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According to DappRadar, NFT sales will reach $25 billion in 2021. However, many individuals are still unsure of how to get an NFT. The anticipation is accurate if you consider Beeple's exquisite "Ocean Front" sculpture, which sold for an astounding $6 million.
In this Solana NFT article, you will learn how to acquire your first NFT whether you're an artist, trader, or just interested in the 'buzz.' We will also consider the weird and pricey NFTs to date on Solana. Solana is making its mark on the NFT market and anyone interested must know how to trade and play around with these new digital asset classes.
Million-dollar collections like Bored Ape Yacht Club, attest that NFTs (non-fungible tokens) are big business, and the trend is coming quickly in Solana even though Ethereum was the first blockchain to support NFTs and the largest and most valuable market for NFTs. NFT ecosystems on Solana are booming with investors willing to put pressure on the price and take things above and beyond. Even though the Solana NFT market is still in its infancy, it is developing rapidly.
Before continuing, it's important to remember that NFTs are digital tokens that reflect ownership of a particular asset on the Solana blockchain. Play-to-earn (P2E) gaming characters or even metaverse digital real estate can be NFTs.
Purchasing NFTs from Solana is a straightforward process. You'll need a wallet like Phantom, the most popular to use Solana. You can install it as a browser extension effortlessly, after which you can go through the collections on one of the major exchanges for Solana NFTs, such as Magic Eden or Solanart to find what catches your eye. Magic Eden is presently the market leader, with $144 million in sales in the last 30 days compared to $9.37 million for Solanart. It's as simple as connecting your wallet and verifying that you have enough SOL in your wallet to buy the item you want. Once you've approved the token, it will be added to your wallet. The NFT will appear in your Phantom wallet's "Collections" section shortly afterward.
Solana is the second most popular blockchain in non-fungible tokens, Solana saw $149 million in total activity in February, with an average transaction price of $470. Transactions totaled 316,000; with 54,434 sellers and 81,793 users buying NFTs on Solana. Although Solana's price dropped by approximately 50 percent between early January and February, resulting in decreased dollar-denominated sales, which lowered the overall sales volume by nearly $200 million.
Unique buyers on Solana have increased from 14,579 in August to over 80,000 in February, increasing over 500 percent in only six months, building an essential trend to observe. Solana NFTs are becoming more popular with ordinary investors, as seen by these trends, which show that the ecosystem is no longer dominated by a few whales trading amongst themselves. In addition, the increasing number of transactions shows that these investors are dealing more regularly once involved, pushing a substantial degree of activity and volume on Solana NFTs.
There have already been three NFT sales on Solana for more than $1 million, even though the platform is not yet comparable to some of the biggest blockchains and competitors in the space. Last October, a Solana Monkey Business NFT sold for just over $2 million, setting a new record for NFT sales on the network. Solana Monkey Business NFT and Degenerate Ape Academy sold for over one million dollars each. The Catalina Whale Mixer, Boryoku Dragonz, Baby Ape Social Club, and Portals, a Solana-based metaverse development real estate initiative, are all popular names in the Solana NFT space.
Some NFTs will hit millions, while others may fail but a significant path must be threaded for Solana NFTs to become the biggest in the crypto space. However, they've gained much traction in their short time of being. NFT transactions on Solana are far less expensive than "gas costs" on Ethereum. This point might boost Solana NFT sales and activities even further.
Investing in Solana NFTs is speculative, although we believe that the Solana blockchain will continue to expand over time as more developers build on it and more people engage with it. Over the past several months, Solana NFTs have seen a significant increase in unique users and traffic.
Solana is a superior choice for speed and transaction fees compared to other blockchains. That doesn't make it completely better than other blockchains where you can create and trade NFTs. The eventual success of Solana will depend on how rapidly Solana can overtake its competitors in terms of market dominance so that it can become the chain of choice for NFT transactions.
There are several contenders for the "Ethereum Killer" title than Solana. Some of these competitors are Cardano (ADA), Avalanche (AVAX), and Fantom (FTM). In addition, scaling solutions like Polygon (MATIC) and Immutable X, which function on top of Ethereum also support NFTs which makes it harder to say what will happen next.
Regardless of how you feel about Solana, we think it's vital to give things a go.
We'll now go through purchasing an NFT on the Solana blockchain step by step.
The native token of Solana, SOL, is the first thing you'll need to purchase.
Fortunately, SOL may be traded on most of the leading centralized exchanges, such as:
If you're using FTX, you may want to check out the Phantom wallet's particular interaction with FTX.
As a newbie, you may consider using Coinbase as your first stop. Even if the costs are a little higher, the user interface is straightforward and is well-suited to beginners.
After setting up your Coinbase account, here's how you purchase SOL.
To purchase Solana, go to Coinbase's "Trade" menu, type in "SOL," and then click "Buy" (SOL).
Solana is now available for purchase on the "Solana" screen.
Enter the number of SOL you'd like to purchase by clicking "Custom." You should buy at least the amount of NFT you have budgeted for. You may see my purchase example below to get an idea of what you might wish to spend (but the choice is entirely yours!).
Select "Preview Buy"
Now click "Buy Now."
Now you may call yourself the proud owner of some SOL.
The Solana blockchain may only be purchased using a Solana Wallet.
We work with Phantom. Other wallets out there function better for me and are more popular than this one.
Phantom is accessible as a plug-in for Chrome and Firefox, among other browsers.
https://phantom.app (always make sure you're on the right page since fraudsters exist!) will give you the wallet.
Once you've arrived at the site, click the "Install" button to activate the browser extension. I am using Chrome.
You must "Create New Wallet" after Phantom has been installed on your browser.
Okay, so this is critical:
A tangible piece of paper is required for the Secret Recovery Phrase screen, where you must write down the random words that appear. This information should be kept private and should not be disclosed to anybody.
If these words are lost or misplaced, there will be no way to get them into your wallet. Aside from that, anyone who knows these phrases will be able to get into your wallet, so don't tell anyone!
Ensure that you have a copy of these words safely stored away (you may even want to consider a safe deposit box).
Creating a password is also required. Your wallet will only be accessible to you if you have the password.
The Phantom logo should appear in the top right corner of your browser after everything has been set up correctly (if you are using Chrome or Firefox).
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There is still some work to do before using your new Phantom wallet.
Click on the Phantom logo in your browser's window (enter your password if asked).
You'll have to copy your wallet's address immediately. An address associated with your wallet is used to receive money.
You only need to hover over "Wallet 1" (unless you changed the name) at the top of the page and click on it to transfer SOL to this wallet.
A notification stating "Copied" should appear on your screen.
Copy and paste it into a text to ensure you have it.
The SOL you purchased before may now be transferred back to Coinbase with your address in hand.
Click the Send/Receive button on Coinbase to send/receive your Solana tokens.
Enter your Phantom wallet's "To" address (be sure it's valid!) in the appears box.
You may choose to "Send everything" or input a specific amount.
A confirmation window appears next. Click "Send now" once you've double-checked everything.
SOL should be in your Phantom wallet within a few minutes if you followed all of the instructions to the letter.
Finally, you're ready to begin trading on Solana's blockchain!
The fourth and last step is to: Purchase an NFT Solana.
Now that we know where we want to acquire a Solana NFT, let's go to work looking for one.
Solana's ecosystem is still in its infancy. Thus there aren't many tools and marketplaces to choose from (yet). For now, they're in "alpha" or "beta," which means they may not be ready for prime time (so please use it at your own risk).
Even though Solanart is still in beta, it appears to be the most popular NFT marketplace in the Solana network. Who knows what the future holds? We're only getting started!
NFT collections from various vendors in the Solana markets are becoming increasingly popular. However, you might get the impression that you have seen these before when you begin to peruse the numerous Solana marketplaces.
Profile Pic NFT projects like Degen Ape Academy are among the best on Solana.
Solanart has a page dedicated to Degen Apes.
You're not the only one who wonders whether these Solana spin-offs are too similar to the Ethereum collection Bored Ape Yacht Club.
The Solana-based SolPunks would be another example comparable to the Ethereum-based CryptoPunks.
A project's website is a great place for potential buyers to view NFTs before trading them. NFTs on Solana follow the same order.
You can make use of a tool known as "How Rare Is" on Solana, which is similar to Ethereum's Rarity Tools feature. "How Rare Is" also has an announcement section for new NFT releases:
https://howrare.is/drops
Several NFT projects on the Solana are a little fishy so you have to do your own research to stay safe as you explore and trade NFTs. We strongly encourage that you go into Discords and Twitter to verify that the project you are into was launched by real teams and has real value.
To explore buying NFTs on Solana at a practical level, we will be buying a Cyber Sumari from a Phantom wallet, one of the most popular wallets on the Solana blockchain.
We start by connecting the wallet to the website to navigate the Cyber Samurai collection and sort it from low to high prices.
We stumbled on an NFT that piqued our interest, well, the cheapest one for 2.0 SOL.
After that, we clicked "Buy" and then "Approve" in Phantom to complete the purchase.
After a few seconds, a Cyber Samurai Solana NFT appeared in my inventory.
And one of the best features of the Phantom wallet is the ability to view my NFT right there in my wallet. Nice!
After completing the transaction, we went to the Cyber Samurai collection. We sorted the items by price, starting at the bottom and working my way up.
A Samurai that piqued my interest prompted me to select it (well, the cheapest one for 2.0 SOL).
After that, We clicked "Buy" and then "Approve" in Phantom to complete the transaction.
Boom! We have just purchased an NFT of Cyber Samurai Solana from the NFT store.
The Phantom wallet is excellent since we can see my NFTs right in our wallet. Nice!
In order for Solana NFTs to become the most successful in the cryptocurrency market, Solana developers will have to overcome a substantial number of challenges first. Some NFTs will make millions, while others may not succeed at all. Despite this, they have achieved a considerable amount of headway in the little amount of time that they have been in existence. The transaction costs for non-fungible tokens (NFTs) on Solana are significantly cheaper as compared to the "gas expenses" of Ethereum. As a consequence of this reality, there is a chance that the level of activity and sales associated with Solana NFT may expand even more.
If you have been keeping up with the trends in the cryptocurrency market you will know that Solana is a new and exciting blockchain for NFTs. If you love to be a part of this trend, you get help with develop a Solana NFT marketplace or build your own NFT collection.
NFT sales on Solana have increased in less than a year, providing life-changing prospects for artists willing to accept a shift in art ownership and distribution. Solana NFTs are digital assets that certify ownership of images, art, video games, or virtual land. Solana will surely grow larger as time goes by leading to increased usage and adoption of the platform as an NFT gamechanger. So if your wish is to build a collection or a marketplace on the Solana blockchain, please don't hesitate. Our professional NFT marketplace development company could be a way to get it all started. We offer marketplace design, Solana NFT marketplace development, and maintenance of all aspects of Solana NFT marketplaces. We hope that this article will help you in your Solana NFT purchase journey and that you will reach out as you launch that next gem NFT project.
Proof of History: Technical Innovations Behind Solana, the World's Most Performant Blockchain
Research
NFTs, or non-fungible tokens, became a popular topic in 2021's digital world, comprising digital music, trading cards, digital art, and photographs of animals. Know More
Blockchain is a network of decentralized nodes that holds data. It is an excellent approach for protecting sensitive data within the system. Know More
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Solana is a web-scale
DeFi is an umbrella name for peer-to-peer financial services
NFTs have carved out a position in finance, travel, music, art, and social media.
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Designing a successful product is a science and we help implement the same Product Design frameworks used by the most successful products in the world (Ethereum, Solana, Hedera etc.)
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