The popularity of NFTs can be linked to their operation on the Ethereum blockchain where it was birthed. However, as the use of NFTs continues to become more prevalent in the Ethereum blockchain, it is bedevilled with exorbitant transaction fees and high congestion which makes the Ethereum blockchain seem less attractive for the minting of NFTs.
NFTs sales volume in 2021 was 24.9 billion as against 94.9 million in 2020, according to a report published by Reuters. The number of trading wallets surged from 545,000 in 2020 to 28.6 million in 2021.
As the trading inclusion on NFTs increased, the transaction fees increased too. Recently, the gas fees for Bored Ape NFTs surged to as high as $3,300 after the Bored Ape NFTs were launched.
The solution to these problems of high transaction fees and congestion of transactions on the Ethereum blockchain inspired an innovative alternative blockchain called the Solana.
Solana is a rival NFTs platform to Ethereum which performs better and offers better options to NFTs creators.
Technically, most buyers and creators of Solana NFTs have enjoyed negligible transaction fees and low congestion problems.
This new NFTs-based blockchain has inspired the speedy minting of NFTs for cheaper transaction fees.
In this article, we will reveal how you can buy NFTs on the Solana blockchain and the advantages it has on other blockchains.
What Is Solana
Solana is a blockchain platform founded in 2017 as a host to decentralised and scalable applications.
The open-source project of Solana is currently run by Solana Foundation in Geneva while the Solana blockchain was built by Solana labs 1 based in San Franciso, USA.
Since its creation, Solana has posed a great threat to rival blockchains, especially Ethereum given its speed, the massive number of transactions it can perform and low transaction fees.
Solana blockchain clocks an average block time of 0.4 seconds and block size of 20,000 transactions when compared to Ethereum with a block time of 13 seconds and block size of 70 transactions.
This reduced the gas fee on the Solana network to as low as $0.00025 per transaction.
Solana uses a Proof-of-History(PoH) timing mechanism and Proof-of-Stake(PoS) protocol structure to increase the speed of transactions and reduce transaction costs.
Solana, represented with the symbol (SOL) is the native cryptocurrency that runs on the Solana blockchain.
SOL has a market capitalization of over $66 billion after it surged by more than 10,000% since its launch.
Some Solana NFTs Marketplaces
The only place to buy Solana NFTs is on the Solana-based market places. NFTs marketplaces are platforms where people mint, buy and sell NFTs.
Solana marketplace is a platform where these activities are carried out for Solana NFTs specifically.
It is similar to the crypto exchange platforms where people buy and sell cryptocurrencies.
For Ethereum NFTs, Opensea and Rarible are the most common marketplaces to trade Ethereum-based NFTs.
Creators who use Solsea can choose and implant their licenses on their NFTs while minting.
Solanart is a good place to find, collect and trade any NFTs of your choice.
DigitalEyes is a great platform of its own, featuring great NFTs collectibles like Frakt.
How To Buy NFTs On Solana
Are you tired of the high transaction fees and congestion on the other NFTs and have you been wondering how you can purchase Solana NFTs?
These steps will show you how you can get started with trading NFTs on Solana.
1. Get a Solana Wallet:
First thing first, get a Solana-based wallet of your choice. There are two very popular wallets you can choose from; SolFlare or Phantom. Before you proceed to create a wallet and find it, consider that each marketplace has distinct fees, conditions and NFTs collections, so you should investigate properly before making your choice.
When you have made proper research on the marketplace you want to trade in, create any of the wallets mentioned above and link it to your chosen marketplace. You’ll be guided by the website of the marketplace.
2. Get SOL coins:
The next step is to get your SOL coins ready and find your wallet.
SOL coin is the native cryptocurrency used on the Solana NFTs platform just like we use ETH for Ethereum-based NFTs.
SOL is sold on various cryptocurrency exchanges and the process of buying it is not different from what the way other coins are purchased. Simply connect your fiat currency account and deposit the required amount of fiat money, plus the extra transaction fee. Withdraw this to the Solana wallet you created earlier.
It’s always better to buy only the amount of SOL needed for the NFTs you want to buy.
3. Develop a Strategy:
There is no special NFTs trading strategy, you just need to develop one by yourself and also one in line with your interest. Since NFTs are a collection of many things that give meaning to life; artworks, music, achievements, iconic scenes and many others, they are always in demand.
There are many NFTs that align with your interest which you can leverage. Sports lovers can bank on sports NFTs, to feel both gladdened by the work and earn income as well.
Also, discovering the trending NFTs on Solana will help you take advantage of the tokens that are likely to gain maximum traction.
4. Buy NFTs:
Before you finally buy an NFT, ensure to go through many collections as possible before arriving at a decision.
Read through every detail of the NFT thoroughly and get acquainted with the details as though you are the owner.
The price history of all collections is always available in the marketplace. Solanart is the stable Solana NFTs marketplace and it takes about 20secs to process the NFT transaction with a $0.5 transaction fee.
NFTs are here to stay and the Solana marketplace may just be a tip of the evolution yet to come in the NFTs ecosystem. As NFTs continue to attract more users, more marketplaces with more innovative and better features will emerge.
Given that the Solana network has made NFTs creation and trading easier, investing in Solana-based NFTs now will likely give a good return on the value in a few times to come.
It’s a great idea to buy the Solana NFTs but it is important to do so after giving it a proper thought.