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Solana Records First-Ever Million Dollar Seven-Figure NFT Sale: Finally an ETH Killer?

Updated: Sep 20, 2021

The Solana Blockchain has experienced rapid growth for its NFT ecosystem in the last few weeks after having recorded its first-ever million-dollar seven-figure NFT sale for a degenerate ape. Degen Ape #7225, the 13th rarest Degenerate Ape Academy NFT was purchased by Moonrock Capital, a blockchain advisory and investment firm for 5,980 SOL tokens on Saturday, amounting to $1.1 million.

Moonrock also bought the 18th most unique SolPunk ( Punks on the Solana chain or simply NFTs ) for 1,388 SOL or $260,000 each of which is said to have attributes that make them indifferent according to a defined rarity system.

It only took Solana about two months to achieve these heights which is a feat in itself thus proving the speedy architecture of this high-performance blockchain. If contrasted, it took Ethereum (one of the well-known and current leaders in the NFT space) three long years to gain its first NFT sale. Although previously there have been sales amounting to 7000 SOLs such as in the case of -Degen Ape #1674, which would have been worth more than a million dollars in today’s time. However, this is only the first time an NFT sale worth more than a million dollars has taken place.

All of this serves as a big achievement and holds great scope for “the Ethereum killer”, in the NFT space, due to low available transaction fees and a high-speed transaction speed of 50,000 transactions per second all thanks to Gulfstream, the forwarding protocol that eliminates the need for having a mempool. Although since their beginning NFTs have been created and sold on Ethereum, high gas fees has become a major issue which has led some investors to set their eyes on other platforms like Solana.

Celebs and famous figures like KSI and Steve Harvey have also shown their support for Solana.

Steve Harvey changed his profile picture on Twitter, to a Solana Monkey Business NFT, showing his support for its potential.

KSI tweeted, "Ethereum fees are too high atm so man is moving onto Solana. GOML," - which means short for - “get on my level”.He too changed the profile picture for his Twitter account @ksicrypto to a Solana Monkey Business NFT thus showing his love for the blockchain network.

The SOL token is currently the sixth-largest cryptocurrency by market cap after recently having replaced Dogecoin from its spot.

Apart from this, there’s major news as “The Red Panda Squad” is about to launch their NFT collection of 10,000 randomly created pandas on the Solana metaverse in less than 2 weeks.


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