People are dealing with NFTs like no way before. And for instance, the Okay Bears NFT collection made waves in all blockchains. As it was minted initially for 500$. But just for almost 2 weeks, it already reached a total of $4,495,478,509 in its overall volume transaction. Well, it sounds unbelievable; that’s why we got to dive deeper.
Disclaimer
We are not financial advisors. The content on this video is for educational purposes only and merely cites our own personal opinions.
So, always do your own research first. Also, at the end of this article, you’ll discover how the good things about Solana are perhaps the things that would also bring it down. So, then, enough words, and let’s dive in.
How Popular was NFT?
With Twitter, some people have already heard of NFTs. And if not, at least they probably have seen some Twitter accounts with tons of followers but were using a cartoonish Bear or Monkey as a profile picture. Yes, the hype that goes along with NFTs is now reaching the real world. And this is just one thing that could be taken advantage of. And when it comes to the Solanaverse, these things that we’ll tell you, you’ll never look at them as same as before.
Mostly everything could be a RugPull
With the cheap gas fee and more affordable native token. Scammers are taking advantage of this to lure newcomers into a Solana NFT project that seems promising. Honestly, you’ll never really know since almost every day, there would be a new Solana NFT collection, just looking the same, had a duplicated roadmap, an almost identical website and so on. The worst thing was, since minting NFTs in Solana is way affordable, many people were still taking the risk. In short, RugPull projects would never be gone in Solanaverse.
READ MORE: 5 Things to Check First Before Entering an NFT Project
It’s all about HYPE
Again, it’s not uncommon in the NFT space that most successful projects were all about hype. Then its utility would just follow behind. In worst cases, there’s really no utility at all. Well, most roadmaps always looked the same, and it would be all about “Staking.” And this works, like in crypto, a holder would lock up his NFT or asset in a fixed set period of time to earn more crypto.
HYPE and DUMP
This means you’ll always find yourself with projects that would be good for a while, then after their initial hype is gone, you’re investment could be gone too.
Cheap Gas Fees
From our real case experience, this is perhaps the reason why everyone is choosing the Solana blockchain. But at the same time, this could be the same thing that would spell its fall. Here’s how. Did you know that blockchain transactions could be automated by a bot? And with Solana’s “fast transaction speed” and “almost zero cost gas fee.”
Botted Transaction Problem
Then, we have to do what we must. So, right away, we tried selling our 6 NFTs to exit early. We’ve got 2 slightly rare and 4 rares. That’s why we’ve listed the 2 at floor price while the other 4 were slightly higher. Eventually, it got sold, and that’s how we avoided a Rag pull.
Conclusion
So, with Bots flooding transaction requests, which is “very cheap and fast,” you’ll never know what just could happen in future. Perhaps, Solana can increase its gas fees to prevent these incidents, but again we’ll never know.
READ MORE: 5 Things to Check First Before Entering an NFT Project
To be continued…