Top 5 NFT projects with the highest market cap on Solana
NFTs already existed since 2014 but only had its time to shine back then on 2021, many people has already invested in these NFTs, and some are still planning, and if you’re one of them this article is for you, so don’t you go anywhere. Before we dive straight into the Top 5 projects, to some of you who are relatively new to NFTs here’s an explanation of what they are.
What are NFTs?
In order to understand what a non-fungible token is, you must first understand what the term “non-fungible” means. Since fungible refers to something that can be evenly exchanged for something similar, non-fungible refers to something unique that cannot be swapped out one-for-one. Because dollar bills are fungible, you can pay for a cup of coffee with any of the dollar bills in your pocket. However, if you own an original painting, it is one of a kind, or non-fungible.
In fact, digital art is the focus of much current NFT trading, though NFTs can be made for anything digital, such as a gif, jpeg, tweet, or YouTube video. The NFT is a unit of data that serves as proof of ownership. Consider it a certificate of authenticity that confirms a specific person owns certain rights to that one-of-a-kind digital asset. This certificate is stored on a blockchain, a publicly accessible digital ledger of transactions that allows anyone to see who owns a specific NFT.
NFTs are bought and sold on a number of online exchanges, where people can place bids or sometimes purchase NFTs outright.
With that aside now, let’s waste no more time and dive straight into the Top 5 NFT projects with the highest market cap on Solana.
· Shadowy Super Coder — Market Cap: $64,366,080
GenesysGo NFTs, join the Shadowy Super Coder DAO.
· SolanaMonkeyBusiness — Market Cap: $60,098,951
SMB Gen2 is a collection of 5000 unique 24x24 pixels randomly generated Monkeys stored on the Solana blockchain. With their accessibility-oriented design, the monkeys’ goal is to invade the blockchain and spread their community. The monkeys feature owner-exclusive advantages such as NFT ownership, as well as a community wallet useable by holders with a future on-chain voting system. The Solana Monkeys’ metadata is stored on Arweave, a permanent decentralized data storage. Each monkey is generated from over 99 possible traits spread over 6 layers, with some monkeys being rarer than others. Reject humanity, return to monke.
· Degenerate Ape Academy — Market Cap: $54,590,467
Our mission here at the academy is simple: Take 10,000 of the smoothest brained apes, put them all in one location and let the mayhem ensue. The academy was founded on the principles of friendship making, crayon eating and absolute, unregulated, deplorable, degenerate behaviour. Welcome fellow apes, to the Degenerate Ape Academy.
· DeGods — Market Cap: $36,711,840
DeGods is a deflationary collection of degenerates, punks, and misfits. Gods of the metaverse & masters of our own universe. Integrating with Dust Protocol.
· Stoned Ape Crew — Market Cap: $30,723,274
4200 Stoned Apes Form The Genesis Collection In The Crew With 4 Roles, Allowing Staking For Daily Rewards Of Our Utility Token $PUFF, An NFT Evolution Process With Token Burning Mechanics And More Dope Real-World Utility. More Than Just Your Typical PFP Project.
What is Solana?
Solana is an open source project implementing a new, high-performance, permissionless blockchain. The Solana Foundation is based in Geneva, Switzerland and maintains the open source project.
Why Solana?
It is possible for a centralized database to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes. A centralized database can also replicate itself and maintain high availability without significantly compromising that transaction rate using the distributed system technique known as Optimistic Concurrency Control [H.T.Kung, J.T.Robinson (1981)]. At Solana, we are demonstrating that these same theoretical limits apply just as well to blockchain on an adversarial network. The key ingredient? Finding a way to share time when nodes cannot rely upon one another. Once nodes can rely upon time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!
Perhaps the most striking difference between algorithms obtained by our method and ones based upon timeout is that using timeout produces a traditional distributed algorithm in which the processes operate asynchronously, while our method produces a globally synchronous one in which every process does the same thing at (approximately) the same time. Our method seems to contradict the whole purpose of distributed processing, which is to permit different processes to operate independently and perform different functions. However, if a distributed system is really a single system, then the processes must be synchronized in some way. Conceptually, the easiest way to synchronize processes is to get them all to do the same thing at the same time. Therefore, our method is used to implement a kernel that performs the necessary synchronization — for example, making sure that two different processes do not try to modify a file at the same time. Processes might spend only a small fraction of their time executing the synchronizing kernel; the rest of the time, they can operate independently — e.g., accessing different files. This is an approach we have advocated even when fault-tolerance is not required. The method’s basic simplicity makes it easier to understand the precise properties of a system, which is crucial if one is to know just how fault-tolerant the system is. [L.Lamport (1984)]
Furthermore, and much to our surprise, it can be implemented using a mechanism that has existed in Bitcoin since day one. The Bitcoin feature is called nLocktime and it can be used to postdate transactions using block height instead of a timestamp. As a Bitcoin client, you would use block height instead of a timestamp if you don’t rely upon the network. Block height turns out to be an instance of what’s being called a Verifiable Delay Function in cryptography circles. It’s a cryptographically secure way to say time has passed. In Solana, we use a far more granular verifiable delay function, a SHA 256 hash chain, to checkpoint the ledger and coordinate consensus. With it, we implement Optimistic Concurrency Control and are now well en route towards that theoretical limit of 710,000 transactions per second.
To learn more about Solana, visit their website
