On Solana (SOL), Ethereum's NFT imitations are popular - Why does this raise questions?

Ethereum (ETH) NFT imitations spread on Solana

It hasn’t escaped anyone’s notice: Solana is one of the hot projects right now. The network is getting more and more adopted, and its SOL cryptocurrency has broken record after record in recent weeks. So the breakthrough of non-fungible tokens (NFT) “made in Solana” was probably only a matter of time.

And it’s already working: we explained yesterday that the blockchain had seen its first NFT sold for over a million dollars. This shows the strength of the Solana project as a rival to Ethereum… But also a certain inability to carry original projects according to some.

Read more – Solana (SOL): $3 million fundraising for the stablecoin UXD

SolPenguins, PunksOnSolana and Degen Apes

Why? Because some of the best-selling NFTs of the moment are imitations of the most famous tokens in the Ethereum ecosystem. For example,the $1 million NFT is from the Degen Apes project, which has more than coincidental similarities to the “Bored Apes” available on Ethereum.

These are not the only ones. Facing the NFT Ethereum “Pudgy Penguins”, we find on Solana “SolPenguins”. And the mythical Cryptopunks, considered the ancestors of NFTs, now have their equivalent named PunksOnSolana.

Why does this raise questions?

Where it raises questions is that these projects can be considered as pale imitations without much interest, which do nothing to distinguish Solana from its biggest competitor. Some people are already talking about ” counterfeiting “, although there is nothing to stop anyone from creating projects similar to the existing ones.

See also  Walmart a fan of Bitcoin? The retail giant is looking for the boss of its future crypto strategy

However, Solana’s NFTs seem to be finding their buyers. Moonrock Capital bought one of Solana ‘s rarest Punks for a whopping 1,388 SOL, or $257,446 at the time of purchase.

But what are we paying for? It can be argued that what is supposed to set NFTs apart from Ethereum is precisely their rarity. It’s what allows them to reach astronomical prices. And while individual NFTs created on Solana are inherently rare, the idea behind it is not.

Fans of non-fungible tokens like to remind us that virtual art will be the most dynamic area of creativity in the coming years. But can we really talk about creativity when ideas are copied and pasted onto a competing blockchain? So one thing remains certain: if Solana wants to become a major NFT ecosystem, it will have to attract original projects.

Find all the news about non-fungible tokens (NFT)

Image source: Solpunks via Twitter

Newsletter

Receive a summary of crypto news every Sunday And that’s it.

About the author : Marine Debelloir

On Solana (SOL), Ethereum's NFT imitations are popular - Why does this raise questions?

twitter-soothsayerdatatwitter-soothsayerdata

Deputy Editor-in-Chief on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that come from blockchain and I love digging up the juiciest news to share with you.
All articles by Marine Debelloir.