Key Highlights:
- Solana’s rising adoption as the preferred Metaverse solution;
- Top five Metaverse projects on Solana;
- Binance hosted on Solana Metaverse,
- Solana’s NFT Dominance over Ethereum.
The Blooming Solana Metaverse: Factors Influencing Massive Adoption
The Solana Metaverse has been growing at a rapid pace recently, with several game-changing projects being developed on the platform. It is likely that the Solana Metaverse could eventually pose a significant challenge to Ethereum in terms of the number of people using it and the number of different services it provides.
Solana’s Speeds and Security Are off the Charts
Solana is a permissionless and open-source Layer-1 blockchain that boasts of having the capacity to facilitate 50,000 transactions per second (TPS) and offers increased scalability. With a block time of 600 milliseconds, Solana is the ideal network to conduct multiple Metaverse transactions. Additionally, it offers significantly lower latency and higher scalability compared to Ethereum, with a transaction finality time of about 28 seconds. Solana’s unique consensus algorithm combination of Proof of History (PoH) and Proof-of-Stake (POS) ensures consistency and finality.
Source: Solana | Solana Transaction Per Second
The crux of the Solana Metaverse is that it has been built on the Tezos blockchain, which is extremely secure and reliable. It ensures that user data is fully protected at all times and never shared with third parties. Project development on Solana is secured by the popular multi-paradigm and general-purpose programming language Rust.
Blooming Investor/Community Base
Solana has also captured the interest of top crypto investors, venture capitalists, and established brands, who are eager to build their Metaverse projects on the Solana blockchain. Considering that the size of the ecosystem is a crucial factor when developing Metaverses and other blockchain projects, having these projects on Solana translates to significant liquidity and greater acceptance.
Ease of Use and Cost Efficiency
Another advantage of using the Solana Metaverse is that it is completely free to use and there are no fees associated with using any of the services provided on the platform. This makes it extremely cost-effective for individuals and businesses alike and makes it a very attractive option when compared to more conventional social media platforms that charge an exorbitant amount of fees every month. This is another reason why it has become so popular lately and why it has been generating so much buzz in the wider community over the last few months.
Overall, the Solana Metaverse is an extremely promising platform that has the potential to become a major player in the industry over the next few years. It is set to become one of the biggest players in the decentralized social networking space and has all the features required to compete with the more traditional platforms like Twitter and Facebook.
It has the benefit of being completely decentralized, another major advantage, and is not reliant on any one single entity to operate successfully. It is currently only operational in the alpha stage of development but has plans to upgrade to the full version very soon and is expected to be fully operational by early 2023.
These are major draw cards for the Solana Metaverse and are some of the reasons why it has quickly grown in popularity over the last few months. This could make it a serious challenger to other major platforms in the near future and become one of the leading social platforms in the world today.
Some of the Most-Prominent Metaverse Projects on Solana
Solice (SLC)
Source: YouTube | Solice Metaverse
Built on the Solana blockchain, Solice is the network’s first cross-platform VR Metaverse. With the ability to own lands and explore a 3D Metaverse, Solice is comparable to other popular Metaverse names such as Decentraland and The Sandbox and introduces multichain features.
Synergy Land (SNG/ACN)
Source: Google Images | Synergy Land
The multiplayer ARPG game uses Unreal Engine to provide players with fluid gameplay that was influenced by games like Diablo and Path of Exile. The synergy studios-created game, which has outstanding play-to-earn elements, is located across uninhabited islands where players can conquer them and engage in rivalry with them for in-game NFTs.
Good Games Guild (GGG)
Source: Google Images | Good Games Guild
By holding investments in the most recent and ongoing Metaverse initiatives across Solana, Good Guild Games aims to become the primary gaming hub in the ecosystem. The platform allows for the trading of gaming NFTs but it primarily manages the increasing quantity of in-game NFTs and crypto assets for the best possible returns for its owners.
Star Atlas (ATLAS)
Source: Google Images | Star Atlas
Start Atlas is a well-known Metaverse project that demonstrates the capabilities of the Solana blockchain. This is an uncommon game with intergalactic experiences and excellent space exploration game mechanics.
Binance Launches Space on Solana-Based Portals
Earlier this year, cryptocurrency exchange Binance.US built a space in Portals, a Metaverse platform based on Solana. Portals is an “immersive social space” where users explore buildings and interactive spots.
Source: BSC News | Binance.US x Portals
At the time, the head of community and partnerships at Portal, Chris Lund described the partnership as Binance.US “getting a space in Portals Downtown with a focus on delivering the latest news, charts, and events virtually.”
Lund further revealed that FTX.US was also working on building its own office on Portals, which has since gone live. Other Solana-based projects such as Raydium, Magic Eden, Audius, and Bonfida have built spaces on Portal.
Binance.US has since gone on to host several events on the platform, the most recent coming in late September. The event was made in honor of the crypto exchange’s third anniversary.
Solana Vs Ethereum: Pound for Pound, Solana Outperforms Ethereum in the NFT Space
Despite having a rough year following multiple network outages, Solana managed to dominate in the NFT space, a key element of the Metaverse.
Recent data from Delphi Digital showed that the super-efficient network’s market share based on total trading volume jumped from 7% to 24% over the last two months.
Source: Delphi Digital
Also, Solana recorded a higher NFT daily trading volume than Ethereum in September, with unique buyers surging by 34% Month-over-Month (MoM).
Source: Dune Analytics
Solana Vs Ethereum:While Solana is unlikely to overthrow Ethereum just yet, it seems to be gathering the necessary momentum to become a major challenger. According to data from Flipside Crypto, the proof-of-stake protocol has accumulated 9.89 million trades totaling $1.1 billion, while Ethereum has accumulated 13.38 million deals totaling $16.5 billion.
