Deep Dive in Solanaverse Part 2 – Is ETH Dead?

So, in the NFT space, the Solana is catching up fast. And projects like DeGods, and Okay Bears attracted a lot of new eyes to the Solanaverse. And did you know that these collections ranked among the top 30 most traded NFT across all chains in April, with $44 million and $23 million in sales? However, ETH Maxis still claims that “SOL is for the poor..”


This is not financial advice and is for educational purposes only; these are based on our own personal opinion.

Going back, so why many are switching to Solana? And at the end of this article, you’ll discover how could this actually help you start earning now. Then, right away, let’s begin.

Solona Mint Price & Gas Fee

One main reason was in Solanaverse, even without a whitelist grind, it’s possible to earn. Who’s able to stop you from minting NFT when the mint price is only 0.02 $SOL? This was called “Degen Mint.” And this happens in an instance you stumbled across it on a Discord server and then aped in without doing any research. This is a very low-risk investment for $4 without an expensive gas fee, where you can easily earn 2x. In contrast, in ETH, just the gas fee alone would already intimidate those who don’t have that much liquid.

Solana VS. ETH Collections Gains

Also, despite the ongoing bearish sentiment in the crypto space, the total NFT sales on Solana had increased. And the credibility provided by Solana as one of the premier blockchains for NFTs gave people the confidence to invest in well-established, top-tier Solana NFT collections. With the current state of the crypto market, many people are liquidating their NFTs to make up for their heavy crypto losses. And the ETH NFT collections were the main chain that received the heaviest blow. Meanwhile, Solana blue-chip NFT projects retain their floor price, some of which even increased instead. 

READ MORE: Flipping NFTs in OpenSea vs. Magic Eden

Solana Community

Then perhaps one of the limiting factors in ETH is community. Now that the Crypto space is experiencing the lows of the lows, people are becoming more cautious with their purchasing decisions. And in Solana, there are a ton of NFT collections being released and built every day. This allowed these people who were afraid to spend more to experience a great NFT community with a low-cost entry. Everyone just wants to make a profit, and communities that earn together stay together. And unlike in ETH, Solana’s low transaction fees and fast transaction speed enable NFT flips to happen in seconds. So, sharing it with your friends and family as a method to earn passive income is a lot easier.

Deep Dive in Solanaverse

Solana Low Entry Price

With all that, many influencers were making heaps of cash out of Solanaverse. They were building communities for those who wanted to enter the NFT space. Then, make calls and provide free whitelist spots to those eager to grind. And you can do it too. In fact, one Solana NFT collection, Gemmy, was minted for less than 0.1SOL, then reached 10SOL+  floor price within a day.

ETH Whales Switching in Solana NFT

And this would not be possible unless some whales from other chains were not involved. In the latest trends, several ETH whales were switching to the Solanaverse, just like what happened to Okay Bears. Still, the Solana NFT daily volume is far from what ETH had, but we’ll never know. As OkayBears already broke some ETH sales records.

Deep Dive in Solanaverse

READ MORE: Flipping NFTs in OpenSea vs. Magic Eden

To be continued…

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