Solana’s low-fee ecosystem has made it the go-to blockchain for countless DeFi and NFT niches projects. The high-throughput settlement network boasts up to over 50 market-ready project launches in a single month.
However, the biggest challenge so far has been that Solana-based applications employ widely varying standards in their token codebase and tech stacks. The issue has led to a fragmented ecosystem that acts against the network’s adoption speed.
Solana has experienced unprecedented growth in 2021. That said, the major players building on its blockchain know the importance of having a common token standard. It is the key to continued growth and success – as Ethereum has proved through its universal consensus algorithms such as ERC20 and ERC721.
Enter the Solana NFT Alliance
For a common tech standard that will promote easier, speedier entry into the Solana ecosystem, its leading projects are coming together to form the Solana NFT Alliance. Among the pioneers that seek to adopt a uniform contract protocol are:
- Burnt Finance
- Austin Virtis
What is the New Solana Standard?
Technically, it is not a new standard but rather an adoption of an existing one that has the potential to work for everyone, thanks to the NFT storefront builder Metaplex. The Metaplex protocol will serve as the uniform standard for members of the Solana NFT alliance. It was built on top of the Solana blockchain to help with:
- Creation/ minting of NFTs
- Initiating various auctions
- Standardizing NFTs across wallets and platforms
What Benefits does the Uniform Contracts Standard Bring?
Common contract metadata for the Solana ecosystem will give the network’s users more versatile control. In addition, it will allow them to design assets that can take part in a wider variety of auction types. The standard introduces several interesting concepts, including:
- Royalty for artists to keep benefiting from their work into perpetuity.
- Ability to issue different editions of the same work. Thanks to the MasterEditions concept, a user can create a Master NFT and specify how the number of copies to mint
- Open Edition contracts that allow users to mint any amount of tokens with ease
- Solana-based wallets will be able to display the NFTs in their wallets
- Creation of NFTs without an auction
- Coded NFTs can work either independently of other contracts or be integrated later
This NFT alliance should elevate Solana to even greater heights through the next couple of quarters.