Why Solana for Gaming NFTs
When talking about crypto or blockchain, you may have heard of Bitcoin or Ethereum, but what exactly is Solana? Solana is a high-speed blockchain that is designed for large-scale applications, such as gaming. Compared to other top decentralized blockchain platforms like Ethereum and Bitcoin, Solana is much faster and cheaper to use. It has the capacity to handle high volumes of transactions, meaning that it could easily support the transfer and management of NFTs. A recent study showed that Solana is 400 times faster than Ethereum and 100 times cheaper. This makes it a much more attractive option for developers and gamers who want to use NFTs, as well as players looking to trade their NFTs.
With all the benefits it boasts, it's no surprise that more P2E gaming companies are turning to Solana to house their NFT transactions. In fact, NFT sales have risen from under $100 million in 2020 to $25 billion in 2021, as measured by DappRadar. This is a clear indication that the adoption of NFTs in gaming is growing rapidly, and Solana is well-positioned to provide the infrastructure needed to support this growth.
We’re already seeing some early examples of NFT-based games on Solana. One example is STEPN, a GPS-based web3 fitness game where players equip themselves with NFTs in the form of sneakers. By moving around, users' NFTs generate earnings that can be put towards improving their sneakers and increasing earnings, or cashing out for crypto.
Another up-and-coming example is Elite XP, a gamefi platform that seeks to reward traditional gamers with crypto rewards based on their in-game performance of popular web2 games including Fortnite, League of Legends, and more. Elite XP's Controller NFTs are also powered by the Solana blockchain, making it simpler to use for those with limited crypto or blockchain knowledge.
As the demand for NFTs in gaming continues to grow, we can expect to see more games popping up on Solana that use NFTs in innovative and exciting ways.