Sorare Dominates Ethereum, Bitcoin in NFTs, Event: What's Next for SOL?

Ritu77

For example, as of the third week of January 2024, Solana boasts over 106,000 unique wallets, more than double those created on Ethereum. Simultaneously, Solana has over 22,000 first-time-use wallets, approximately three times that of Ethereum and twice that of Bitcoin.

Furthermore, the Solana network has recorded more than 2.8 million transactions on its platform, a figure more than twenty times higher than Ethereum during the same period. Based on this data, it can be inferred that blockchain is becoming increasingly popular among NFT projects, collectors, and traders. Several factors contribute to Solana's success in the NFT space.

The platform is renowned for its high throughput and low transaction fees. Considering the sensitivity of minters and active traders to transaction costs, Solana is becoming the top choice for projects looking to enjoy mainnet security while benefiting from low transaction fees.

Traditional chains, including Ethereum, continue to struggle with on-chain scalability. Mining on the mainnet often involves high fees, potentially diminishing profitability, especially for active traders and collectors.

In addition to its scalability advantage, Solana's ecosystem is rapidly expanding. Despite a catastrophic drop in SOL prices at the end of 2022, a spectacular revival in 2023 activated on-chain activities, with a plethora of meme coins emerging and NFT projects choosing to launch on Solana.

The ongoing recovery of SOL and the increasing number of projects choosing to deploy on the mainnet may further propel on-chain activities, including NFT minting and trading, to new heights in 2024.

Developers are actively working, but will SOL reclaim $125?

As the network attracts users, developers are striving to make the platform more robust and decentralized. In 2024, Solana developers plan to activate the validator client Firedanger, developed by Jump Capital. This client will help further decentralize Solana's infrastructure, improve performance, and significantly enhance reliability, eliminating network failures that plagued the blockchain in 2022 and early 2023.

977Iti

This is quite impressive.

Samiksha

What's the next step? Let everyone make their own predictions.

Sona59

Let's take a look at Bitcoin for this.

Ritu13

Developers are continuing their efforts as well.