"Ethereum Killer" Solana Records Its First 7-Figure NFT Sale

"Ethereum Killer" Solana Records Its First 7-Figure NFT Sale

Proof-of-stake blockchain Solana has just recorded its first seven-figure non-fungible token sale.

Blockchain advisory firm Moonrock Capital acquired one of the NFTs from the “Degenerate Ape Academy” for 5,980 SOL (roughly $1.1 million).

Moonrock Capital just acquired the 13th rarest @DegenApeAcademy NFT for 5980 $SOL ($1,109,170.40) pic.twitter.com/STkwJetRl1— Moonrock Capital (@MoonrockCapital) September 11, 2021

Notably, it took Solana only two months to achieve such a milestone, which clearly shows how fast its ecosystem is growing.For comparison, it took Ethereum, the current leader in the NFT space, three years to record its first seven-figure sale.

The SOL token is currently the sixth biggest cryptocurrency by market capitalization after a monstrous rally. Gulf Stream, the blockchain’s forwarding protocol, eliminates the need for having a mempool, which makes it possible to achieve an impressive 50,000 TPS.Hence, Solana positions itself as the first truly scalable blockchain that can rival Ethereum. As reported by U.Today, top backer Sam Bankman-Fried said that Solana had started seeing “strong institutional demand.”