Thanks to our glowing coverage twice a week, I assume all of y’all are clamoring to get into collecting NFTs. But I’m sorry to report that, unless you have at least $1,000 fiat to invest in what is statistically more likely to be a rugpull or a flop than an asset, you better put those dreams on ice for the time being. Or, perhaps, look beyond the Ethereum ecosystem for an opportunity.
Even devout degens are now calling Ethereum-based NFT communities a ‘rich kid club’. And, looking at the cost breakdown recently, it indeed seems hardly the type of exponential investment opportunity for the cutting edge poors that it was trumpeted as back when ETH was cheap, gas was marginal, and hype was far from it. But the changing dynamic is the source of all FOMO. Even underhyped new collections — the riskiest NFT investment opportunity, which is saying something — now have floor minting prices in the .1 ETH range, which is around $275, not including, you know, the 5 ETH gas fees. Start considering artistic or investment quality, and you’ll have to break out the cool $10K I’m sure each of you has stashed in that old Skechers box.
What I mean to say is, the NFT boom on Ethereum has passed. So, in the immortal words of Axl Rose, where do we go now? Some buyers are gambling on Polygon-based projects, despite being an ETH sidechain solution, which is a little like being Eric Trump — all of daddy’s hereditary baggage, none of the clout. Luckily, the multi-chain future gets closer to being the present every day, and, as of a week ago, we were suitably validated in our choice to look outside the first family.
Last Tuesday, Okay Bears, a Solana-based NFT collection, had a record day, topping all other Ethereum based projects on the platform with $18M in trading volume. We’ve been championing Solana as an efficient, eco-friendly alternative to Ethereum for a while now, but NFTs had yet to catch on. The success of Okay Bears probably had to do with being listed on OpenSea — the hegemon platform recently allowed a handful of Solana projects to list on its platform. It certainly had nothing to do with the art itself, which was clearly elevator pitched as, ‘What if Bored Ape, but bears?’
But maybe, just maybe, more people are realizing what we’ve known all along. The Solana ecosystem will be the one to scale a L1 blockchain with true utility and adoption. I mean, just look at the Turing Complete programming language that it is built with and novel data reconciliation process that, despite its current bandwidth limitations due to the lack of nodes securing it relative to its transaction volume, is a bullish indication of what’s to come. If that toilet bowl of buzzword vomit doesn’t convince you, idk what will.
Okay Bears now commands a floor of 85 SOLs, and $7k is a bit steep for n00bs, too. Fortunately, there is one Solana collection you can truly get alpha on, since it has yet to move a single unit. I’m talking, of course, about the one NFT collection I’ll never miss an opportunity to plug: our own.
You can still scoop SZN 1 sn0bs for only a SOL apiece. Due to a deafening lack of demand, our verification is still pending. But we promise it’s totally legit. Trust us. When has buying a random Internet anon’s NFT ever turned out to be a bad idea?