Solana NFTs – Part 1
In the past 3 months I’ve dived head first into Solana NFTs. I thought it would be beneficial to recap what I’ve learned about the space.
2020 Crypto Experiments
One of the best things I’ve done in crypto (and I’ve done a lot of bullshit) was experiment in the bear market.
Right at the tail end of 2020, the stars aligned for ya boy. I had extra money, free time and knowledge of crypto from paying attention to the space for years. I noticed that the crypto YouTubers I had subscribed to suddenly started posting again and were hella excited in their videos. I didn’t know it, but it was a perfect time to invest too.
I started learning and using Metamask and Uniswap and buying coins early before they hit Coinbase. I started investing heavier into different coins that were launching and had hype behind them. I kept binge watching crypto YouTube videos and investing in coins they were talking about. I did this all with the expectation that the money I was experimenting with could go to 0.
Crypto is still rewarding me for that experimentation I did years ago through airdrops. The most recent one being Evmos.
So why experiment? Not only for the airdrops, but also because it’s the best time to experiment. The networks aren’t as clogged, so things go faster and things are cheaper. Everything’s calm and settled and you don’t have to learn on-the-fly as much. And ya neeeeeeever know. The things we’re experimenting with today might be normal in the future.
In that tail end of 2020, I did a lot of experimenting with ETH-based coins. ETH wasn’t as high priced as it is now and the network wasn’t as congested, so fees were lower.
Nooooooow there is a noticeable fee for everything on ETH! and it’s annoying. At the time of this writing fees are a lot smaller than usual, but I can’t justify using the network as much when Solana is such a cheaper network. Developers are developing high quality games, NFT’s and other resources on it.
I admit it. I had an affair with Solana. I’m sorry ETH.
Random things I’ve noticed or learned while experimenting in Solana NFT’s
- There’s a lot of younger people in the space with me. Occasionally I’ll see 13-15 year old’s in the space. It’s kinda trippy. Voice chat and spaces expose your voice.
- NFTs do well in a crypto bear market because it makes for cheap entries to projects that would otherwise price most people out.
- It’s so great to not have to pay excessive fees. It’s faster and more cost effective. Everything in ETH had a fee and it adds up – staking, unstaking, withdrawing, sending, minting, etc. All fees associated with them. Different airdrops made the fees worthwhile though, so I can’t complain too much about them.
- It’s more predictable – I don’t have to worry about things like sandwiches or inconsistent fees. I know what I’m going to pay
- It’s easier to rug – People are starting to figure out the formula for their anonymous rugs and I’m seeing more and more in the space. It’s the wild wild west. Because it’s easier to rug, I appreciate the projects that are transparent and adequately Doxxed and are consistently available through voice and or video or a human social media account. I think this is the way things will eventually go.
- It all happens on Discord and Twitter – Most of the details of Solana NFT’s are on Discord and/or Twitter. I do see some projects from time to time using Telegram, but for the most part it’s Discord and Twitter. I’ve learned to use Discord and Twitter VERY well.
- The biggest most well known Solana NFT marketplace is Magic Eden.
- Some people are happy with the smallest profits. They will mint something for 1 Sol and list it on Magic Eden for 1.01 Sol for a .01 profit (not even taking into account fees).
- The digital art in the Solana NFT space is absolutely amazing. – There are so much great art that art alone tends to not be enough these days. NFT investors want great art AND some type of utility.
- Words / phrases / platforms / resources that you gotta know if you’re gonna deal with Solana NFTs – mint date, mint price, supply, volume, hype, WAGMI (we all gonna make it), NGMI (not gonna make it), bluechips, degen, wallet, airdrops, tokens, proof, whitelist (WL), public mint, mint bots, snipers, whales, floor price (FP), Magic Eden and CoralCube.
In Part 1, I wanted to keep it more matter-of-fact style. Find out what happens in Part 2 where I give more of my opinion about the space.
You like that suspense I put in there? lmao
You know you do.