NFT collections inspired by the Bored Ape Yacht Club and Pudgy Penguins are quickly spreading on Ethereum rival Solana—and selling for exorbitant prices.
Moonrock Capital, a blockchain advisory firm based in London, purchased a Degenerate Ape Academy Solana-based NFT for $1.1 million yesterday. Others in the collection are selling for up to $1.7 million.
Moonrock Capital just acquired the 13th rarest @DegenApeAcademy NFT for 5980 $SOL ($1,109,170.40) pic.twitter.com/STkwJetRl1
— Moonrock Capital (@MoonrockCapital) September 11, 2021
The unofficial NFT collection was inspired by the massively popular Ethereum-based Bored Ape Yacht Club NFT collection—a collection of 101 Bored Apes sold this week at auction house Sotheby’s for $24.39 million.
Solanapes, a collection with the same design as the Bored Ape Yacht Club NFTs but different attire, was released first. The Degenerate collection has a different design than the original Ethereum-based collection, but it is still inspired by it.
SolPenguins, which resemble the Ethereum-based Pudgy Penguin collection, are also spreading on the Solana blockchain—but for a lower price: the floor price is 1.6 SOL, or $281
The majority of the profitable NFTs projects, such as tokenized artwork, sound clips, videos, or chat bots, are currently hosted on Ethereum.
The projects are spreading across Solana in order to take advantage of the blockchain’s low transaction fees. On September 7, Degenerate Ape Academy tweeted, “The low tx fees probably mean we could afford to live in Manhattan.”
Tomorrow (9/12), Outcast Apes will officially evolve into @Solanapes.
After being rejected from the yacht club for not being able to afford rising gas prices on Ethereum, the outcasts have had enough. Solanapes marks a watershed moment for the NFT space. #Solana #SolanaNFTs pic.twitter.com/1IgbcncrfR
— Solanapes 💀 (@Solanapes) September 11, 2021
And Solana’s blockchain is popular as well—SOL is the sixth largest cryptocurrency by market cap, a position it has risen to surprisingly quickly since its debut last spring.
However, not everyone believes Solana will continue to be successful in the NFT world. According to one NFT trader, Solana is “less mature” and “will not be the landing spot for high-end NFTs” in the future.
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NFTs are one-of-a-kind in that they cannot be counterfeited because they are stored on the blockchain. However, other major NFT traders claim that designers using Solana’s network are able to rip off low-cost variants.
“There’s nothing original about them,” Gmoney, a pseudonymous NFT investor, told ULTCOIN365. If Solana wants to be taken seriously for NFTs, I believe they should encourage people to create new and innovative projects. Please do not copy/paste.”
So far, Ethereum-based NFTs have been the largest (and most expensive). Who knows if Solana will be able to overtake Ethereum in the NFT world—but it is certainly trying.