⛓ Solana, THE blockchain for NFT buildoors?
gm readers! Hope you're doing well! In this episode, we look how Solana might be the best chain for NFT projects to build on! 👷♂️
Welcome to Pierre's Solana Adventure EDITION #10! 🚀
As the world of NFT ecosystems continues to grow and evolve, more and more NFT builders are seeking the best blockchain platform to launch their projects. While there are several blockchain platforms to choose from, Solana stands out as the best option for NFT builders looking to launch their projects.
In this post, we will explain why Solana is the best blockchain for NFT builders, by providing concrete data, features, and advantages.
But first…
⛓️ What should you consider when choosing your blockchain?
When choosing, there are several factors to keep in mind:
⚖ Scalability: The blockchain should have a high throughput capacity to accommodate the potential demand of NFT transactions.
🔒 Security: The blockchain should have a robust security system that can prevent any hacking attempts and keep the NFTs safe.
🔄 Interoperability: The blockchain should be interoperable with other blockchain networks to ensure that NFTs can be easily transferred between different platforms and attract more potential users/minters.
🤝 Community: The blockchain should have an active and supportive community of developers and users, which can help with the development and adoption of the NFT project.
💰 Cost: The cost of transaction fees on the blockchain should be reasonable so that it is economically feasible for users to buy, sell and trade NFTs.
🧠 Smart contract functionality: The blockchain should have smart contract functionality that allows for the customization and programmability of NFTs.
🗣 Reputation: The reputation of the blockchain in terms of reliability, transparency, and trustworthiness is important for the credibility and success of the NFT project.
What about Solana?
Solana offers a range of benefits that can make it an attractive choice for NFT builders. However, it's important for NFT builders to consider their specific project requirements and evaluate other blockchain networks before making a final decision.
🔗 Links
Whitepaper - Website - Twitter
Here are the 4 dimensions that could make Solana your blockchain of choice when it comes to building your next project ⬇️
🏎️ Speed
Speed is one of the most critical factors for NFT builders, and Solana's speed is unmatched.
Solana's transaction processing speed can reach up to 65k transactions per second (TPS), which is significantly higher than Ethereum's average of 15 TPS. This high TPS allows NFT creators and collectors to create and trade NFTs quickly and efficiently, without having to wait for long confirmation times.
Solana achieves its speed through a unique consensus algorithm called Proof of History (PoH). This algorithm helps the blockchain confirm transactions quickly and securely, without the need for extensive computational work.
⚖️ Scalability
Scalability is another crucial factor for NFT builders, and Solana is highly scalable.
As more users join the network, Solana can scale horizontally to accommodate the increased demand. This is because Solana uses a sharding technique called 'Tower BFT' that divides the network into smaller segments.
This makes it easier for the network to handle large numbers of transactions, without sacrificing speed or security.
🤑 Low fees
NFT builders also need a blockchain platform that offers low fees, and Solana does not disappoint in this regard.
The fees on Solana are generally lower than other blockchains, with an average fee of around $0.00025 per transaction. This means that NFT builders can create and sell NFTs without having to pay exorbitant fees.
This makes Solana an attractive option for NFT builders who want to launch their projects without breaking the bank.
🪐 Ecosystem
Solana's ecosystem is also growing fast, with many projects building on top of the network.
This means that NFT builders on Solana have access to a growing community of developers, investors, and users who can help them launch their projects successfully.
As of March 2023, Solana's ecosystem boasts more than 500 projects, including popular NFT marketplaces like Magic Eden, Tensor Trade, Hyperspace, and many more.
⚠️ Issues with Solana
Solana has known a few episodes of issues since its launch in 2017 during which the blockchain was down. Here’s a list of events this past 5 years:
Network Congestion: In December 2020, the Solana network experienced a significant surge in usage that led to congestion and network downtime.
Node Synchronization Issues: In April 2021, some nodes on the Solana network experienced synchronization issues, causing them to fall out of sync with the rest of the network. This led to some nodes being unable to participate in the network consensus, which slowed down transaction processing.
Memory Leaks: Solana has also experienced memory leaks, which occur when a program uses up more memory than it is supposed to.
DDoS Attacks: In October 2021, Solana experienced a DDoS (Distributed Denial of Service) attack that overwhelmed the network with traffic, causing it to go offline for several hours.
NFT-Related Congestion: In recent months, Solana has experienced network congestion caused by the popularity of NFT (Non-Fungible Token) transactions on the platform.
Blockchain outage: This February, the blockchain went down for close to 20 hours. No transactions could go through during that time.
You should envision these episodes as future possibilities. Probably 100% of software is prone to this and it has happened with Solana
🏎 tl;dr
Solana is the best blockchain for NFT builders looking to launch their projects. Solana's unmatched speed, scalability, low fees, and growing ecosystem make it an attractive platform for NFT builders who want to create and sell NFTs quickly and efficiently.