Solana NFTs are flourishing, with fresh NFT drops happening all the time and many NFT investors becoming billionaires. All thanks to the Solana SOL blockchain’s Non-Fungible Tokens and an exciting new NFT drop minting. Many crypto investors overlooked NFTs; even NFT enthusiasts, artists, creators, collectors, and investors are overlooking blockchains that are far superior to Ethereum in terms of transaction fees.
Solana SOL is a relatively better version of Ethereum for NFTs, and the Phantom wallet for Solana SOL NFTs is far superior to Metamask! Let’s take a look at recent Solana NFT drops!
Most of the newbies have been asking the crypto experts about the kind of Solana drops they expect. Did you know that there are going to be as many as 120 drops in Solana alone? Now it is time for you to sort out which ones will hit it big and which ones will get lost.
This article will be a brutal and honest verdict about the specific items that you should put your attention to so that you can make pretty good investments to fetch you money in the long term.
How Did It All Start?
Because of the high-end gas fees of Ethereum, Solana is coming out with a massive range of drops. The cost of Solana transactions is a lot lesser as compared to Ethereum, which is why it becomes a more viable option. The Solana transaction cost is less than a penny, while the Ethereum transaction will pull hundreds of dollars from your pocket.
Solana was nothing in the beginning, but now it has a market cap of 400 million dollars which is a big win indeed. For example, Moonrock is already showing its presence to make itself popular, and other similar items are rising. Therefore the price of Solana is soaring up, and there is a rare chance that the overall performance will see a downward curve anytime soon.
New Problems Surfacing
While most people might think the rise in the price of Solana is good news, yet it is the cause behind new problems surfacing up. The old problem was that the supply of coins was a lot less than the demand, and they would be bought out in seconds. After that, the buyers would have to grab the flippers on the secondary market.
But the crypto market is all up for satisfying the demands of the potential buyers; that is why there is constant pressure for bringing up something new. And that is when things are made in haste. The drops that come up next are going to lack creativity and artistic insight.
There would be a lot of copied projects, and it would be quoted as something ‘inspired.’ The copycat NFTs will come up -for example, you can get Solpunks from Cryptopunks, which is undoubtedly a copy project. Just putting the syllable ‘Sol’ won’t make it original.
Want To Create A New Project?
If you have a little bit of integrity, you would want to create something new or even semi-original projects. And trust us when we say this, creating something new is no longer rocket science.
Firstly, you can hire people online for reasonable rates on forums like Fiverr. All you have to do is to log in to Art Studio, Upwork, or Fiverr and type NFT. You can get numerous artists who are offering fantastic profile pic art at pretty low prices. Just find the right guy and get started with the new projects.
What About The Minting Website?
Now that your profile pic art is ready, you will need to get a minting website. Platforms like Fiverr will come to your rescue all over again.
You can also find people over there who are willing to build those websites for you, but you should go for the ones with good reviews. Even if it costs a bit more than the other builders, rest assured that the investment will be worth it. Now all you are left to do is to set up a discord, declare Twitter giveaways and check out the rarity.
What Happens If The NFT Doesn’t Sell Out?
It might be surprising to know how many of the NFT collections sell out well, but you don’t need to sell the entire collection all at once. And here’s why! Let us take an example where you have 10000 collectibles and priced them at 1 Sol each. That comes down to 150 bucks which is a reasonable price.
That means you will need to sell only 36 NFTs to break even. So selling 0.36% of the entire collection is all you need to grab buyers, which means the risk is shallow. So why stop at only one collection when you can create numerous more? You might even get discounts if you order the profile pic art or minting website in bulk.
Status Of Solana NFTs Today
Most of the crypto experts believe that there will be many upcoming projects that will prove their worth on Solana. Many are in the development stage, and it is undeniable how quality projects take a lot of time- at least 2-3 months; and six months or more if it is going to blow your mind.
Solana has surfaced in a couple of months, but the Ethereum NFT scenario has been up and about for 4-5months. There are numerous projects from Ethereum, but remember there are a lot of copycat projects out in the open. Exceptions like Chunky Chihuahuas are always there, but now our focus is on the upcoming projects and not the ones that have already made their mark.
Upcoming Projects In Solana
Now you can get a dozen projects daily when even a month ago, there were hardly any. But it is not easy to check them one by one; hence you have to follow an essential check factor to filter the good from the bad. The trick is to check out the creators with solid track records.
If the NFT creator has a widespread and solid reputation, there is hardly a chance that their NFTs could go wrong. Any decent project should have a decent website, and that is going to be your first indicator.
So what did this simple check reveal about the upcoming Solana collection? Out of the 122 drops revealed, only 12 had social media links of their creators. And even out of those, only 2 had a solid reputation. That means only 1.6 percent of all the collections have an excellent creator behind them.
Check Out For Other Scams
It is not just with investments on NFTs that might not perform well, but you should also be aware of the other NFT scams. There can be scams with Solana NFTs that can have significant consequences if you are not careful enough. Let us check out an example:
Iconics, a once-popular NFT project on the Solana network, has proven to be less than spectacular.
The project’s goal was to make 8,000 NFTs, each in the shape of a high-quality randomized 3D Bust. Each bust was designed to have a variety of characteristics, similar to earlier NFT collectible collection projects. The project’s initial launch date was September 30, intending to sell 2,000 NFTs. The NFTs cost 0.5 SOL (about $65). This was only available to individuals who had purchased a presale ticket.
The 2,000 presales NFTs were promptly sold out, which came as no surprise. The new hopeful NFT owners awaited their latest purchase with bated breath. What they got, however, was not what they had hoped for.
Rather than receiving the high-quality 3D image they expected, investors received something else. In what is known as a rug-pull, they all received an NFT with a selection of random emojis.
MadTrooper
This is one of the recent Solana NFTs that has a considerably good future, and it came out on September 24. The team behind it is EDDASwap, whose CEO is a well-known figure. He has been the face of other NFT projects that have excellent potential, so you could put your interests into the same.
