Solana ecosystem’s NFT opportunity

The voracious rise of NFTs as an asset class has been a bubble that seemingly refuses to pop — at least for the time being — but NFT marketplaces are continuing to court investor attention, especially around opportunities that appear untapped by market leaders. In recent weeks, increased attention has been centering on the Solana ecosystem’s NFT opportunity.

On Friday, Justin Kan’s crypto gaming marketplace Fractal which hosts Solana-based NFTs, raised $35 million in a round co-led by Paradigm and Multicoin with participation from Andreessen Horowitz, Animoca, Coinbase and Solana Labs. The round came just two weeks after Solana’s most popular native NFT storefront Magic Eden raised a $27M round led by Paradigm with additional funding coming from Sequoia, among others.

Solana, which offers consumers low-cost transaction fees and increased speeds, has been one of the bolder success stories of the blockchain ecosystem in recent years as the network has courted developers and investors. Many players see the layer 1 (L1) alternative as a better hub for NFT efforts which have often been a substantial drag on the Ethereum network, leading to hefty fees and wait times across the entire network

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