(Spin Digit Editorial):- Los Angeles, California Sep 14, 2021 (Issuewire.com) – On 19 August 2021, the SolFood collection launched on the Solana blockchain, and the boutique collection was quickly snatched up by NFT investors. SolFood, a cheeky wordplay between the abbreviation for Solana (SOL) and the city of Seoul, celebrates Korean food through 40 highly-sought NFTs. The first SolFood NFT sold for one Solana coin ($92 at the time) but only three weeks later, the most recent SolFood NFT was traded for 14.9 SOL ($2,500). This dramatic 25x price increase is part of the NFT (non-fungible token) craze that has taken the cryptoworld by storm.
Solana projects, like SolFood, stand to see continued gains as investors leave the Ethereum network due to high transaction fees and the deleterious environmental impact. NFT buyers have found the Solana ecosystem as the perfect space for NFT markets; with its minimal transaction fees (less than $0.01) and its ecofriendly footprint. This past week we saw a $1.1 Million NFT sale from the Solana-based Degenerate Ape Academy collection as the Solana NFT market-cap continues to quickly expand.
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Unlike most NFT projects that rely on algorithms to generate massive collections of 10,000 pixelated NFTs, SolFood looks to shift the market towards smaller collections of creator-based artwork. All of the 40 SolFood digital art pieces provide investors with personally crafted artwork that displays meme-worthy Korean food such as crispy Korean fried chicken, savory ramen, and smoky Korean pork belly. Ultra-limited runs like SolFood may become the next six-figure sales, based on their quality and exclusive supply.
SolFood is currently traded on DigitalEyes.market and Solsea.io, but is expanding to the new Magic Eden marketplace. Current price listings range from 5 SOL ($850) to 70 SOL ($11,900) and as these rare NFTs continue to rapidly gain popularity; they could quickly join the ranks of other $100K+ projects like CryptoPunks or Bored Ape Yacht Club.