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On Saturday about 5980 SOL or $1.11 million was paid for a Degenerate Ape Academy non-fungible token (NFT) on the Solana blockchain. For what now looks to be the most important rival to the Ethereum blockchain, this is the largest-ever NFT sale on the network.
The NFT craze initially focused on the Ethereum blockchain. However, popularity caused traffic and transaction costs (gas-fees) on Ethereum to skyrocket. As a result, Solana has emerged as a reliable and convenient alternative with much lower fees and traffic as of yet.
After the $1.1 million purchase, Moonrock Capital, a Europe-based blockchain advisory and investment firm, had a few hours later already announced it had purchased another CryptoPunks knock-off NFT for 1388 SOL, or USD $257,446.24.
Solana has been booming following successive weeks of price increases. At the time of writing, SOL is trading at around $177, over 300% up versus only 30 days ago and a surge of 11,000% since January when Sol was worth just $2. Currently, Solana sits in sixth spot among the top 10 cryptocurrencies by market capitalization with about $52 billion.
Solana recently secured a$ 314 million funding led by Andreessen Horowitz in June, which will be used to develop its technology in the decentralized finance (DeFi) arena.
With Solana making a quick name for itself, we cannot help but saying Solana could be an Ethereum killer.