Minting NFTs: Is Solana Better Or Ethereum?

• Ethereum is the greatest ecosystem for DeFi industry, with several projects of every type being developed on this blockchain.
• Solana is a high-performance blockchain which utilizes a consensus algorithm known as Proof of History, leveraging protocols for execution of transactions with high throughput.
• NFTs are basically digital art, and as the name suggests, they are non-fungible, meaning, they cannot be exchanged with each other as Cryptocurrency can.

Analyzing Ethereum

Undoubtedly, Ethereum is the greatest ecosystem of Decentralized Finance (DeFi) sector, with a plethora of projects developing on it — so it is unsurprising that a large majority of NFTs are operating on it, as ERC-721 tokens.

To be precise, around 95% of entire NFT ecosystems are dependent on Ethereum, so it is no coincidence that when investors are seeking for an NFT marketplace, the initial one is generally run up to Gateway, Nifty, Rarible, OpenSea and more.

Talking about size, Ethereum is on top with a much larger pool of acquirers and sellers — or in other terms, sales volume. So if folks mint an NFT on a marketplace based on Ethereum such as OpenSea, there’s much likely more exposure and other folks willing to acquire or place bets on Non-Fungible Tokens.

When network activity escalates exponentially (which happens often), network has to face a significant transaction backlog, leading to a massive hike in transaction fees which generally crosses digits per second, something which is capable of influencing total users who can mint affordably.

While paying an escalated gas fee can be a punch on the face, positive side is that there are more funds flowing on Ethereum blockchain. A data aggregator exhibits that Ethereum has had an astounding sales volume of $1.7 Billion in previous 30 days.

Apart from this, most well-liked NFT collections in market persist on blockchain of Ethereum, involving BAYC, MAYC, and CryptoPunks and many more.

Now Let’s Take A Look At Solana

With respect to technology, versatility and functionality, Solana is ahead of the curve.

Solana is a high performing blockchain which utilizes a consensus algorithm known as Proof of History, which leverages a cluster of protocols for executing transactions with an escalated throughput — over 600,000 TPS, and transaction cost is generally lower than a USD here.

Minting NFTs with a marketplace based on Solana such as SolSea is notably inexpensive, swift and simple to profit from once it enters secondary market. Generally, Solana mints are swiftly snapped up, and royalties in markets based on Solana are also escalated in contrast to ones based on Ethereum.

While Solana is not as large as Ethereum, it surely is gaining a lot of traction, and this year, its user base remains rapidly growing this year.

Source: CryptoSlam

Every blockchain contains its perks and dark sides, so it actually comes down to what folks want to do with each.

If you are seeking a high throughput blockchain with a reduced gas fee and scalability, then Solana is the one you are looking for.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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