The popularity of nonfungible tokens (NFTs) has caused issues such as exorbitant transaction fees, congestion in the Ethereum-based ecosystem. Anyone who wants to make transactions on the blockchain will find it a significant deterrent.
A report published by Reuters showed that NFT sales volume reached $24.9 billion in 2021. This is significantly more than the $94.9 Million in 2020. From a mere 545,000 in 2020, the number of wallets that trade in NFTs has risen to 28.6 millions. Recently, Bored Ape issued its NFTs. The gas fee jumped to $3300. This is a stark reminder of the high costs of Ethereum ( and ETH).
Similar: NFT Marketplace: How to Buy and Sell Non-fungible Tokens
Solana ( SOL), has emerged as a formidable challenger to Ethereum. It performs amazingly well on two key metrics: speed and transaction costs. This is due to an innovative proof of-history (PoH), timing mechanism, along with a proof–of-stake protocol structure.
This article will talk about the advantages Solana has over blockchains and marketplaces, as well as how you can buy NFTs from Solana.
The Solana Advantage
The blockchain has a block-time of 0.4 seconds and block size of 20,000 transactions, compared to Ethereum’s block time of 13 seconds and block size: 70 transactions). This allows the network to charge a very low gas fee at $0.00025 per transaction.
Solana allows buyers to buy NFTs with no transaction fees and few congestion issues. It means that Solana and SOL NFTs can be more easily accessed than those on Ethereum.
The price of Solana’s NFTs started picking up in the second half 2021. In September 2021, a Degenerate Ape NFT was sold for $1.1 million. This sale marked the first million-dollar NFT transaction on the Solana network. A Solana Monkey sold for $2million in October 2021.
Solana NFT marketplaces
Marketplaces can be used to buy Solana NFTs. NFTs can be bought, sold, and traded on certain marketplaces. This is very similar to the normal cryptocurrencies which are managed via crypto wallets and exchanges. OpenSea, the most used NFT marketplace on Ethereum.
SolSea and Solanart are three of the most prominent marketplaces that offer Solana NFTs. SolSea allows creators to choose, embed their licenses, and create NFTs. You can trade, collect, and locate NFTs on Solanart. DigitalEyes is a well-known platform that features collections such as Frakt and the Solana Monkey Business.
How to purchase Solana NFTs
Are you thinking of how to sell and buy Solana NFTs. There are a few steps to purchasing NFTs on Solana.
Buy a Solana wallet
First, you should get a Solana wallet. Phantom and SolFlare are two of the most well-known wallets. Sollet, an open-source wallet for advanced users, is also available. You should be aware of the fees, terms and collections for each NFT marketplace. Before you commit your funds, it is important to do thorough research.
Connect your Solana marketplace to create a new wallet for the solution you choose. You can follow the instructions on the website of the market place.
Remember that you should not attempt to use Metamask to make transactions on Solana, an Ethereum wallet, to access your SOL tokens. Phantom serves as the Metamask for Solana Network.
SOL coins available
You must use SOL cryptocurrency to access Solana NFT platforms just as you would use ETH on Ethereum-based markets. SOL coins can be purchased on various exchanges. It is common to connect your fiat account to the exchange and move funds. After that, you will need to purchase the required SOL amount. This SOL must be withdrawn to your wallet address.
You can only withdraw the amount you require to purchase the NFT. If an NFT is available for 15 SOL you can withdraw the amount plus any transaction fees. You can also convert your stablecoins into SOL via an exchange, and then move the currency to your wallet.
Similar: Altcoins and stablecoins: Key differences explained
Develop a strategy
There is no single strategy for NFT investment. You must develop your own strategy that is in line with your goals. As they allow fans to feel connected with the celebrities, collectibles are highly sought after. There are many NFTs of games stars and memorabilia that can make someone who is interested in gaming feel happy and generate income.
Buyers may be putting their money in to make a profit. However, it is possible that you would prefer to align your investments with your goals. An NFT from a popular video game will be a good choice for someone who enjoys playing them. If you enjoy metaverses and spending time hopping, you might want one from the game you love.
You can find the most popular pieces on the Solana marketplaces to help you narrow down your search. This will allow you to get a better understanding of the NFT world if you’re not familiar with it.
Get your NFTs
Check out the most popular NFTs on any platform. Before making a decision, go through as many collections possible. This criterion should be included in your filter to search for the top Solana NFTs.
Click on the NFT to view all information about the piece. Once the wallet connection has been established, you can learn more about the NFT owner, the price, and the offer that will be made.
Solanart is the most stable NFT marketplace on the network. It takes less than half an hour to complete and costs less than half a penny transaction fee. All collections have their price history available on the marketplace. Although the Solana NFT markets are not as advanced as OpenSea which was around since 2017, they are quickly catching up.
Keep your wallet updated
You will see a buy button on most wallets. Click it to confirm your purchase. The wallet will usually approve the purchase. The wallet will display the amount that you have spent and the transaction fees you will pay. After you have approved and made the purchase, it will be visible in the appropriate section. It is transferred to the Collection section, for example, by the Phantom wallet.
It is very easy to complete the transaction once you have transferred SOL to your wallet. Simple use is one of the reasons Solana platforms are growing in popularity.
The days ahead
The NFT revolution is just beginning and there are many miles to go. More marketplaces will be created as the ecosystem develops. These marketplaces will likely be more successful than the existing ones. The user interfaces will be easier to use and there will be a greater variety of features, which will improve the user experience.
The Solana community will continue to grow, and so will the number of NFT buyers. This will increase your NFT value growth potential. You should be able to buy every SOL NFT after you have given it thought.