NFTs offer several benefits like true ownership while riding on the transparency of the blockchain while being limited.
Ethereum might have been the first, but its limiting scalability and ultra-high demand saw fees spiral out of control, negatively impacting Gas.
As of writing, Gas stands at over $30, fluctuating depending on the state of the network for simple ETH transfers.
However, fees rise to unmanageable and unsustainable levels when deploying complex smart contracts, such as minting NFTs and other smart contract-guided operations.
High Throughput Blockchains like Solana Carve Market Share
The weakness of Ethereum paved the way for Solana, AVAX, NEAR, Cosmos, and other high throughput chains to offer the same rails–distinctively with low and relieving fees–allowing them to command a decent market share.
Specifically, Solana now stands above the rest and is one of the most active blockchains allowing for the launch of NFTs, DeFi, and more dApps.
Notably, Solana boasts of ultra-high processing speeds of up to 50k, meaning Gas fees and commissions are near negligible.
NFT minting and other intensive operations that would otherwise cost an arm and a leg in Ethereum are near free.
Additionally, Solana is interoperable with Ethereum meaning processes executed in Solana can be transposed to the latter thanks to the easy-to-use wallet supportive to both active networks.
Accordingly, amid the explosion of NFTs and the demand for low fees, developers and artists realize themselves in Solana.
Numbers back this claim.
According to the protocol, there are over 40 independent NFT projects, allowing artists, play-to-earn game developers, fans, and more to tap on the benefits of Solana while freely expressing themselves.
The Rise of Generative NFT Projects like SolOwl in Solana
As Solana carves out share, there has been a notable rise in generative projects whose popularity continues to rise.
Specifically, generative projects are digital avatars on the blockchain designed to serve various applications and are useful.
These avatars take the form of NFTs and are therefore limited edition, bear different traits, and are distributed randomly—meaning even the creator of the avatar won’t know which avatar they will receive.
A standout generative project on Solana is the SolOwl project.
Out of this platform, 9,999 unique, digitally drawn bit-art owls exist as NFTs and are minted by the Owl Protocol.
Each owl takes a special drawing style backed by the Solana blockchain. The protocol plans to release randomly generated eggs in SolOwl v2.
Current SolOwl owners will receive airdrops of 3D eggs. The next iteration will also have additional features like the Tamagotchi-like p2e game and a marketplace while remaining purely user-driven.