The growing popularity of non-fungible tokens (NFTs) has led to problems such as high transaction fees and congestion in the popular Ethereum-based ecosystem. The fee factor is a major deterrent for anyone looking to execute blockchain transactions.
A report published by Reuters shows that NFT sales will be $24.9 billion in 2021, up from $94.9 million in 2020. The number of NFT transaction wallets jumped to around 28.6 million from 545,000 in 2020. Recently, when Bored Ape minted his NFT, the gas fee rose to $3,300, showing how bad the cost of Ethereum (ETH) is.
Solana (SOL) has emerged as a serious challenger to Ethereum, performing surprisingly well on two key metrics of speed and transaction cost, thanks to the innovative Proof of History (PoH) timing mechanism and Proof of Participation (PoS) protocol framework.
In this article, we will discuss the advantages of Solana over other blockchains and marketplaces, and how to buy NFTs on Solana.
Compared to Ethereum (block time: 13 seconds, block size: 70 transactions), this blockchain records block time (0.4 seconds) and block size (20,000 transactions), making the network’s gas rate Very low, only $0.00025 per transaction.
The advent of solutions such as Solana enables buyers to purchase NFTs with negligible transaction fees or very few congestion issues. In practice, this means Solana or SOL NFTs are more accessible than Ethereum.
In the second half of 2021, the price of Solana NFTs started to increase. In September 2021, the NFT Degenerate Ape sold for about $1.1 million, making it the first $1 million NFT sale on the Solana network. In October 2021, a Solana Monkey sold for $2 million.
Solana’s NFT marketplace
If you’re wondering where to buy Solana NFTs, the marketplace is the answer. All functions related to NFTs, such as minting, buying, selling, and trading, take place within a specific marketplace. This is very similar to cryptocurrencies that are usually managed through cryptocurrency exchanges and wallets. OpenSea is the most popular NFT marketplace on Ethereum.
SolSea, Solanart, and DigitalEyes are the three main marketplaces that support Solana NFTs. SolSea allows creators to choose and embed their licenses when minting NFTs. At Solanart, you can find, collect and trade NFTs. DigitalEyes is a popular platform that includes series like Solana Monkey Business and Frakt.
How to Buy Solana NFTs
Busy thinking about how to buy and sell Solana NFTs? Buying NFTs on Solana involves the following steps:
Get Solana Wallet
Create a new wallet in the solution of your choice and connect it to the Solana marketplace of your choice. The marketplace website will guide you through the process.
The important thing to remember is, don’t try to do anything on Solana through Metamask, a popular wallet on Ethereum, or your SOL will be gone forever because MetaMask doesn’t recognize SOL tokens. Phantom is the metamask for the Solana network.
Get SOL coins
You need to use the SOL cryptocurrency on the Solana NFT platform just like you would use ETH on the Ethereum-based marketplace. SOL coins are sold on various exchanges. The typical process includes connecting your trust account to the exchange, transferring funds and purchasing the desired amount of SOL. You need to withdraw this SOL to your wallet address.
To be on the safe side, only take out what you need to buy the NFT. For example, if NFTs are available for SOL 15, you can withdraw exactly that amount along with the required transaction fee. Alternatively, you can exchange your stablecoins for SOL on exchanges and transfer the coins to your wallet address.
There is no one-size-fits-all strategy when it comes to investing in NFTs. Depending on your goals, you must create your own. Collectibles, as well as artwork, achievements, and other assets related to well-known personalities, are popular because they help fans feel connected to them. For anyone interested in gaming, there are plenty of sports star NFTs or game memorabilia to delight and earn.
While the buyer is putting the money to profit, you may also want to make sure your investment is in your interest. People who like to play will definitely want to earn NFTs directly from popular games, most likely rewarded NFTs. If you like to spend time in Metaverse, you probably want a place you like to go.
Finding popular products on the Solana marketplace will help you focus on the parts that are likely to gain the most traction. If you are not very used to the NFT world, this will help you get a feel for the NFT world.
Buy your NFT
No matter which platform you choose, you can check out the latest or trending NFTs. Check out as many collections as you can before making a decision. If you want to keep costs low, include this criterion in your filter when searching for the best Solana NFTs.
Just click on the NFT and scroll through the available information about the part. Have information such as the owner of the NFT, the price, and the offer you will provide after setting up the wallet connection.
Solanart is the most stable NFT marketplace on the network, taking about 20 seconds from start to finish and transaction fees of less than half a dollar. Price history for all series is available on the market. Solana’s NFT market may still be a long way from OpenSea, which has been around since 2017, but they will soon catch up.
On most wallets, you will find a buy button that you need to click. Wallets typically seek approval for purchases. It will show you the amount you will spend and the transaction fee you will incur. Once approved and purchased, you will be able to see it in the relevant section. For example, in the Phantom wallet, it is moved to the Collection section.
The process is very simple and you should have no problem completing the transaction after transferring the SOL to your wallet. One of the reasons for the increasing popularity of Solana platforms is that they are easy to use.
The NFT revolution has just begun, and there is still a long way to go. As the ecosystem grows, more markets will emerge. We can safely say that these markets will be better than the current batch. The user interface will be more intuitive and a wider range of functions will be available, enhancing the user experience.
As the Solana community grows over time, so does the number of NFT buyers, driving the growth potential of your NFT’s value. Just make sure you only buy each SOL NFT after due consideration and you’re good to go.