The Solana ecosystem has emanated as one of the top-tier altcoin projects of 2021. By setting up groundbreaking milestones, the SOL platform has gained the traction of a larger user base. Its potential to outstrip primary cryptocurrencies such as BTC and ETH with its underlying blockchain technology has granted momentum to its price action.
As more traders appear to be rapt in NFTs, the Solana ecosystem could facilitate a great way to benefit from it. Moreover, the platform enables faster transaction speed compared to the star altcoin Ethereum. NFTs based on Solana have almost breached a $500 million market cap since the start of the second half.
Solana To Dethrone Ethereum In the Near Future!
As per the analytics of CryptoSlam, secondary sales of NFTs based on Solana have generated a whopping $660 million in just three months August, September, and October. In the meantime, the SOL price has seen an epic rally from $40 to $250. As bearish dominance has been prevailing for the past two months, secondary NFT sales have fallen to $115 million in sales.
Once NFTs get out from the current market tantrum, Solana is expected to reiterate the historical price rise, thereby threatening the Ethereum ecosystem. There are a series of NFT projects lined up for launch on the Solana ecosystem. Especially, Justin Kan, founder of streaming giant Twitch is all set to launch a new NFT marketplace on Solana called Fractal.
The founder cited that his dream project will be commenced on the Solana (SOL) blockchain, as it facilitates high speed and low-cost transactions than Ethereum. Further, he also proclaimed that the project will have a primary market for initial drops from gaming firms and a subsidiary market for P2P (Peer-to-Peer) trades.
When it comes to the comparison of Ethereum and Solana, the most discussed subject was with respect to speed and gas fees. Albeit, Solana holds the upper hand, it has frequently experienced network outages in the second half of the year. Whilst during the first outage in September, the platform had lost more than 25% of its value. However, when it was faced a similar issue just a couple of days before, the SOL price remained unaffected, as the platform quickly resolved the network congestion.
Collectively, the Solana ecosystem is further occupied with innovating play-to-earn games, thereby enabling subsidiary rewards. SOL-powered Genopets, a first move-to-earn game, redefining gaming by rewarding players just for staying active in-game. As NFT gaming projects are still at their nascent stage of development, accelerated consequences would uplift the SOL price in the near future.
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