In our latest installment of ‘Blue Chip NFTs 101,’ we’re taking a dive into non-Ethereum chain NFTs; we’ll be working our way through top 10 blockchains and their biggest NFT projects, all while still highlighting major noteworthy projects that are on Ethereum.
In our first piece in the series, we covered the remarkable rise of ‘Moonbirds,’ the latest NFT project that has seemingly skyrocketed to blue chip status practically overnight. Let’s take a look at
The Fundamentals: Solana’s NFT Status
Solana has had it’s fair share of critics in recent years – the chain has had periods of intermittent downtime, and it is often criticized as carrying more centralized qualities relative to comparable and competing chains. The objective of this write-up isn’t to evaluate the nature of the chain, but rather to hone in on one of the biggest NFT projects in the ecosystem. We’ll leave a deep dive of Solana’s blockchain structure for another day, because one thing leaves little questioning – Solana was an early mover in being an Ethereum competitor that offered an NFT ecosystem with affordable gas prices.
At current standing, the hot trending topic in Solana NFTs is undoubtedly Okay Bears – a newer PFP NFT project that has gained traction as the Solana ecosystem has grown.
The current standing of DeGods
DeGods hold the most expensive floor price within the Solana NFT eco-system. The company commands north of 200 SOL and routinely maintains a top 5 spot in daily volume. Based on data provided by Hyperspace, nearly 20% of Solana NFT’s total market capital is held by the 10,000-mint project.
DeGods has a bit more of a ‘legacy’ standing in the Solana ecosystem, but as with any early mover, it can be difficult to maintain the standing as challengers emerge. Okay Bears are undoubtedly the biggest competitor in the last week. These adorable animals have become the Solana face on Twitter communities such as NFT Twitter. DeGods have a much higher ceiling but they are able to sell less than 10% more volume in the same period. This suggests that Okay Bears may be vying for the top spot, as Solana continues to expand.
While Solana (SOL ) may not have the NFT legacy that Ethereum does, it seems like the blockchain is now the #1 NFT community. Source: SOL-USD on TradingView.com | Source: SOL-USD on TradingView.com
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Recent Buzz: A Major Acquisition
What is DeGods doing to cement it’s positioning as a Solana ‘blue chip’? It’s easier said than done, but the DeGods community recently made a splash and made some headlines by dishing out roughly $625,000 for a team acquisition in Ice Cube’s ‘BIG3’ basketball league. The league brings 3×3 half-court basketball with a twist, and has consistently hosted ex-NBA athletes and ex-college stars (some of which have even returned to the NBA floor after appearing for the BIG3, a la Joe Johnson).
DeGods purchased 25 NFTs of the BIG3’s ‘Killer 3s’ team at $25,000 a piece, in a decision made by the NFT community’s DAO late last month. The moves that follow are almost as impactful. Announced over the weekend was a similar move from music mogul (and well-known crypto fan) Snoop Dogg, who teamed up with PayPal co-founder Ken Howery to purchase 25 NFTs of their own, this team for the league team ‘Bivouac.’ This sponsorship model from the BIG3 is especially unique, and the league has opened up it’s own Ownership Model Twitter pageThe whitepaper explains how sponsorship works. Crypto and blockchain technology is running rampant through the BIG3 and DeGods can safely consider themselves ‘early.’
There’s plenty more on the horizon for DeGods as well. In a recent ‘State of the Union‘ address, the team addressed a native token (and some of the comments of skepticism around it), events, and a dedicated clip around the logic behind the DAO purchasing the BIG3 team.
Little is certain in the NFT landscape, but DeGods is seemingly well-positioned to be a Solana staple with it’s current engaged community and active, aggressive approach.
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Image from TradingView.com. Charts and featured image by degods.com This content was not written by or associated with the mentioned parties. This article is not meant to provide financial advice. *The writer of this content does not own any of the NFTs mentioned in this article, nor do they hold SOL or any other Solana-based NFTs at time of publishing. This content has been created solely to provide information and education.