NFTs (Non-Fungible Tokens) have become insanely popular in the last few years. This is because they are a great way to create collectibles that are unique and hard to replicate. In 2021, the NFT market hit an estimated value of around $40 Billion and over 28.6 million wallets were trading NFTs.
If you think you have missed out on the opportunity to invest in the NFTs in the early stage, then don’t worry; there’s another huge wave coming up during this bull market. This will open up a new investment opportunity. Wondering how?
It’s with the help of Solana.
Wait, you’ve heard it somewhere, right?
Solana or “SOL”is another blockchain system like Ethereum that lets users create and trade NFTs in an easy and accessible manner. Solana is creating an easy way for the users to trade NFTs without having to go through the hassle of large sum of fees.
So, how can I buy NFT on Solana?
Don’t be in a hurry, let’s cover the basics before we dive into the details.
What is Solana?
Solana or SOL is an open-source blockchain platform that supports smart contracts and aims to enable NFT trading without the major issues faced in the Ethereum network.
Solana was founded by Stephen Akridge, Greg Fitzgerald and Anatoly Yakaovenko.
According to them, the major reason why this blockchain was developed was to solve the issues faced like –
- Massive volume of transactions on the Ethereum network
- Insane transaction fees on the Ethereum network
- Ever increasing network congestion on the Ethereum network.
What are Solanart and SolSea?
We have Binance, Coinbase, etc to manage our cryptocurrency assets, similarly, Solanart & SolSea are the platforms to manage NFTs in the Solana Network. To put it in an easier perspective for you to understand, its like the popular Ethereum network marketplace, OpenSea.
How to purchase NFT on Solana?
The biggest advantage of using Solana is that it makes the whole process of buying NFTs a whole lot simpler and faster than trying to do it on an Ethereum network. You can basically have an express entry without any congestion and rising fees that you can usually see in the Ethereum network. To buy an NFT on the Solana marketplace, follow the below steps –
- Create a Solana Wallet To get started, the first step is to create a Solana-based wallet. SolFlare and Phantom wallets are two well-known Solana-based wallets. If you are an advanced user who has used other wallets like metamask, etc then you can also consider Sollet, an open-source wallet with a bunch of good features.One more thing to keep in mind is that these wallets are exclusively for Solana. So, if you try to load up Ethereum or any other cryptocurrency onto a Solana-based wallet, your funds will disappear into thin air.
- Purchase SOL coinsTo purchase NFTs on the Solana marketplace, you will need to purchase SOL coins. Just like how you purchase Ethereum-based NFTs using ETH, you will need SOL to purchase SOL-based NFTs.SOL can be found on various exchanges, once you make the purchase it’s the usual process. This involves connecting your exchange with your SOL-based wallet and moving the funds to your wallet. To transfer your funds, simply add your SOL wallet address as the withdrawing account in the marketplace and withdraw the funds to it.
- Create an Investment StrategyNFTs are tricky and would definitely require an investment strategy. There are a lot of scams and fake hypes going in the NFT market so keep an eye on the NFTs that are worthy and follow legit expert calls to assist your decision.There’s no other investment strategy than looking out for the trend. Say you love Pokemon and there’s an exclusive Pokemon NFT on the rise, that’s something you should look into. Similarly, the trending section on the SOL marketplace can also help you give a small understanding whether the decision you made is on the right path or not.
- Purchase your NFTsOnce you have made your decision on NFT to purchase, all you have to do is double-check and make the purchase. While making the purchase you should also note that there’ll be a prompt to approve the transaction, so you have to do that and also ensure that the amount spent is the same on both the NFT marketplace and the wallet prompt.The transaction made from the wallet will incur a small fee, that’s something to keep in mind if you see a difference in amount, so once you approve the funds will be transferred and you’ll be able to find the NFT in your SOL address.
As simple as that. Hope this guide on purchasing SOL NFT has helped you.
Bonus: The NFT marketplace everyone knows, Opensea also supports SOL to purchase your NFTs using Phantom or Glow wallet. Similarly, Magic Eden, the biggest NFT marketplace, also supports Solana in purchasing the NFTs.