Meta's (FB +0.98%) social media apps will soon be home to NFTs based on the Solana (SOL 2.22%) network, unlike Twitter, which only supports Ethereum-based NFTs. For a blockchain with so much potential, it is encouraging to see one of the world's largest tech companies recognize its utility.
Rather than being an NFT marketplace like OpenSea or Foundation, the social media apps will serve as a gallery to show off NFTs. Creators will be able to categorize their posts as NFTs and add additional information like where to buy the NFT, what blockchain it is based on, and how much it is going for. Those scrolling past the NFTs can then access these details if interested in purchasing.
The exposure that Solana will receive through this integration is a first for the blockchain. It is a leader among the so-called Ethereum Killers, but aside from lesser-known DeFi use cases, Solana has been unable to tap into the mainstream view.
Now Solana has the chance to prove its worth to nearly 4 billion users across Instagram and Facebook.
Image source: Getty Images.
The state of Solana NFTs
The timing really couldn't have been better. As of recently, Solana NFTs have been soaring in popularity and price. The monthly volume of Solana NFTs has increased significantly. Between February and April, sales volume tripled.
Despite Solana NFTs being available on marketplaces like OpenSea and Rarible, Magic Eden is currently the most popular marketplace for them. More and more collectors are discovering this new marketplace. Before late February, there had never been more than $25 million of volume on Magic Eden. By the end of April, there was nearly $75 million in volume traded on the marketplace.
Recent NFT projects like Okay Bears and DeGods have helped catapult Magic Eden and Solana-based NFTs into the spotlight.
The launch of Okay Bears put up historic numbers. Within 24 hours of minting, Okay Bears generated $18.4 million in primary and secondary sales. That was more than any other NFT for that day. Currently, Okay Bears sits in the top ten for all NFT projects on OpenSea in the last 30 days. It has outpaced more famous projects like CryptoPunks, Meebits, and Bored Ape Kennel Club in the same time frame.
More than welcome news
As more exposure comes with the Instagram and Facebook integrations, Solana may have finally turned a corner to put its slightly suspect past behind it. Unfortunately, in the last 12 months, Solana has suffered from a handful of network outages.
In September 2021, Solana was down for about 17 hours. It had another outage in January of this year. And just last month, the blockchain was down for nearly seven hours due to malicious bots overriding the network. There are solutions being implemented to mitigate this in the future, but the track record is anything but perfect.
Surprisingly, these outages have not deterred Meta. It seems Meta is aware of the potential Solana brings to level the NFT playing field.
Despite being the most popular NFT blockchain, using Ethereum is costly when minting, buying, or selling NFTs. Users of Solana, on the other hand, will realize that the cheaper fees and faster speeds will help keep more money in their pocket. The Instagram and Facebook launch should expedite that realization in the coming months.
Solana investors should be thrilled with these new advancements. Solana has been one of the more popular DeFi blockchains, but most of those applications stay out of the public's view. The integration on Instagram and Facebook will propel Solana into a new stage of its development and place it among the NFT blockchain heavyweights.
