Here are some of my thoughts on the NFT scene in the Solana ecosystem.
It is unfortunate to see many smaller Solana NFT projects not able to mint out and many of these owners decide to call it quits. However, here is why I see it as a good thing and it shows that the NFT scene has matured over time.
Do check out the list of projects to look out for towards the end of this article.
1/ Lesser bad actors in the space
If they were going to call it quits just bcos their mint did not sell out in 24hrs, it means they will most probably slow rug anyway. Them exiting is a blessing, saves us all time and money.
2/ Small project founders can now no longer take NFTs as a quick cash grab
People are more conservative with their liquid and waiting for the next blue-chip caliber type of project. Similar to @CetsOnCreck and @okaybears. You could say that the new NFT trend now is “Branding”.
3/ Liquidity will be more concentrated
Lesser projects minting out means there will be more liquid available to make the x10/x20 gains on that “one” project. This is better for our mental health too bcos we don’t have to juggle so many different projects. Focus on that “one”.
4/ People now make better-informed decisions
Although there are still degens among us who are looking for a quick flip on derivatives, I would say there are much fewer people doing it now. Remember back when the derivative of BAYC on Solana went up to 20sol? Geez.
5/ NFT projects are now seen as proper startups
I think they should have always been. You would need to innovate to stand out. Relying on the recycled idea will not make the cut. Proper branding and a team of competent people are needed to ensure the longevity of the project.
List of Solana NFT projects to keep under our radar in May 2022
Final thoughts
Being in the space since Aug 2021 has given me so many life-changing opportunities and it has really taught me a lot. If you are new to this space, don’t be afraid to take risks. that’s when you’ll learn the most. To all my fellow NFT flippers/hodlers, WAGMI!