Best Solana NFTs To Buy (Updated 2023)
Today, most NFT projects are built on the Ethereum network and the industry should continue on this trajectory, especially with the incoming Ethereum Merge. However, high gas fees and slow transactions have always plagued the Ethereum blockchain, leading creators and investors to look elsewhere for better alternatives. Look no further as we introduce the Solana blockchain.
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What is Solana?
Back in 2017, Anatoly Yakovenko set out to design a blockchain that is faster and cheaper than Bitcoin, Ethereum, and other proof of work blockchains. This is a critical component for blockchain technology mass adoption.
Today, the Solana blockchain claims to be the fastest blockchain in the world, and also one of the fastest growing blockchains to exist. They distinct themselves primarily with their high speeds and low transaction fees. To do this, they have designed the network to ensure transactions always remain below $0.01, while maintaining a 400 millisecond block time. To put this into context, Solana can process 3000 transactions per second (TPS) while Ethereum can process only 15 TPS.
Solana hosts thousands of projects including DeFi, NFTs, Web3, and other projects. Its native token is SOL, which is primarily used for staking purposes and paying transaction fees. Today, SOL is a top 10 cryptocurrency, competing for the top spots with the likes of Cardano and XRP. Do check out our guide on how to purchase Solana NFTs.
Nevertheless, the Solana Foundation faces its fair share of criticisms. One common criticism is that the blockchain sacrifices decentralisation for transaction speed. Relatively speaking, it is less decentralised compared to Ethereum. In 2022 alone, there have also been numerous outages and security breaches on the Solana network. But then again, which blockchain is perfect am I right?
Popular Solana NFT Marketplaces
To date, billions of dollars have been transacted over Solana-based NFT marketplaces. This is an impressive feat given that Solana NFTs do not have sky high price tags like those of CryptoPunks and BAYC.
According to DappRadar, the top Solana NFT marketplace is the one and only Magic Eden. This marketplace reflects the values of Solana, providing silky smooth transactions with 0% listing fees and only 2% transaction fees. Since inception, the platform has completed transactions of over $1.6 billion, far above other Solana competitors.
Next on the list is Solanart, the first ever NFT marketplace on Solana. This platform has generated over $600 million in total trading volume, hosting the only zero fee marketplace on the Solana blockchain.
The Metaplex Protocol is another one to watch, allowing creators to create their own storefront in minutes. Creators can develop a direct relationship with their target audiences, something we don’t see on other NFT marketplaces. Currently, they have almost 100 entities backing them including Animoca Brands, Alameda Research, and even Michael Jordan.
Other notable marketplaces include DigitalEyes Market, OpenSea, and SolSea. These marketplaces have accumulated $127 million, $49.5 million, and $32 million in total trading volume respectively.
Top Solana NFTs By Volume
As more creators flock to the Solana blockchain, here’s some of the top Solana NFTs by trading volume:
1) Okay Bears
With a total trading volume of 2 million SOL, Okay Bears is one of the most popular NFT projects on Solana. At the time of writing, it has a 63 SOL floor price and more than 200k members in the community. The project features 10,000 diverse bears that give the owners exclusive merchandise, live events, and collaborations with world-renowned brands. In 2022, the project also introduced Okay Cares charity auction and the Golden Bear Drop, a collection of 10k founder coins.Â
Buy Okay Bears NFTs on Magic Eden
Buy Okay Bears NFTs on OpenSea
2) DeGods
The DeGods NFT project has a pretty high floor price, sitting at 338 SOL at the time of writing. The projects DAO, DeDAO bulldozed its way into mainstream media when they purchased Killer 3s, a professional basketball team in Ice Cube’s BIG3 basketball league. This acquisition puts the DeGods brand on national television, grants full ownership of the IP rights, VIP seats for holders, and many other direct benefits.
This project features 10k gods of the metaverse, claiming to have owners in every country except North Korea. Owning DeGods gives owners the ability to mine $DUST, which will be used within the DeGods ecosystem. All in all, a pretty cool project I must say.
Buy DeGods NFTs on Magic Eden
Buy DeGods NFTs on OpenSea
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3) Trippin’ Ape Tribe
This project features 10k apes that have fallen under the trance of their mysterious leader, forming a cult-like tribe. The project has a staking feature where almost 80% of the apes have been staked, 5k of which have selected the longest staking duration possible. The rewards will be in the form of $TRB tokens, where owners can spend freely in the Tribe Market.
Buy Trippin’ Ape Tribe NFTs on Magic Eden
Buy Trippin’ Ape Tribe NFTs on OpenSea
Summary
Finally, do check out the other NFT projects on Solana using Hyperspace, which effectively aggregates the entire Solana market into one platform. This platform was built by the original Solanalysis team, allowing users to quickly track and analyse trends and updates across all Solana NFT projects.