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Solana NFTs

Coinbase Wallet adds support for Solana

Coinbase has added wallet support for SOL and Solana-based tokens, and has outlined that it will look to support NFTs and dApps on the blockchain in the future too.

Top U.S. crypto exchange Coinbase has added wallet support for Solana (SOL) and its ecosystem of Solana tokens (SPL).

Coinbase cited the surging interest in Solana over the past 12 months as investors look for low-cost alternatives to Ethereum as a key reason behind adding support to the network.

The expanded wallet support comes just a few days after the firm launched Coinbase Pay, which enables users to fund their wallets directly via a web browser extension.

In a March 18 blog post announcing the move, the firm also loosely outlined plans to “further integrate” with Solana by connecting the Coinbase Wallet with decentralized applications (dApps) and NFTs hosted on the network, which is famously championed by FTX CEO Sam Bankman-Fried.

Users of Solana-based wallets such as Phantom and Solflare can now import their existing wallets into the Coinbase Wallet via a desktop browser extension as well.

Following the addition of the Solana network, the Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin Litecoin, Stellar Lumens and the Ripple network. Coinbase said:

“Many users have been looking for networks that are optimized for scale, offering low-cost transactions and fast transaction times. One of the fastest-growing blockchains over the past year has been Solana."

According to data from Defi Llama, the Solana blockchain is currently ranked fifth in terms of total value locked (TVL) in decentralized finance (DeFi) protocols at $6.94 billion. NFT data aggregator CryptoSlam ranked it as the second-highest blockchain for secondary sales volume last month at $156.28 million.

Related: What is Solana (SOL) Pay, and how does it work?

Much like the majority of the crypto market which has had a torrid performance this year, the price of SOL is down 18% over the past 30 days to sit at $85.90 at the time of writing. In the short term, Cointelegraph's Rakesh Upadhyay has identified a bullish target of $122 for SOL if the price breaks above the 20 day moving average of $86, or the bearish figure of $66 if the market fails to support and hold above that zone.

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Leaked Images Suggest Opensea Plans to Add Solana-Based NFT Support

Leaked Images Suggest Opensea Plans to Add Solana-Based NFT SupportLeaked images that allegedly derive from the leading non-fungible token (NFT) marketplace Opensea indicate that the platform may soon introduce Solana-based NFTs. The images were discovered by the tech blogger Jane Manchun Wong who is well known for leaking information about yet-to-launch features from specific tech platforms. Tech Blogger With History of Discovering Yet-to-Launch Features […]

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Solana NFT Marketplace Magic Eden Reveals Airdrop, Plans to Launch DAO

Solana NFT Marketplace Magic Eden Reveals Airdrop, Plans to Launch DAOOn Tuesday, the Solana-based non-fungible token (NFT) marketplace Magic Eden announced the project is airdropping NFT tickets to existing Magic Eden users and plans to form a decentralized autonomous organization (DAO). On February 21, the Magic Eden project airdropped around 4,000 NFTs to active wallets, and the following day the team announced the DAO roadmap. […]

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Torrent Website Called The NFT Bay Reignites Controversy Over Non-Fungible Tokens

Torrent Website Called The NFT Bay Reignites Controversy Over Non-Fungible TokensThere’s a new website the crypto community has been discussing called The NFT Bay, a web portal that operates in a similar fashion to The Pirate Bay (TPB), because the platform hosts a huge selection of NFTs stemming from various blockchain platforms for free. On Thursday, the web portal’s creator revealed a file called “The […]

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Solana Labs co-founder: We don’t want to kill ‘beautiful’ Ethereum

Solana Labs’ co-founder thinks the fight between Ethereum and so-called “ETH Killers” is unnecessary, as the true aim for people working in crypto should be to onboard “every human” onto Web 3.0.

While many pundits have labeled Solana (SOL) as an "Ethereum killer" due to its lower fees and faster transaction times, Solana Labs co-founder Raj Gokal said the project has no desire to kill the cryptocurrency — and wouldn’t be able to if it did.

Gokal made the comments in response to a Nov.10 Twitter post from the co-founder of venture capital firm Placeholder, Chris Burniske who wrote that “despite pretty words, L1 knives are fully out. In crypto, generally, people want their biggest bags to win.”

“This will influence almost all communications, so don't take what you see and hear as truth,” he added,

In response, Gokal emphasized that “it doesn’t have to be a fight” as he argued that the goal for all people working in the crypto space should be to onboard “every human” on to Web 3.0, and noted that:

“’Knives out’ implies we are trying to kill Ethereum. Ethereum cannot be killed, it’s impossible. And it’s already a beautiful force of good in the world, empowering millions and creating billions in wealth. Bitcoin is quite obviously the same.”

According to CoinGecko, SOL is currently the fifth-ranked digital asset in terms of total market cap with $71.7 billion, and is ahead of fellow ‘ETH killer’ Cardano (ADA) at sixth with $67.4 billion. ETH sits well ahead of the two in second place with a market cap of around $564.7 billion.

Solana has been making up a lot of ground lately however. It's up 11,742% over the past year to sit at $237.53, while ETH has gained 931% within that time frame to reach around $4,800.

Solana’s expansion

Earlier this week the Solana Foundation hosted the “Solana Breakpoint 2021” conference in Lisbon, Portugal featuring guests such as Gokal, CEO and co-founder of Solana Labs Anatoly Yakovenko, FTX CEO Sam Bankman-Fried, Reddit co-founder Alexis Ohanian and Circle CEO Jeremy Allaire.

Speaking on day one of the event, Gokal stated that the Solana ecosystem has been “exploding” in 2021 across every vertical and “use case.” The co-founder highlighted data showing 2.2 million NFTs were minted on the Solana blockchain within three months, along with more than $15 billion worth of total value locked in Solana-based DeFi as of Nov. 7 ($14.47 billion at the time of writing).

Solana ecosystem as of October

Related: NYDFS-licensed Standard Custody brings Solana staking to institutions

In a Nov. 12 post titled “The Perpetual SOL Rise” from Messari researcher Dustin Teander, he noted that “Solana has received sizable investor attention over the last quarter,” and pointed to a long list of promising “growth catalysts” for the project.

“In many respects, the price discovery has been healthily fueled across various sectors — a $100M gaming fund announced, Brave announcing native integration on the Web3 front, $100M investment from Reddit for Social Media, $40M raised by Neon Labs to bring EVM infrastructure over, pplpleasr launching NFTs on Solana, FTX building out an NFT integration.”

“And, of course, there’s Solana’s DeFi ecosystem that has seen a 4x TVL expansion since September,” he added.

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Solana secondary NFT sales reach half a billion in three months

CryptoSlam ranks Solana as the fourth-best NFT blockchain behind Ethereum, Ronin and Wax in terms of 24-hour sales volume.

Secondary sales volume for Solana (SOL) based nonfungible tokens (NFTs) has reached almost $500 million since the start of August.

According to data from CryptoSlam, secondary sales of Solana NFTs have generated a total of roughly $497.7 million from around 348,000 transactions as of Nov. 2, with the average sale per NFT tallying in at $1,500.

The data shows that Solana saw a record month for secondary NFT sales volume during September with a total of $189.4 million. While Solana is seen by some as an ‘ETH killer’ the Ethereum blockchain remains the most popular with NFT aficionados and secondary sales on Ethereum topped $2.2 billion that same month.

Secondary NFT sales volume on Solana: CryptoSlam

Messari research analyst Mason Nystrom highlighted the data via Twitter on Nov. 3, and noted that while Ethereum (ETH) still “dwarfs Solana in total NFT secondary sales,” the upstart network has quickly established itself as one of the top NFT blockchains in the space of a few months.

CryptoSlam’s rankings of the top NFT blockchains sees Solana currently sitting at fourth in terms of 24-hour secondary volume with $1.9 million. Leading the pack are Ethereum ($37.7M), Ronin ($23.5M) and Wax ($4.5M).

Solana’s top NFT project is the Degenerate Ape Academy, which has generated $105.9 million worth of secondary sales since its launch in mid-August. The Degenerate Ape NFTs depict animated gorilla avatars with unique traits, and the project has seen $454,000 worth of secondary sales over the past 24 hours.

Degenerate Ape NFTs: Degenerate Ape Academy

Related: Beyond the NFT hype: Creating lasting business models for artists

According to data from CoinGecko, the price of SOL has gained 30.3% over the past 30 days to sit at around $225 at the time of writing. This recent pump has seen SOL tag a new all-time high of $229.76 earlier today. The market cap of Solana is now around $68.1 billion, making it the fifth-ranked digital asset in terms of total capitalization, and ahead of fellow ‘ETH killer’ Cardano (ADA) which has a market cap of $63.1 billion.

Cointelegraph Markets Pro has a price target of $250 per SOL by year-end, citing on-chain data from the DeFi sector and the derivatives market as key indicators for the prediction.

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FTX.US expands NFT marketplace to support Solana tokens

After launching its NFT marketplace last month, FTX.US has expanded support to the Solana Blockchain and plans to integrate Ethereum tokens soon too.

FTX.US’s NFT marketplace has expanded support to the Solana blockchain, enabling users to trade, deposit and withdraw nonfungibles that conform to the Metaplex token standard.

The U.S. registered branch of FTX announced the expanded functionality on Oct. 11, revealing the marketplace also plans to support Ethereum-based tokens in the near future. The marketplace is open to both U.S. and non-U.S. customers from a long list of jurisdictions, however New York residents are unable to sign up for the platform.

Brett Harrison, the president of FTX.US, said that the firm is looking to provide “simpler, safer and easier tools” for mainstream users to trade NFTs via its marketplace, adding:

"The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience."

In addition to supporting crypto assets, users can purchase or bid on NFTs via bank transfers, wire transfers and credit card transactions. The pricing for newly minted NFTs on the marketplace are listed in USD, Solana (SOL), or Ether (ETH).

FTX charges a 2% fee on all NFT sales, and does not charge a listing fee.

Both FTX and the company’s U.S. subsidiary initially launched NFT marketplaces with limited functionality last month. Users could only create or trade NFTs minted using an interface reminiscent of Microsoft Paint, leading to a flood of hastily cobbled together sketches depicting cartoon fish being uploaded to the platform.

On Oct. 12, Harrison tweeted that the marketplace’s expanded functionality is only available on its U.S-based platform at this stage. Users must provide Identity documents and proof of residence to the exchange in order to deposit and withdraw from FTX’s NFT platform.

The platform also outlines that any NFT project of collection that “distributes or advertises the distribution of royalties” to NFT holders will be rejected, suggesting FTX.US is wary of regulators classifying its NFTs as investment products.

Related: Twitter and TikTok embrace NFTs: mainstream adoption incoming?

NFTs are seeing increasingly mainstream adoption, with the Texas Democratic Party launching a partnership with marketplace Front Row to raise funds for progressive political candidates and causes through the sale of non-fungibel tokens on Oct. 11.

“NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have,” said Front Row co-founder, Parker Butterworth.

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