On the state of Solana NFTs

Some incoherent thoughts about Sol NFTs

As I start writing this, it’s currently 2:13 am. I’m waiting to mint Cryptografs which I got a whitelist for, questioning the risk/reward and also my life choices. The whitelist meta has pretty painful for anyone living in Australia. The previous mint which I had my eye on was Sovana which had their sale at 2:30PM UTC (1:30am my time) and most mints seem to happen dead of the night.

Flipping mints in Sol from 1 to 3–4 hardly seems worth it despite it being a 100–300% gain when in reality it’s only a few hundred bucks. While the majority of the market has their attention on mints, the real value (and also fun) seems to be accumulating on secondary markets and betting on teams that have consistently been building while liquidity shifts from mint to mint.

Coming from Eth land, the no gas fees in Sol has made it super enjoyable to interact with the marketplaces and also minting. Oh my mint failed? No worries, I’ll just keep spamming the mint button until it goes through and not pay anything. Listing on marketplaces is also a breeze with negligible fees. On Opensea, you’d have to pay gas whenever you list a new collection and also take a mental note of including gas in your overall purchase price.

The curse of low gas fees is that I’ve been finding myself make more transactions on Sol because each decision is less punishing. Compare Magic Eden’s, Solana’s most popular marketplace (for now) vs Opensea transactions. 6.92m vs…