity on Ethereum has somewhat made the process of buying and selling NFTs a difficult one for NFT enthusiasts with limited capital.
The issue with high gas fees on Ethereum is well-known across the crypto industry. The exorbitant transaction fees have virtually isolated the retail investor from trading promising small-cap tokens before they are listed on centralized exchanges. The same menace now exists in the NFT space as NFT marketplaces such as OpenSea charge hefty fees from users just for listing and delisting their NFTs.
As Ethereum continues to receive backlash over its high gas fees, alternative blockchains such as Solana are witnessing increased adoption on the back of high scalability and minimal transaction fees.
In this article, we will look into some of the top NFT collections on the Solana blockchain and whether they hold the potential to eclipse the so-called blue-chip NFT collections on Ethereum in terms of reported market cap and widespread adoption.
So, without further ado, let’s jump right into the Solana metaverse.
Solana Monkey Business
Solana Monkey Business is a collection of 5000 unique generative monkey NFTs on the Solana blockchain with a strong and innovative community behind it. With a motto of “reject humanity, return to monkey”, Solana Monkey Business offers owner-exclusive benefits to its NFT holders, a community wallet, and a voting system that is scheduled to go live soon.
Notably, each NFT on Solana Money Business is generated from more than 99 possible traits spread over 6 layers with some traits being rarer than others.
A major feature of the Solana Money Business ecosystem is their community wallet that receives 3% of proceeds from all sales of the NFTs on secondary markets. The SOL proceeds generated from NFT sales will be used later on via a voting system that will allow the community to decide how to utilize the said funds to further expand the Solana Monkey Business community.
It is worthy of note that Solana Monkey Business has set aside 50 NFTs for distribution in community events and marketing purposes.
At the time of writing, Solana Monkey Business has a floor price of 210 SOL which is worth $52,000 according to the price data on CoinGecko.
Thanks to their exorbitant floor price and tightly knit community, Solana Monkey Business is widely considered the CryptoPunks of Solana.
The second entry in our list is Thugbirdz, a collection of 3,333 uniquely generated NFTs on the Solana blockchain with a floor price of 48 SOL at the time of writing.
The Thugbirdz community is governed by the ThugDAO which is essentially an NFT decentralized autonomous organization allowing all Thugbirdz holders to voice their opinion to chart the future course of the project.
Thugbirdz is available for trading on the leading Solana NFT marketplaces such as Solanart, Magic Eden, and others.
The long-term vision of the ThugDAO is to create an 8-bit Thugbirdz game where the NFT holders will be able to use their Thugbirdz to engage with a play-to-earn game.
Famous Fox Federation
A relatively new NFT collection on the Solana blockchain, the Famous Fox Federation is a collection of 7,777 uniquely generated Famous Fox NFTs.
The Famous Fox Federation differs from the vast majority of other Solana-based NFT collections due to its continuous innovation and rapid developments.
The NFT project recently donated more than $100,000 worth of SOL to several wildlife conservation charities around the world from the proceeds it raised during its mint.
The FoxyDAO is the community-driven body that governs the Famous Fox Federation. Famous Fox holders can share their suggestions on the project’s Discord server to further the growth of the community.
According to recent updates, the Famous Fox Federation is slated to introduce a legally-compliant staking mechanism that will help NFT holders to earn to-be-named proprietary tokens that can be used to purchase the future offerings developed by the project.
Importantly, the said staking mechanism has also been audited by a blockchain industry veteran, indicating the safety of the underlying smart contracts.
Can SOL NFTs Flip their ETH Counterparts?
At the time of writing this article, the cumulative market cap of Solana NFTs sits at $587 million, according to data from Solanart. On the contrary, recent estimates posit the NFT market cap of ETH-based NFTs is upward of $14 billion.
That being said, assuming the high gas fees on Ethereum continues to rage with the rising usage of the ETH blockchain, it won’t be abnormal to expect the Solana NFT market cap to take a considerable share out of its competitor’s NFT market.