A veteran of the crypto space thinks one layer-1 blockchain offers slept-on opportunities not seen elsewhere in the markets.
Chris Burniske, a partner at the venture capital firm Placeholder, says that Solana’s (SOL) non-fungible token (NFT) ecosystem is unique in that the cost to mint NFTs is drastically lower than other chains.
“People still sleeping on the fact it costs ~$200 to mint & deliver NFTs to 10,000,000 users on Solana using state compression, a couple orders of magnitude cheaper than its closest peers.”
The former ARK Invest analyst says the viral growth of the Solana NFT distribution platform Drip Haus is an indicator of Solana’s NFT power.
“Viral growth like what Drip Haus is seeing should give you an indication of what happens when users can be reached for ~1/1000th of a cent.”
Burniske also believes NFTs will become way more mainstream in the future, and predicts the digital assets will one day be “ubiquitous.”
“NFTs in 2021 were expensive and exclusive — in the coming years, they’ll become ubiquitous, driving experimentation at the bleeding edge of “creation <> audience” connection.”
Burniske has been a consistent believer in Solana, one of Ethereum’s (ETH) top rivals. In February, he said the smart contract platform was both contentious and undervalued.
“I think if I had to pick an ecosystem that’s contentious and that you should pay attention to, and in its contentiousness is undervalued, it would be Solana. Placeholder, each bear market, tends to pick an ecosystem or two and build an aircraft carrier strategy around that ecosystem. And so the last bear [market], it was ETH and Bitcoin, because those were really the only things at scale and liquid enough to justify.
And what I mean by aircraft carrier – if you take Ethereum, buy a bunch of the core ETH asset, but then venture invest around it and really get to know that ecosystem and who all the people are that are working on say, at that point in time, lending or DEXs [decentralized exchanges] or asset management or whatever. And then you can pick the best teams of the teams that most speak to you from a venture perspective. We’re doing that exact same aircraft carrier strategy around Cosmos and Solana right now.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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