Mike Tyson—you might know him as a former boxing heavyweight champion—recently revealed his support for leading altcoin Solana. He even posted a photo of a Catalina Whale non-fungible token (NFT) of himself on Twitter. The Catalina Whale Mixer is an NFT collection published on the Solana blockchain for the unfamiliar.
That said, this isn’t the boxing legend’s first foray into the NFT space. He has invested his time and money into NFT and crypto for a while now. It’s clear that Tyson is a massive advocate for digital collectibles, showing he believes in the ever-expanding potential that the altcoin market shows. In 2021, he worked hand-in-hand with creative firm 1ofOne to launch official Mike Tyson NFTs on the popular NFT marketplace, OpenSea.
All in on Solana… Just copped a Catalina Whale… pow pow! pic.twitter.com/97voS15B8y
— Mike Tyson (@MikeTyson) January 12, 2022
As mentioned, Tyson has been deeply involved with crypto for quite some time now. However, believe it or not, his involvement with this industry goes back nearly five years when he collaborated with the popular Bitcoin wallet, BTC Direct. Other than that, the legendary boxer also engages his community of followers for crypto-related advice.
A few months ago, he asked his Twitter followers for advice on whether he should go for Solana or Ethereum for NFT purchases. Now, it seems he decided on Solana. This appears to be a common occurrence on the former champ’s social media accounts. He also asked his followers last year if he should choose Bitcoin or Ethereum for a potential investment he was considering at the time.
Why Did He Choose Solana Over Ethereum?
Even though Ethereum is possibly the most popular blockchain network, there are a couple of valid explanations why investors new to crypto choose Solana for minting and selling non-fungible tokens.
Firstly, Solana’s transaction speed (TPS) is much faster than Ethereum. For instance, the Ethereum network takes about 10-15 seconds to process a transaction. On the other hand, Solana only takes about 400 milliseconds. Undoubtedly, Ethereum has many users, which makes it more overloaded than Solana.
You also have to consider the network’s “gas fees” or the cost per transaction. Solana’s average fee costs around $0.00025 per transaction, while Ethereum’s gas fees can go as high as $100.
Even though the upcoming Ethereum 2.0 upgrade will supposedly address this issue, Solana is still significantly cheaper right now. Let’s use NFT purchases as an example. Buying an NFT on Ethereum could cost you over $200, while you’ll only need a couple of cents when buying on Solana.
Not to mention that developers say Solana is significantly easier to program and that the ecosystem is growing incredibly fast. With that in mind, it doesn’t come as a surprise why Solana is often called the “Etehreum killer.”
Mike Tyson didn’t explain why he chose Solana, but looking at these facts, it makes sense.