Strengths & Weaknesses.

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Solana (SOL) - NFTs/Ecosystem/Strengths & Weaknesses. /Let's Talk 🧵

/What is Solana? Solana is a blockchain platform designed to host scalable applications which are decentralised. SOL is the cryptocurrency that runs on the Solana blockchain, with a PoH & PoS consensus mechanism.

/Numbers Solana can process 65,000 TPS & their transaction fee is $0.00001. The SOL price on the initial launch was $0.04 and since has hit an ATH of $260.06 & currently is sitting at $87.14, which is currently an increase of 217,750%.

/Solana NFTs Solana NFTs are becoming more adopted and collections are launching at an increasing rate on the blockchain mainly due to its high TPS and low fees.

🌊 Cost to mint Solana NFT - Overall cost of minting an NFT on the Solana blockchain is 0.00135 SOL, which includes 3 transaction fees on the network.

🌊 Solana vs Ethereum NFTs Solana has an edge in tech over Ethereum NFTs because of its PoH consensus mechanism which guarantees high throughput of more than 60k TPS and transaction costs of less than $1.

However, we all know that Ethereum is the whale of NFTs when it comes to blockchains and why is this? Currently, ETH has more buyers, more money and better security. It also has a track record of staying its course in crypto & is No.2 after BTC.

SOL has had 145,110 unique NFT buyers over the last 3 months, with NFTs sold for an avg price of $1,004. ETH has over 5x NFT unique buyers compared to SOL with 736,303. Furthermore, NFTs sold on ETH for an avg price of $3,064.

🌊 Can Solana overtake Ethereum? The truth about this is it's hard to say. As Solana aims to fix issues on the network, Ethereum is doing the same. With Ethereum upgrading to a PoS mechanism planned for this year, it means it will be more scalable, secure, and sustainable.

🌊 Top Projects on Solana Blockchain (Magic Eden) 1. Degenerate Ape Academy - Total All Time Volume 405,417.41 SOL - Current Floor Price 61.50 SOL 2. Solana Monkey Business - Total All Time Volume 1,079,541.64 SOL - Floor Price 225 SOL

/Solana Pros - High throughput and scalability. - Growing ecosystem. - Low gas fees & environmentally friendly. - Minting NFTs is cheap.

/Solana Cons - Less secure network. - Lower exposure with a small market. - Downtimes are more frequent.

To conclude SOL can be seen as a potential lucrative but risky investment for the future. It hasn't stood the test of time, but is looking very promising with its technology and scalability. #SolanaNFTs #NFTs #Crypto