The massive boom of the Solana network does not seem to be slowing down any time soon. One of the factors that have catapulted Solana to new highs is non-fungible tokens on the network.
The Solana network has again broken the record with NFTs after an NFT on the network sold for 13,027 SOL, which is equivalent to $2.1 million. This is the most valuable NFT sold on the network so far.
NFTs on Solana
The NFT in question belongs to be SolanaMonkeyBusiness collection. The collection carries 5000 NFTs that have been minted on the Solana network. The SolMonkey NFT sold for $2.1 million is the rarest in the collection, according to metrics provided by HowRare.Is, an NFT rarity tool.Buy Crypto Now
Its set of features has determined the rarity of this NFT. The #1355 SolMonkey NFT has a skeleton body feature, only available in 2.42% of other SolMonkeys in this collection. Its orange jacket trait is only found in 1.06% of other SolMonkeys, while the bejewelled crown is the rarest trait found in 0.02% of the SolMonkeys.
Solana has been performing well as far as NFTs are concerned. The Degenerate Ape Academy was the first Solana-based NFT that catapulted the SOL token values to new all-time highs. The NFT sold for more than $1 million, with the sale happening around three weeks ago.
Ethereum Losing in NFT Dominance
The Ethereum network has been plagued by major issues ranging from high transaction fees and slow speeds. With SOL being the fastest blockchain, it has continued to attract NFT developers, which has led to Ethereum losing its dominance in the NFT space.
SOL has become the preferable alternatives in terms of NFT development and decentralized finance (DeFi). While Ethereum is launching layer two solutions such as Optimism and working towards its improvement proposals for Ethereum 2.0, Solana currently has the upper hand.
The growing adoption of Solana pushed the SOL token towards all-time highs of $213, achieved in August. However, the network suffered a 17-hour outage due to the increased number of transactions, but the issue was solved shortly after. In August, Solana became one of the top ten cryptocurrencies in market capitalization and currently holds the seventh position with a market cap of over $47 billion.