Solana has created a buzz in the crypto space. This new blockchain platform is much faster than competitors and provides a sound infrastructure for hosting crypto products.
Solanart is a project built on the Solana blockchain and serves as a platform to buy and sell digital artworks based on NFTs. Additionally, the surge in SOL tokens is also attracting more attention to the Solana ecosystem.
Let’s analyze how good Solanart is as an investment choice.
What is Solanart?
Solanart is an emerging destination to find, buy, and sell NFTs. NFT refers to non-fungible tokens, a way to establish ownership over digital artworks. You can create NFTs for images, memes, videos, and any digital asset to prove ownership.
NFTs are permanent and recorded in the blockchain. As a result, no one can manipulate or delete the ownership. However, you can purchase an NFT work and get the ownership transferred to your name.
NFTs have been gaining attention and this attention was translated into $250 million in sales in 2020. Therefore, many eyes are on Solanart and its native token.
What is the SOL Token?
SOL is the primary token of the Solana ecosystem. Projects like Solanart use SOL to govern their platforms, pay for rewards, govern the platform, and more. Currently, SOL is among the top cryptocurrencies in the world and is recording massive growth.
Solana distributed the tokens through funding rounds. The company also reserved SOLs for the community, project, and team members.
However, Solana decided to reduce the supply of coins in 2020, and currently, 297,281,254 SOLs are in supply.
SOL Price Analysis
SOL ranks 7th among global cryptocurrencies and is currently trading at $141.25. The token has recorded an increase of 4.2% in price in the past 24 hours, reaching a market cap of $42,191,466,290.
Interestingly, this is the first time in seven days that SOL has experienced growth. It posted a decline of 4.3% in prices over the past week. Furthermore, the performance for the past fortnight has not been so impressive: SOL has lost 20.8% in value over the past 14 days.
However, the monthly performance of SOL has been excellent. The token increased 97.5% across the past 30 days and in addition, the value of SOL increased 4,412.5% over the last year.
As a result, we think that SOL is a good choice for investment right now. The price of the token also increased 3-times during August 2021, and it’s also the first time that SOL has crossed the $100 mark, rising from $36 at the beginning.
Moreover, the growth of the Solana ecosystem reflects SOL’s prices, it’s the fastest blockchain in the world and is attracting many projects, and so, SOL’s outlook is quite promising.
Solanart is another addition to the portfolio of Solana; it is gaining huge popularity, and trading volumes of daily NFTs have reached thousands. As a result, SOL remains a top choice for crypto investors. However, the general risks of crypto investments apply to SOL just like any other token. So, research before you invest to make a wise decision.