Introducing Solana NFT Alliance

Burnt Finance introduced Solana NFT Alliance to move towards a common standard for Solana contracts.

The Solana ecosystem needs to move towards a common token standard. Solana has observed phenomenal growth over the course of 2021, positioning itself as one of the leading blockchains for decentralized computing. However, for continued growth, those in the Solana ecosystem must converge on a common contract standard collectively.

Countless projects have turned to the low-fee high-throughput settlement network of the Solana blockchain as incumbent platforms suffer from slow transactions and huge swings in fees. However, as it stands, Solana-based projects are applying widely varying standards when it comes to their tech stack and token codebase. This has fragmented the ecosystem and acted as a headwind to adoption.

🔸Introducing the Solana NFT Alliance

For this reason, Burnt Finance, along with other leading projects building on the Solana blockchain, is forming the Solana NFT Alliance to promote a common tech standard among Solana-based projects.

🔸The List of Initial Members:

• Burnt Finance
• Phantom
• Bonfida
• Austin Virtis
• Metaplex
• Solarians

Ethereum has successfully maintained the position of being the leading decentralized computing blockchain. It hosts the largest share of decentralized applications and the majority of the NFT ecosystem also resides on the chain.

A key part of Ethereum’s success has been a common tech standard (e.g. ERC20, ERC721) adopted by major projects across the ecosystem. Solana lacks such a standard and will struggle to maintain its strong pace of growth if it fails to adopt one.

🔸What is the Solana Standard?

As part of open-sourcing their activities, NFT storefront builder Metaplex released the code and standards surrounding their Solana contracts. These contracts will serve as the standard for members of the Solana NFT Alliance.

There are several advantages to adopting the above contract metadata as the standard for the wider Solana ecosystem. The contract codebase provides versatile control to those that implement it. Users can participate in a wide variety of auction types for the asset that is coded in the standard while also being able to embed a wide variety of critical data and references to external resources into the contract. The remainder of this article will cover some of the technical upsides to adopting this standard.

About Burnt Finance

Burnt Finance is the first fully decentralized auction protocol on Solana. Burnt allows users to take auctions into their own hands, enabling the minting and trading of any asset in an entirely permissionless ecosystem. The platform can support auctions for synthetics, NFTs, digital assets, and much more. Given its unique Solana-based architecture, Burnt is able to achieve unparalleled transaction speeds with negligible fees.

📰 INFO:

https://medium.com/burnt-finance/the-solana-nft-alliance-4168949ac3fc