TL;DR breakdown
- Mike Tyson announces his support for Solana on Twitter.
- He will expand his NFT involvement through the Solana network.
- Developers and contributors are increasingly choosing Solana over Ethereum for NFTs.
Former boxing heavyweight champion Mike Tyson has recently twitted his support for Solana, one of the leading altcoins and blockchain networks in the crypto space. In the Twitter post, he also posted a Catalina Whale non-fungible token (NFT) of himself. The Catalina Whale Mixer is a non-fungible token collection issued on the Solana blockchain.
“Iron Mike” isn’t new in the NFT space. Tyson has been invested in NFT and crypto for quite some time now. He is a big advocate for digital collectables and the growing potential of the altcoin market. Last year, he partnered with creative firm 1ofOne to release the official Mike Tyson NFTs on OpenSea.
His involvement with crypto dates back almost 5 years ago when the legendary boxer partnered with BTC Direct, a popular Bitcion wallet. Tyson also engages his follower community for crypto-related advice and decisions. Just months ago, he asked his Twitter followers whether he should choose the Ethereum or Solana network for NFTs.
As it turned out, the former champ is going with Solana. Last year, he also asked his 5M+ followers to help him choose between Bitcion (BTC) and Ethereum (ETH) for a potential investment.
Why is Mike Tyson choosing Solana over Ethereum for NFTs?
While Ethereum is the most popular blockchain network, there are several reasons why new investors are choosing Solana for minting and selling NFTs. Firstly, the transaction speed (TPS) on Solana is miles ahead of Ethereum. It takes between 10-15 seconds to process a transaction on the Ethereum network, compared to Solana’s 400 milliseconds. Ethereum is a much more congested network than Solana.
There’s also the cost per transaction, commonly known as ‘gas fees’. The average gas fee on Solana is around $0.00025 per transaction, where it can go up to $100 on Ethereum. Although the Ethereum 2.0 upgrade will address this issue, Solana is currently a lot cheaper. For instance, processing an NFT purchase can cost you more than $200 on Ethereum, while it might only cost you a couple of cents on Solana.
There’s also the fact that Solana is easier to program and its ecosystem is growing rapidly. It’s often being referred to as the ‘Ethereum killer’. Although Mike Tyson didn’t provide any details or rationale behind his choice, based on these facts we can understand why Solana is a much better choice for NFT enthusiasts and developers.
Source: https://www.cryptopolitan.com/boxing-legend-mike-tyson-is-all-in-on-solana/