NFTArt News

Coinbase Supports Solana Tokens And NFTs. What’s Next?

Solana
Written by Publishing Team

Coinbase Wallet just added support for the Solana (SOL) ecosystem and it also plans to further support NFTs and DApps in the near future.

Solana And Coinbase

The self-custody wallet introduced its initial phase of support to the ecosystem by allowing users to send, receive, and store SOL and SPL tokens through its browser extension. The platform expressed that this initial step “allows users to unlock more of web3 without needing to manage multiple wallets.”

“Users can now manage their Solana (SOL) and Solana tokens (SPL) alongside their tokens held on all of Coinbase Wallet extension’s supported networks, including Ethereum, Avalanche, Polygon, BNB Chain, and many more.”

The platform stated that throughout the ongoing boom of all-related to web3, decentralized applications, NFTs, and decentralized finance (DeFi), Solana has surged and “built a vibrant community of both developers and users along the way.”

The support is important for the network since it has been stepping on Ethereum’s heels, trying to gain a similar or larger level of adoption.

Coinbase Wallet also stated that “this launch is just the beginning”. The platform plans to add more features related to the Solana ecosystem, “including the ability for users to connect to Solana dapps, and the ability to view and manage their Solana NFTs directly within their Coinbase Wallet extension.”

Solana users had to “keep track of their assets across multiple surfaces,” but the Coinbase Wallet extension now offers a simple solution by having all SOL, SPL tokens, and all of their EVM-compatible assets in one place. They further explained that it is easy to import an existing Solana wallet into the Coinbase wallet.

Moreover, The SOL and SPL tokens can only be seen from the Coinbase Wallet extension, not the mobile app.

Related Reading | Coinbase Backed Center Deploys Identity Solution, How It Will Affect Future Of DeFi

Pushing To Outgrow Ethereum

Coinbase pointed out that the surge in interest and usage of blockchain has “revealed scaling issues that have the potential to leave users with high network fees (or “gas”) and long transaction processing times.”

Many users seek networks that are “optimized for scale,” and Solana has become one of the most attractive. Their low-cost and fast transaction has turned into “1,400 launched projects, spanning DeFi, NFTs, and web3.”

However, lately, the Ethereum network seems to have solidified its leading position in the NFT ecosystem. Besides its much larger records of NFT trading, major social media platforms like Instagram and Twitter are integrating Ethereum-based NFT features; And pay-per-view site OnlyFans allows users to mint their profile pictures on the Ethereum blockchain.

Ethereum NFTs also have larger support from celebrities and brands. The creations minted to the network seem directed to a platform of collectors and art enthusiasts, with a wider spectrum of shapes, compositions, methods, etc.

Meanwhile, Solana’s NFTs are often recognizable because of their colorful but monotonous “pixel art,” and many claim its users are more interested in flipping and less in collecting.

Some believe this is due to less liquidity. The lower costs of using the Solana network might have found its best target amongst NFT traders of less purchasing power, usually more interested in short-term profit than sentimental hodling –often seen amongst Ethereum NFT communities–.

However, with this latest development, many hope that social media platforms start to pay more attention to the SOL network and possibly add support for its NFTs.

Furthermore, celebrities like Michael Jordan and Mila Kunis have turned their heads toward Solana and recently started to launch projects in the network.

Related Reading | How Michael Jordan Will Bet On Solana’s NFTs With New App

SOL had 1.42% gains in the last 24 hours and its trading volume saw an 11.99% increase in the day.

Solana
SOL trading at $90.03 in the daily chart | Source: SOLUSD on TradingView.com

About the author

Publishing Team