The NFT series inspired by the Bored Ape Yacht Club and Fat Penguin is spreading fast on ethereum rival Solana and selling for huge amounts.
London-based blockchain consultancy Moonrock Capital bought a Solana-based NFT of the Academy of Fallen Apes for $1.1 million yesterday. Other products in the series are on the market for up to $1.7 million.
The unofficial NFT series was inspired by the hugely popular Ether-based Bored Ape Yacht Club NFT series – a series of 101 Bored Apes sold this week at auction house Sotheby’s for $24.39 million.
Another collection, Solanapes, has the exact same design as the Bored Ape Yacht Club NFT, but with different clothing that drops first.The Degenerate collection has a different design, but is still inspired by the original Ether-based collection.
SolPenguins, which look a lot like the Ether-based Pudgy Penguin collection, are also spreading on the Solana blockchain – but not selling for as much money: the base price is 1.6 SOL, or $281.
Right now, most lucrative NFTs projects, such as tokenized artwork, sound clips, videos, or chatbots, are housed on ethereum.
These projects are spread on Solana to take advantage of the blockchain’s low transaction fees.” Low tx fees could mean we can afford to live in Manhattan,” the Academy of Fallen Apes tweeted on Sept. 7.
And Solana’s blockchain is popular – SOL is the sixth largest cryptocurrency by market cap – a position it has taken surprisingly quickly since its launch last spring.
But not everyone thinks Solana will continue to be a success in the NFT world. One NFT trader told us that Solana is “less mature” and “won’t be a landing spot for high-end NFT” in the future.
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NFTs are unique: because they’re stored on the blockchain, they can’t be forged. But according to other large NFT traders, designers using the Solana network are able to rip off cheap variants.
Gmoney, a pseudonymous NFT investor, tells us.” They don’t have any originality. I think if Solana wants to take NFT seriously, then they should encourage people to make new and creative projects. Not copy/paste.”
By far the biggest (and most expensive NFTs) are based on Ethereum. Who knows if Solana will overtake Ether in the NFT space – but it’s certainly working on it.