When it comes to minting non-fungible tokens (NFTs), Ethereum (ETH) and Solana (SOL) are the two top blockchains that are used by creators and artists globally. Both blockchains are highly tested and adopted by users.
Let’s check both of them and why they are better and how they compete with each other on various counts. one
New users always struggle to select which one of the two is better. So in this article, we will learn which can be the best for users who want to mint NFT on any of the options.
It was the first blockchain where NFT was created and today it is the most used blockchain system for creating NFTs.
As Ethereum was the first platform to include smart contracts that powered Decentralized Finance, it is also the most used platform for NFTs.
Any decentralized application (DApps) built on Ethereum has ERC-20 standard tokens the same way any NFTs built are ERC-721 standard tokens.
There are many NFT marketplaces where ERC-721 tokens are traded, but some of the popular ones are OpenSea, Rarible, and others.
As Ethereum data architecture and security components are very good, many developers select it for minting NFTs.
However, as the majority of NFTs are developed in it, the network activity increases exponentially and the network suffers from it because of transaction backlogs. Due to higher minting prices, users cannot afford to mint NFTs.
Due to these issues, creators were looking for alternatives that can provide higher outputs, lower gas fees, and scalability. With a speed of just 15 transactions per second, this plagues the network that worries NFT creators.
Solana is a high-performance blockchain that utilizes several cryptographic techniques to scale its network.
Even though Solana solves lots of Ethereum problems, it is still far behind in terms of NFT sales volume.
According to CryptoSlam, a website that tracks NFT sales, Ethereum marketplaces recorded a whopping selling volume of over $554 million in the last 30 days (8 June to 7 July 2022), as compared to just $88 million from Solana-based marketplaces during the same 30 day period.
The majority of well-known NFTs like The Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC) are all minted on the Ethereum blockchain, as per CryptoSlam’s data.
The data also reveals that an average NFT sale price in Ethereum was $3000, as compared to Solana-based NFT sales of $1000.
Now let’s look at the Solana ecosystem that leads in this area in terms of innovation, usability, and adaptability.
Solana uses the proof-of-history consensus technique to execute transactions that have a higher throughput of more than 60,000 transactions per second (TPS). Transaction fees in Solana blockchain are many times less than a dollar.
With the advantage of the scalability and low transaction fees offered by Solana, numerous NFT projects and collectors are now migrating to this for minting their NFTs.
Creators have more freedom to develop their initiatives without being constrained by technological issues, which is why Solana is evolving into a center for all NFTs.
Using Solana marketplace for minting NFTs is the best platform that is cheap, fast, and offers an easy profit for its creators in the secondary market.
Solana mints sell fast and royalties in Solana-based markets are frequently larger than those in Ethereum-based marketplaces.
Though the ecosystem of Solana is expanding, it is not yet near Ethereum’s large transactions.
Since the start of 2022, Solana’s user base has been expanding significantly more quickly, and even analysts from the investment bank JP Morgan have said that Solana may eventually surpass Ethereum.
According to data from CryptoSlam, the Solana NFT market has been rapidly expanding throughout the third quarter of 2022.
The Degenerate Ape Academy, a collection of 10,000 different NFT Apes is one of the most well-known collections on the Solana blockchain.
Although it might be similar to the Bored Ape NFT on Ethereum, it has more distinctive characteristics of its own.
They can be quite pricey as well, in September 2021, a Degen Ape sold for the highest price ever recorded at $1.1 million.
However, an NFT from the Solana Monkey Business collection sold for over 13,000 SOL, or roughly $2 million, in the middle of December.
Growing ecosystems frequently present early adopters with a fantastic opportunity to position themselves at the top of the list once it has reached a bigger audience.
However, since the start of 2022, the Solana network has experienced many failures forcing customers to liquidate their positions because they were unable to top up their collateral during the outages.
There are many challenges for Solana, as being an emerging technology, because con artists are always looking for vulnerabilities to exploit it.
However, frauds and rug pulls can occur on both sides of the fence, so it’s not just a matter of being cautious about security but also making sure you do your homework before investing in any NFT or DeFi ventures.
|Access to a larger market||Network Congestion delays transactions|
|Excellent network security||Lower scalability and throughput|
|NFTs sell for higher prices||Not fit for low-value NFTs, as transactions can be more than minting cost|
|Higher scalability & throughput||Weak security network|
|Fastest growing ecosystem||The smaller market for NFT|
|Eco-friendly & lower gas fees||NFT blockchains are frequently down|
|Minting NFTs is simple & cheap|
Both the blockchain platform have their own merits and demerits to mint NFT, one sells like hot cake, other sell for less. So it is for the creators to decide which one they want to choose for minting their NFTs.