Having developed a reputation as an “Ethereum killer”, Solana is one of the biggest players in decentralized finance today. Due to the excellent functionality of it, Solana has become a natural network for facilitating the purchase of non-fungible tokens more efficiently and profitably than Ethereum.
But how easy is it to use Solana to buy NFTs online? And how can your non-fungible tokens be stored with easy access? Let’s take a deeper look at one of DeFi’s most promising blockchain networks.
What is Solana?
In a nutshell, Solana is an open source public blockchain that is geared towards hosting a large volume of scalable decentralized applications (DApps). Due to its high levels of functionality, Solana comfortably supports smart contracts used to verify ownership of assets such as NFTs, making the network one of the best options in the crypto landscape for buying, selling, and holding non-fungible tokens. .
Why Solana is excellent for buying NFTs?
Solana was designed to eliminate the high costs and slow transaction speeds that plague older blockchains like Ethereum. Since Ethereum gas fees can go up to phenomenal levels, Solana offers a solution to the problem when it comes to buying and selling NFTs.
With an average cost per transaction on Solana’s network of around $0.00025 and the ability to host tens of thousands of transactions per second, many anticipate Solana will overtake Ethereum as the star of decentralized finance.
Even though the value of SOL, Solana’s native currency, dropped significantly after its initial furore in the market, the cryptocurrency’s market capitalization still sits at around $5 billion as of this writing.
Despite SOL fighting against the backdrop of crypto winter, its functionality remains superior to many of its rivals when it comes to buying NFTs, and investors can build their collections efficiently and profitably through the network. from Solana. But how easy is it to buy NFTs with Solana?
How to buy NFTs with Solana
Solana behaves similarly to other blockchain networks throughout the crypto ecosystem. Still, while many of the steps involved in buying NFTs may be familiar to those of us who have bought on the Ethereum network, a few differences are worth noting.
1. Set up a Solana wallet
The first thing you need to do is set up a wallet that supports SOL transactions. The two most popular Solana wallets that support major NFT marketplaces are:
While both have different advantages, Phantom is a leading option and works similarly to Metamask.
To install Phantom, go to the site and click on Discharge. You will then be prompted to select your browser, which can be Google Chrome, Firefox, Edge, or Brave, and begin the process by clicking Create new wallet.
One of the most important parts of setting up your wallet is setting up your recovery key. Be sure to keep track of your recovery phrases in case you are ever unable to log into your wallet. If you can’t remember your login details or recovery phrases, you risk losing access to your NFTs.
2. Buy SOL
In order to buy NFTs on the Solana blockchain, you will first need to add funds to your wallet. SOL, the native currency of Solana, is available to buy on many exchanges such as Binance and Coinbase. When purchasing your SOL through your favorite exchange, you can withdraw them to your wallet by copying your address when setting up your transaction. This can be done by using your Phantom browser extension and clicking on your wallet name to display your address.
Alternatively, you can buy SOL directly within your wallet. By clicking on the amount you are interested in depositing and selecting NextYou will be given the option to purchase via Coinbase Pay or MoonPay.
3. Go to an NFT marketplace
Now that you have funds in your wallet, you’ll need to find an NFT marketplace that hosts the artwork or collectibles you’re interested in buying.
There are many NFT markets available that support Solana. For example, solanarte sells select collections such as Degenerate Ape Academy, Aurory, SolPunks, and Galactic Gecko Space Garage, which are among the market leaders when it comes to popular collections.
Other specialized Solana markets such as digital eyes Y sunshine offers different types of NFT artwork to purchase, so it’s worth doing your homework on what you’re looking for and where to find it within the Solana ecosystem.
4. Connect your SOL wallet
Fortunately, connecting your wallet to your chosen NFT marketplace is usually a piece of cake, and the platforms can detect any SOL wallet built into the browser from which you access the platform.
In the case of the Solanart marketplace, you will see an option to “connect wallet” in the upper right corner of the screen. Click and follow the instructions to automatically connect your wallet and start browsing collections to buy.
5. Buy your NFT
Once you’ve connected your wallet to your chosen marketplace, you can navigate through its menus to identify the NFTs you’re interested in purchasing.
Because your wallet is linked to the marketplace, the payment process is very intuitive and easy for users. Select your chosen NFT, recheck the associated costs and click Proceed to checkout (These instructions are for Solanart users, although other marketplaces have similar checkout processes.)
At checkout, you will be offered the opportunity to see the final price of your artwork, along with any associated transaction fees. Then, as long as you have enough SOL in your wallet, you can click to buy your NFT to start the transaction.
6. Add your purchase to your wallet
If you make your NFT purchase with the wallet you plan to store your token in, your new NFT should automatically arrive in your SOL wallet moments after the transaction is processed.
However, if you need to transfer your NFT to a different wallet, you can click to receive collectible inside your Phantom wallet to securely transfer your token using a QR code.
The profitable way to collect NFTs
Although much of the NFT hype of the 2021 boom period took place on the Ethereum network, with Bored Ape Yacht Club and CryptoPunks hogging the spotlight, Solana is still a highly functional way to build your NFT collection without paying expensive gasoline fees to make transactions work.
With this in mind, setting up shop on the Solana network to buy and sell NFTs is a great way to take your first steps into an exciting digital collectibles landscape brimming with potential.