You read that right. Solana is now on OpenSea in Beta. According to OpenSea, Solana’s low gas fees and fast transaction speeds make NFTs more accessible. What exactly does this mean for Solana, and why is the fact that Solana is on OpenSea important for the crypto space and NFTs specifically?
Let’s take a closer look at Solana, Solana’s rise to become one of the top blockchains in the space, and its growing influence in the NFT space.
What Is Solana, And What Makes It Unique?
Solana is a project that implements a unique hybrid consensus model that enables it to scale and offer faster transaction speeds than other popular blockchains. Solana’s hybrid consensus model combines an innovative proof-of-history (PoH) algorithm with a fast synchronization engine, a version of the more common proof-of-stake (PoS) algorithm. This hybrid consensus model theoretically allows the Solana network to process more than 710,000 transactions per second!
Consensus Mechanisms
In most consensus mechanisms, all nodes must communicate to determine that time has passed. Forcing all nodes to speak can create technical problems, and ultimately there is no guarantee that each node will verify messages efficiently and accurately. Solana’s blockchain protocol seeks to confirm the passage of time without requiring a central clock. PoH confirms the passage of time between two events. PoH chains messages from nodes together to establish a chronological order of events.
One node in the network is the leader. The PoH sequence that the leader sets then goes to validators. The PoS system that Solana also uses relies on a Byzantine Fault Tolerance known as Tower Consensus, which shows PoH as a source of time before achieving consensus. Nodes with the most considerable staked amount of SOL (Solana’s native token) are more likely to be chosen to validate. These nodes have the most substantial incentive to ensure that the network performs since they have the most to lose if it doesn’t. The incentive system ultimately increases security.
Solana’s Speed And Transaction Fees
The Solana blockchain’s speed comes from all validators having a cryptographic clock to keep track of events. That means they don’t wait for other nodes to verify transactions, allowing transactions to be verified much faster. Solana claims to have an average block time of just 400 milliseconds and an average transaction fee of only 0.000005 SOL.
Solana’s unparalleled transaction speed, low transaction fees, and strong venture backing have caused many experts in the crypto space to consider the Solana blockchain to be Ethereum’s strongest competitor. As Ethereum’s closest rival, many have even claimed that it’s only time before Solana overtakes Ethereum. Now that Solana is on OpenSea, that possibility seems even more likely.
Solana And NFTs: Why Solana must be On OpenSea
The Ethereum blockchain has, for a long time, been the blockchain to beat. Ethereum seems to be at the forefront of the most recent innovations in the crypto space, from decentralized finance (DeFi) to NFTs. Most of the NFT marketplaces and NFT projects were on the Ethereum blockchain. However, the NFT space has changed rapidly since it first began. With the arrival of Initial NFT Offerings and more attention on NFTs worldwide, the space has expanded to include more projects and brands.
Other blockchains, such as Solana, have entered and become dominant players and rivals in the NFT space. Many of the most exciting NFTs not on Ethereum focus on the Solana network, and Solana’s NFT scene is growing.
One of the appeals of minting NFTs with Solana rather than ETH is Solana’s low transaction fees. That’s why alternative NFT marketplaces that focus on Solana NFTs have gained popularity. Now that Solana is on OpenSea, Solana is likely to capture a much larger share of the market and has taken a significant step toward potentially rivaling ETH’s hold on the NFT market in the future.
OpenSea is the undisputed leader among NFT marketplaces, with the most critical piece of the NFT market and a recent valuation of $13.3 Billion. Now that Solana is on OpenSea, its NFT share will grow significantly.
Do you think Solana will overtake Ethereum eventually? Do you believe Solana will become a more significant player in the NFT space than Ethereum?
