The mania round Non-Fungible Tokens (NFT) has solely seen a whirlwind spike over the previous yr, with gross sales crossing $12.7 billion. Such gross sales figures have made it the best-performing cryptocurrency sector. Actually, over 73,000 NFT gross sales value a whopping $271.5 million have been made in simply the previous week alone. With an added enhance from metaverse exercise and movie star indulgence, the booming NFT market is being supported by an array of various blockchain platforms internet hosting these tokens.
Amongst those that jumped on the ‘digital possession’ bandwagon has been Solana, which hosts a variety of marketplaces and unique NFT collections. The platform is even launching a $5 million fund this yr to onboard creators and their followers into its ecosystem. Solana’s dedication in direction of this phase of the cryptocurrency business could be linked to the bullish outlook its workforce has for NFTs.
In a recent interview with Enterprise Insider, Solana co-founder Anatoly Yakovenko remarked that NFTs are in actual fact the early prototypes of how social media networks will look sooner or later.
NFTs are distinctive digital belongings that signify possession. Usually NFTs are purchased by teams of unrelated folks, as was seen within the case of the ConstitutionDAO. Furthermore, since most NFTs are both part of a group or come as a part of a play-to-earn gaming platform, they hyperlink up customers globally and forge a way of group with out the necessity for exterior involvement, very like at present’s social media platforms.
Increasing on this additional, Yakovenko famous,
“I believe these are the early begins of true net social networks that don’t depend on advertisements for monetization, that don’t depend on Google or Fb to operate.”
He additional added that,
“They’re purely these digital communities that may monetize/self-monetize from their very own content material with out the necessity of any of those exterior poison marketplaces.”
NFTs on Solana are undoubtedly contributing in direction of increasing this imaginative and prescient even additional. The blockchain-based music streaming platform Audius recently released new performance that permits artists and followers to embed Solana NFTs on varied blogs and social media platforms resembling Twitter and Discord. A 14-year previous just lately even used the platform to create NFTs that will raise money for Beluga whale conservation.
Even with their thrilling use instances and community-centric method, NFTs have acquired their share of criticism. Just lately, a person claimed to have right-clicked and saved each NFT on the Ethereum and Solana blockchain networks as JPEG information, elevating questions on piracy and the precise worth of NFTs. He had aimed to teach people who find themselves buying NFT artwork proper now that it’s “nothing greater than instructions on find out how to entry or obtain a picture.”
Solana itself has been criticized for copy-pasting NFT artworks that had been already out there on Ethereum as folks claimed that platforms had been prioritizing financial advantages over inventive expression.