August 12, 2022

In our newest installment of ‘Blue Chip NFTs 101,’ we’re taking a dive into non-Ethereum chain NFTs; we’ll be working our manner by means of high 10 blockchains and their largest NFT initiatives, all whereas nonetheless highlighting main noteworthy initiatives which might be on Ethereum.

In our first piece within the collection, we lined the exceptional rise of ‘Moonbirds,’ the newest NFT mission that has seemingly skyrocketed to blue chip standing virtually in a single day. Let’s check out

The Fundamentals: Solana’s NFT Standing

Solana has had it’s justifiable share of critics in recent times – the chain has had durations of intermittent downtime, and it’s typically criticized as carrying extra centralized qualities relative to comparable and competing chains. The target of this write-up isn’t to guage the character of the chain, however reasonably to hone in on one of many largest NFT initiatives within the ecosystem. We’ll go away a deep dive of Solana’s blockchain construction for an additional day, as a result of one factor leaves little questioning – Solana was an early mover in being an Ethereum competitor that provided an NFT ecosystem with inexpensive gasoline costs.

At present standing, the recent trending matter in Solana NFTs is undoubtedly Okay Bears – a more moderen PFP NFT mission that has gained traction because the Solana ecosystem has grown.

DeGods: Present Standing

DeGods have far and away the very best flooring worth within the Solana NFT ecosystem, constantly commanding north of 200 SOL whereas routinely sustaining a high 5 place in day by day quantity. The ten,000 mint mission has a market cap that encompasses practically 20% of the full Solana NFT market cap, in line with information from Solana NFT aggregator Hyperspace.

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DeGods has a bit extra of a ‘legacy’ standing within the Solana ecosystem, however as with every early mover, it may be tough to take care of the standing as challengers emerge. The most important challenger in latest weeks has undoubtedly been Okay Bears, which have been the face of Solana on communities like NFT Twitter, and has blown away Solana quantity over the previous week with over $40M price of Okay Bears being purchased and bought. DeGods actually have the next ceiling, however having lower than 10% of that quantity over the identical timeframe means that Okay Bears may very well be gunning for the highest spot because the Solana panorama continues to develop.

Solana (SOL) does not have the legacy standing in NFTs that Ethereum has, however the blockchain has seemingly secured the #2 spot with regards to NFT communities. | Supply: SOL-USD on TradingView.com

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Current Buzz: A Main Acquisition

What’s DeGods doing to cement it’s positioning as a Solana ‘blue chip’? It’s simpler stated than carried out, however the DeGods group not too long ago made a splash and made some headlines by doling out roughly $625,000 for a group acquisition in Ice Dice’s ‘BIG3’ basketball league. The league brings 3×3 half-court basketball with a twist, and has constantly hosted ex-NBA athletes and ex-college stars (a few of which have even returned to the NBA flooring after showing for the BIG3, a la Joe Johnson).

DeGods bought 25 NFTs of the BIG3’s ‘Killer 3s’ group at $25,000 a chunk, in a call made by the NFT group’s DAO late final month. Nearly equally impactful may very well be the strikes that observe go well with. Introduced over the weekend was the same transfer from music mogul (and well-known crypto fan) Snoop Dogg, who teamed up with PayPal co-founder Ken Howery to buy 25 NFTs of their very own, this group for the league group ‘Bivouac.’ This sponsorship mannequin from the BIG3 is particularly distinctive, and the league has opened up it’s personal Possession Mannequin Twitter page, in addition to a devoted whitepaper outlining how the sponsorship mannequin operates. Crypto and blockchain know-how is working rampant by means of the BIG3 and DeGods can safely take into account themselves ‘early.’

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There’s loads extra on the horizon for DeGods as properly. In a latest ‘State of the Union‘ tackle, the group addressed a local token (and a number of the feedback of skepticism round it), occasions, and a devoted clip across the logic behind the DAO buying the BIG3 group.

Little is for certain within the NFT panorama, however DeGods is seemingly well-positioned to be a Solana staple with it’s present engaged group and lively, aggressive method.

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Featured picture from degods.com, Charts from TradingView.com
The author of this content material shouldn't be related or affiliated with any of the events talked about on this article. This isn't monetary recommendation.

*The author of this content material doesn't personal any of the NFTs talked about on this article, nor do they maintain SOL or another Solana-based NFTs at time of publishing. This content material is produced solely for academic and informational functions.