NFTs.
They’ve been all the rage for the past year and a half. They even got so popular mainstream media channels mentioned them. What does the future of NFTs hold?
I don’t know. I don’t think anyone knows.
I’m a Solana maximalist. I tried dabbling in NFTs on OpenSea for a while but I left because gas prices were through the roof. I’m not super rich so the fees were killing me. Solana is much more accessible for the average person, but because of that, projects being built on the Solana blockchain pale in comparison to ETH projects I’ve seen. I made a post about my opinions on Solana NFT Marketplaces, you can read it HERE. And below are a few thoughts I have about the current state of Solana NFTs and what I hope happens in the future, because I’m all in on #SolanaNFTs.
1. The current SOL market is lame.
It’s been 6 months since I last looked at SOL marketplaces. The massive crypto price drops got me down for a bit, but I’m back baby. That said, it’s disappointing looking at all of the Solana NFTs across various marketplaces. They are still mostly subpar jpegs of animal artwork and obvious cash grabs. No exciting projects or groundbreaking ideas.
The places that do have good quality NFTs are asking unreasonable prices. For me as an artist with no following, it is impossible to list my artwork on those sites because of their artist requirements.
2. Easy-to-list marketplaces are trash.
I’m an artist and I have been making digital art for over a decade. I’ve seen so many other artists make a killing selling their artwork as NFTs and I want a piece of that pie! But like I said, I don’t want to pay OpenSea gas prices. The places I can create Solana NFTs are not a great place to list because of the large volume of other projects that are mostly just steaming piles of sh*t.
Exhibit A. Someone is asking 1 SOL ($38.59) with 25% royalties for this kids’ drawing on SolSea. Meanwhile, an actual artist like myself who has spent 50+ hours on my own personal NFT projects is trying to compete with this to get my artwork sold.
3. NFTs have so much potential.
But it seems like people just want to buy and sell animal jpegs. I’m guilty of trying to sell some jpegs to make money, but I know there are people out there with the know-how, the financial resources, and the ability to create amazing projects that push the boundaries of what is possible with blockchain technology. Here’s an example of a project I’m invested in that I think uses NFTs in a cool way. (I’m not sponsored by them.)
DeRace is a P2E metaverse game on the Ethereum blockchain where you buy a horse NFT and use it in game to race and earn crypto. The idea is genius and because it’s a form of gambling. Since there is winning and losing, the funds distribution model is easy to understand. Plus, the NFT is a unique 3D horse. Not a jpeg of a lion wearing a dress with a crown on its head smoking a joint.
4. There are NFTs on different blockchains.
This sounds obvious, but I didn’t know this for a while. ETH NFTs are still top dog, but I am curious to see if NFTs on other blockchains draw different audiences, have different niches, have different uses, etc. Some places I’m looking at are AlturaNFT (Binance smartchain), NFTrade (multichain but primarily Avalanch), CNFT (Cardano), Kalao (Avalanche).
Thanks for reading friends!
I hope you found something useful in this article. Let me know your thoughts in the comments!
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