Building Your NFT Project on Solana

Building Your NFT Project on Solana

There is hardly anyone with a smartphone today that has yet to hear about NFTs. The concept changed the way we create and monetize content and spurred a crypto rush between 2021 and now. Right now, there are probably over 50,000 NFT sales going on somewhere on the blockchain.

If you are a creator and want to jump on the NFT bandwagon, there are many ways to get your project out there. One of them is using the Solana blockchain.

What is the Solana Blockchain?

Solana (SOL) is a decentralized, high-speed blockchain that can execute thousands of transactions per second. It is a programmable blockchain protocol that aims to achieve high-speed transactions while maintaining high-grade security and its key feature of decentralization. 

The network employs a new proof-of-history in addition to the proof-of-stake consensus technique. The native token of the blockchain, SOL, is used for transaction fees and can also be staked. Today, Solana network is a strong competitor to Ethereum.

In 2017, Anatoly Yakovenko, an ex-contributor to Qualcomm and Dropbox, created and announced the Solana Blockchain when he published the Solana whitepaper. The Solana whitepaper is the first documented reference to proof-of-history, which is presented as a revolutionary method of timekeeping for blockchain distributed networks.

Working with Eric Williams and Greg Fitzgerald, Solana's CTO, Anatoly hopes to build Solana into a trustless and distributed protocol that addresses the flaws that plague the Bitcoin and Ethereum blockchains.

In February 2018, the team released the Solana platform testnet. Solana Labs, the business behind the platform, was originally known as Loom. The name was modified afterwards to avoid confusion with Loom Network, a multichain interoperability solution.

Differences Between Ethereum and Solana Blockchain