You searched SOL NFTs vs ETH NFTs because you want to know which one is best, right? Well, you’re not alone. If you’re just starting with NFTs, you surely want to know which blockchain NFT offers better features for investing.
Ethereum NFTs are the most popular, with the largest market share – talk about the likes of BAYC and Cryptopunks. However, the network is slow, and gas fees are high, making it better for people with larger budgets. While Solana NFTs offer cheaper gas fees and faster transactions but reduced security. However, you can quickly make a profit in the secondary market.
So, who wins in the SOL NFTs vs ETH NFTs battle? Are Solana NFTs better than Ethereum NFTs? Well, that’s why we’re here. In this article, you’ll learn;
- What are Solana NFTs and Ethereum NFTs
- Pros and cons of both NFT types
- SOL NFTs vs. ETH NFTs: similarities and differences
- Our final verdict.
So, ensure to read till the end to know which blockchain NFT is better.
What is Solana NFTs?
Solana NFTs are non-fungible tokens minted on the Solana blockchain. Solana is a decentralized blockchain technology that is fast gaining wide acceptance and usage.
The blockchain was launched in 2017 to provide a better environment for developers to launch decentralized finance (DeFi) and non-fungible tokens (NFTs) projects.
Many collectors believe that Solana will overtake Ethereum since it builds on the downsides of the latter. It offers faster transaction speeds — up to 50,000 transactions per second, compared to Ethereum’s 15 per second.
Furthermore, it offers cheaper fees for minting NFTs on the network. Gas fees are the amount you pay to ensure your transaction is validated — see it as the VAT of blockchains.
On Solana, you pay as low as $0.00025. This makes it easy to get your hands on your favorite collections without spending much.
So, can NFTs mint at a low cost on Solana sell at a high price like others minted on Ethereum?
Yes, and here are the most expensive NFTs sold at Solsea.
- SolMonkey 1355 was sold for about 2.1 million US dollars.
- Degenerate Ape academy was sold for over 1.1 million US dollars.
- SolPunks was sold for 414,300 US dollars.
So, how does Solana complete so many transactions while keeping the price low?
The network validates transactions using two consensus mechanisms: Proof-of-Stake and Proof-of-History. These mechanisms ensure the blockchain completes transactions as fast as prominent credit cards like Visa.
Solana NFTs Pros and Cons
The pros of Solana NFTs are;
- High speed of transactions per second (TPS)
- Low gas fees.
- Smart-contract support.
- Causes less environmental harm.
The cons of Solana NFTs are;
- Smaller market.
- Lesser security strength.
What are Ethereum NFTs?
Ethereum NFTs, like Solana NFTs, are non-fungible tokens minted on the Ethereum blockchain, while its cryptocurrency is known as ETH. It is a decentralized blockchain that uses smart contracts to deploy programs like DeFi and NFTs.
Founded in 2015, Ethereum is the most popular and widely used blockchain for minting NFTs. However, getting NFTs on Ethereum is capital intensive due to high gas fees. But we must commend them for their high security—common NFT scams like rug pulls are not so much on Ethereum.
Minting non-fungible tokens require lots of energy, releasing carbon dioxide CO2 into the atmosphere. CO2 is a greenhouse gas, a major cause of climate change and global warming, amongst other environmental problems.
Ethereum has been working on moving to a more sustainable Proof-of-Stake mechanism for years with slow progress. Though, the developers recently confirmed that the long-awaited Ethereum Mainnet Merge would happen sometime between July and September 2022.
All the top most expensive NFTs ever sold were minted on the Ethereum blockchain, and here are some of them.
- The Merge was sold for 91.8 million US dollars.
- The First 5000 Days was priced at about 69 million US dollars.
- Clock, which was sold for 52.74 million US dollars.
Pros and Cons of Ethereum NFTs
The pros of Ethereum NFTs include;
- High security.
- Larger market.
- Highly-priced NFTs.
- Smart contact
The cons of Ethereum NFTs include;
- Slow transaction per second
- High gas fees.
SOL NFTs Vs ETH NFTs: Key Similarities.
Both types of NFTs are not the same. However, they share some similarities, which we’ve explained below.
They are both Minted on a Blockchain
Solana NFTs and Ethereum NFTs, like every other NFTs, must be minted on decentralized blockchains before you can sell them in a marketplace.
They both Require Smart Contracts
You need to deploy smart contracts to mint NFTs on Solana or Ethereum. These smart contracts handle everything from creation to ownership transfers and even how creators earn royalty fees. We have a complete guide on all you need to know about smart contracts.
They have Special Marketplaces
You cannot sell NFTs on regular online stores like Amazon. They need special marketplaces that run on the blockchain. Opensea, Solsea, and Rarible are some popular NFT marketplaces.
How is Ethereum NFTs Different from Solana NFTs?
If you want to start investing in either of them, you clearly should know what sets them apart—besides being on different blockchains, that is.
Solana NFTs Process Transactions Faster
The speed of transaction per second on Ethereum is about 15 TPS, while Solana is estimated to be about 50,000 TPS. This means it takes a longer to mint an NFT on Ethereum than on Solana.
Solana NFTs offer lower Gas Fees
Minting NFTs on the Ethereum blockchain cost between 30 dollars to 1,000 dollars. However, you can mint a SOL NFT for as low as 1 cent! This reduced gas fee makes SOL NFTs more attractive to new collectors.
Ethereum NFTs have a Larger Market
The Ethereum market has a larger market share compared to Solana. According to Messari, Ethereum dominated the NFT market in 2022 Q1 with a secondary sale volume of $8.5 billion. This is over 80% market share.
However, Solana comes in the second position with just $697 million—a small 7% market share. The gap is because Ethereum is the OG NFT platform, and Solana is just starting out.
Solana NFTs Offer Lower Average Sale Prices
Gas fees aside, an average NFT on Ethereum starts at 0.7 ETH or $1,266 as of writing. The average price for a Solana NFT, on the flip side, is 0.3 SOL or $40.
Solana NFTs are more accessible, but Ethereum NFTs provide a better secondary sale advantage in terms of profits.
Both NFTs are Sold on Different Marketplaces
The marketplaces that sell ETH NFTs are;
- Mintable, and more.
Whereas the marketplaces approved for Solana minting of non-fungible tokens are;
- Magic Eden, and more.
They don’t Use the Same Wallets
Another major factor in our SOL NFTs vs ETH NFTs comparison is the wallet. Since both NFTs use different token standards, you can’t save them on the same wallet.
SOL NFTs vs ETH NFTs: Final Verdict
ETH NFTs are great because of their stronghold in the market. Also, SOL NFTs are becoming an authority with faster TPS and other benefits they came on board with. However, if you want to join the rush and start flipping NFTs for profit, you should consider your budget and how profitable the project will be in the secondary market.
SOL NFTs vs ETH NFTs Frequently Asked Questions (FAQs)
Is Solana good for minting NFTs?
Solana is among the top blockchain for minting NFTs now. The market value of Solana is over $600 million, and experts believe it may overtake that of Ethereum soon. Its cheaper fees and faster transaction speed appeal to developers and project founders.
Is Ethereum good for minting NFTs?
Ethereum is good for minting NFTs since it is the first blockchain to support NFTs and has a larger market. Many Ethereum NFTs creators and collectors have made millions of dollars, despite the hike in gas fees.
Which blockchain is best for NFTs?
Ethereum NFTs rule the market. However, it owes its downside to the slow speed of transactions and high gas fees. However, other blockchains are developing fast. Blockchains, like Solana, provide solutions to the problems of minting fees and speed of transaction.
Can Solana NFTs revolutionize Ethereum NFTs?
There is a possibility of Solana NFTs taking over Ethereum NFTs, but it is still far behind currently. Ethereum is older and commands better security compared to Solana.
Will NFTs increase in value?
When a collector resells NFTs, his selling price will be higher than the price at which he purchased it from the creator. So, NFTs can increase in value over time. However, it is not often that a purchased NFT gets to be resold. This is because their hype and an active community determine the value of NFTs.