All eyes are on Solana NFT collections as Solana (SOL) continues its meteoric climb. SOL just surpassed Cardano to become the world’s fourth-biggest cryptocurrency, achieving an all-time high of $260. While it is presently ranked sixth in terms of market capitalization (still ahead of Cardano), it continues to rise. It had reached roughly $201 at the time of writing, up nearly 6% in the previous seven days.
Why Choose Solana?
While the Ethereum blockchain hosts the bulk of NFT applications, it has numerous limitations. This includes poor transaction speeds, limited scalability, and, of course, the biggest irritant for both collectors and creators: expensive gas prices. As a result, consumers are migrating to other blockchains, such as Solana, which has emerged as Ethereum’s main competitor. There are several causes for this.
To begin with, Solana can process more operations per unit of time than Ethereum. While Solana can handle 65,000 TPS (transactions per second), Ethereum can only handle 13 TPS. Furthermore, the former has far cheaper gas fees—the average cost per transaction is $0.00025.
Best Solana NFT Crypto Collections
It is now time to discuss the hottest NFT collections on the best Solana NFT marketplace:
- Degenerate Ape Academy
According to Solanalysis, the #1 NFT collection on Solana by market cap is Degenerate Ape Academy. To date, the blue-chip project has a market capitalization of more than $503 million. The collection includes 10,000 distinct “smoothest-brained” apes engaging in degenerate behavior. Furthermore, NFT holders gain utility and unique access to the academy.
- Solana Monkey Business
Solana Monkey Business (SMB) is another high-profile enterprise on the island. The collection of 5000 randomly produced monkeys attempts to “reject mankind and return to monk dom.” Each Solana Monkey is made up of over 99 qualities spread across six levels, with certain NFTs being more uncommon than others. The collection includes exclusive perks for holders, a communal wallet, and a future voting mechanism. Limited edition SMB merchandise is also on the way.
Surprisingly, a Solana Monkey just sold for $2 million, making it the most expensive NFT ever sold on Solana. While the collection debuted at 2 SOL, the floor has since risen to a staggering 124.7 SOL! Meanwhile, SMB has a market capitalization of more than $182 million. Furthermore, celebrities such as Steve Harvey possess one.
Frakt, in contrast to the other PFP ventures, comprises one-of-a-kind, randomly generated fractal art NFTs. These are composed of five distinct shapes and four distinct color palettes. Like Degen Apes and Solana Monkeys, the collection is restricted to 10,000 NFTs. Frakt holders can also stake their tokens to get voting rights in the Frakt DAO. Staking can also reward them $FRKT, the utility and governance token.
Furthermore, unlike Ethereum, the best Solana NFT marketplace employs the proof of stake (PoS) mechanism, which is far more energy-efficient. According to Yahoo, one blockchain transaction uses the same amount of energy as two Google searches. Ethereum, on the other hand, employs the proof of work (PoW) system and consumes enough energy to power a US family for 6.88 days.