Solana Blockchain is considered a better option by creators because it allows for the quick minting of NFTs for lower transaction fees.
Solana blockchain is one of the leading blockchains, with approximately 5.7M NFTs and 400 projects spanning Defi, NFTs, and other technologies.
Non Fungible tokens (NFTS) are becoming increasingly popular, which has resulted in problems like exorbitant transaction costs and oversaturation in the widely used Ethereum ecosystem. Anyone wishing to carry out transactions on the blockchain will find the cost issue to be a significant barrier.
With astoundingly higher performance on two crucial parameters, speed and transaction cost, Solana (SOL) has emerged as a significant Ethereum rival.
The platform has swiftly grown in popularity because of its fast speeds, strong security, and affordable gas prices. This increase was made possible by Solana’s use of the proof-of-history technique, which allows it to perform 50,000 TPS.
What are NFTs?
NFTs, or non-fungible tokens, are distinctive digital assets that connect ownership to digital or physical assets, such as works of art, real estate, computer programs, images, music, or movies.
They reside on digital ledgers known as “blockchains,” which are used to publicly prove and cryptographically assign ownership of digital assets.
What Is Solana?
Solana is a public blockchain platform that supports smart contracts. A decentralized, scalable application can be hosted on this blockchain platform.
Stephen Akridge, Greg Fitzgerald, and Anatoly Yakovenko founded the open-source project Solana in 2017. The Solana Foundation in Geneva currently oversees the blockchain, which was created by Solana Labs in San Francisco.
In comparison to other blockchains like Ethereum, Solana has a far higher transaction bandwidth and cheaper transaction fees.
The blockchain employs the proof-of-history (PoH) technique, which uses hashed timestamps to confirm when transactions take place, to enhance the proof-of-stake (PoS) blockchain.
PoS enables validators (those who approve transactions added to the blockchain ledger) to validate transactions based on the number of coins or tokens they have; PoH enables such transactions to be time-stamped and confirmed very quickly.
SOL is the native currency of the Solana blockchain. SOL has grown by more than 10,000% since its start, giving it a market valuation of almost $66 billion.
How to buy an NFT on Solana blockchain
Three things are necessary before you can purchase Solana NFT: a Solana wallet, SOL token, and a Solana marketplace. Here are four simple procedures for purchasing NFTs via the Solana Blockchain.
- Set up your Solana wallet
- Get some SOL tokens.
- Select a Solana marketplace
- Purchase NFTs.
Set up your Solana wallet
Since Solana NFTs are stored on the Solana blockchain, they cannot be used with Ethereum wallets. To purchase NFTs on the Solana blockchain, you need a crypto wallet that is Solana-based.
Your choice of cryptocurrency wallet should be based on your needs, such as those for desktop, mobile, or browser use. If you already know you want a specific NFT from a particular Solana collection, check to see which marketplace it is listed on.
Here are a few of the most well-liked wallets available;
- Phantom: Available as an extension for Chrome, Brave, Firefox, and Edge, Phantom enables you to send and receive tokens as well as trade them via the integrated DEX. The wallet is ideal for collecting NFTs because it supports Web3 and Ledger (hardware wallets). Phantom is a cryptocurrency wallet that can display your NFTs in addition to storing your digital assets.
- Solflare: This enables access to decentralized applications as well as sending, receiving, and securely storing tokens on the Solana blockchain. Additionally, Solflare features full NFT metadata support and Ledger device compatibility. Sollet is an open-source wallet designed for advanced users and developers.
- Sollet: It opens as a full-page interface that lets you purchase cryptocurrency to trade NFTs on the Solana blockchain, as opposed to just being an extension. Despite being in Mainnet beta, Sollet offers seamless interoperability with various Defi protocols.
Remember that there are collections, fees, and terms to take into account for each of the NFT marketplaces offered by Solana. In light of this, make sure you investigate your platform of choice before committing funds and initiating wallet connections.
Get some SOL token
Similar to how we use ETH for Ethereum-based NFTs, SOL coin is the native cryptocurrency utilized on the Solana NFTs platform.
SOL is offered for sale on a number of cryptocurrency exchanges, and purchasing it is the same as buying other coins.
Create an account on any cryptocurrency exchange like Binance or Coinbase. Then include the payment method, such as a debit card, bank account, or wire. From the trade page, choose Solana or SOL, input the payment, and complete the transaction. Go to your wallet account to send Solana, copy the address, and put it into the exchange’s account. A few details must be entered in order for the funds to be transferred.
It’s advisable that you buy only the necessary number of SOL for the NFTs you intend to purchase.
Select a Solana marketplace
Solana NFTs can only be purchased on Solana-based marketplaces. Marketplaces for NFTs are platforms where people can create, acquire, and trade NFTs.
These processes are done exclusively for Solana NFTs on the Solana marketplace platform.
NFTs can be purchased or sold using Solana on a variety of Solana-based markets. The most well-known of them are:
- Solanart: With over 500,000 sales, Solanart is the largest NFT marketplace based in Solana. The marketplace is simple to use, operates quickly, and levies a transaction fee of 3% of the selling price.
- DigitalEyes: Another well-liked Solana marketplace is DigitalEyes, which has a small gas tax on SOL transactions and gives customers the choice of purchasing from a collection or a single artist. Additionally, a buyer of Solana NFT will be required to pay a royalty cost while coins are being produced as well as a service fee of 99%.
- Solsea: In addition to allowing users to purchase and trade Solana NFTs, SolSea also offers a variety of features like rarity rank, frequent updates, FTX-Pay compatibility, and more. Each successful NFT sale generates a 3% fee for the marketplace. Additionally, the network will eventually issue its own tokens under the name The All-Art Token.
Purchase NFTs
Browse through the marketplace, to choose your NFT piece. You may observe what kinds of items are now attracting the most attention by looking through the “trending” sections of the Solana marketplaces. You can also search for items that are being sold at incredibly low prices.
When you locate an item that piques your attention, simply click the NFT to read a little bit more about it. You’ll see details such as who owns the piece of art at the moment, its price, and where you may submit an offer.
Click the BUY button and then APPROVE the purchase as your preferred wallet appears. When you check your wallet in the Collection section or another pertinent section after making the transaction, you should be able to view your new acquisition.
Conclusion
Solana blockchain is particularly appealing to new investors because of its appealing qualities, which include lower gas expenses, greater energy efficiency, and high scalability.
Solana NFTs are still in their infancy. Even though there are a ton of Solana NFT projects now available, not all of them will be a hit. Now that you know how to purchase Solana NFTs, do your proper research before joining the crowd.