The Most Anticipated NFT Project in Solana
Solana is a pioneer in distributed ledger technology and offers swift, scalable, and secure blockchain transactions. Today the tech industry is disrupted by a new, decentralized information-sharing economy. Which are built on the Solana system. Scalability, security, and fairness are the three key pillars of it. The terms on which Solana plans to construct the biggest open-source developer platform for dApps.
The Solana protocol is founded on the proof-of-history principle, which offers a digital record to verify that specific events have taken place in the network. It quickly and securely comes to a consensus using historical evidence.
A cutting-edge blockchain technology called Solana can grow transaction speed much more quickly than XRP and Bitcoin can. Join us for a discussion about the Solana blockchain’s operation. The reasons it moves so quickly, and the potential for it to transform blockchain-based applications. One Solana token is currently worth $102.06, and the market capitalization is $33,982,283,996.
The Solana cryptocurrency is compatible with the Ethereum blockchain. It is split from a chain point (verifiable proof). By timestamping each transaction and generating a data structure that resembles an addition, it can serve as a cryptographic clock.
Solana boasts great scalability and quickness. It is one of the few protocols with true web-scale blockchain characteristics and boasts over 1000 TPS. Solana supports a minimum of 50,000 TPS , making it 3800 times faster than Ethereum and 10,000 times faster than Bitcoin.
The y00ts Project: What is it?
y00ts, formerly known as “Duppies,” is an NFT collection. Dust Labs is the developer. It’s storage is on the Solana blockchain. DeGods, another productive NFT project by Dust Labs on Solana, is also well recognized.
There are 15,000 NFTs in the y00ts collection, all of which are based on sheep but have additional features and traits. These NFTs originally cost about 375 DUST , which was comparable to about $800–$1000 per unit.
One of the largest NFT Profile Picture Projects (PFP) on the Solana blockchain, the initiative was able to raise $7 million from venture capital firms like FTX Venture and Solana Venture.
Many individuals like this project thanks to its great success. However, there are certain things that make it harder for the full rollout to happen soon. After the September mint, the project should have been fully functioning. However the project’s designers chose to throw out all of the current NFTs and start fresh. There was a delay till November as a result.
Following the announcement, trading activity increased and exceeded $2 million in total transactions on the marketplace. This is excellent news for Solana because Aptos was posing a severe threat to it.
A Conclusion
The y00ts project’s full rollout is excellent news for the project, the Solana blockchain, and the NFT ecosystem as a whole. Numerous transactions involving these NFTs can occur on the secondary market, which should help to reverse the current bear market in NFTs. But it’s also important to note that since September, the value of DUST, the ecosystem’s native token, has gone down.
