NFTs aka the blockchain-based assets have revolutionized the way we perceive and exchange digital ownership.
While the concept of NFTs has taken the digital world by storm, it’s essential to understand that these cute JPEGs exists on multiple blockchains, not just on Ethereum.
Enter Solana Blockchain.
And this article is all about the NFTs that exist on the Solana Blockchain.
NFTs, Blockchain & Solana
Let’s understand what each of these terms mean in the simplest possible way.
NFTs: Unlocking Digital Uniqueness
NFT stands for Non-Fungible Token.
Imagine you have a one-of-a-kind trading card, like a rare Pokémon card.
It’s special because there’s only one exactly like it. NFTs work similarly but in the digital world.
They are unique digital assets, like images, videos, or even music, each with its own distinct identity.
NFTs use blockchain technology to make sure that your digital Pokémon card—or any other digital item—is truly one-of-a-kind and owned by you!
Blockchain: The Digital Superledger
Think of a blockchain as a super-secure digital notebook where transactions are recorded.
It’s like a ledger that everyone can see, but no one can alter without everyone else noticing.
Each block in this digital chain contains information about transactions, creating a secure and transparent record.
This ensures trust and prevents anyone from tampering with the data.
Blockchains are the backbone of cryptocurrencies like Bitcoin and Ethereum, and they’re also the technology behind NFTs, making sure your digital treasures stay safe and authentic.
Solana: Speeding Up the Digital Race
Now, let’s talk about Solana.
It’s like the high-speed expressway of blockchains.
Solana is a blockchain platform known for its lightning-fast transaction speed.
If traditional blockchains are like busy highways during rush hour, Solana is the futuristic teleporter zipping you instantly from one place to another.
This speed is crucial for NFTs, where quick transactions matter.
And that’s one of the biggest reasons for preferring Solana or Polygon over Ethereum, to host NFTs.
In that way, users who are buying or selling these NFTs will avoid the high gas fee (which is often the case for Ethereum).
Solana’s efficiency makes it a preferred playground for creating, buying, and selling NFTs, offering a smooth and speedy experience for digital creators and collectors alike.
Solana NFT Wallet
Now, of course, you need a wallet to store these NFTs.
You can download any of these, directly from their website and install the extension.
Let’s see how we can install the Phantom wallet. Click on the download button from the official website, and then install the chrome extension:
Now, you need to create a new account. To do that, follow this:
Note that the password is used to login in the same device where you’ve created in the account.
If you want to use the wallet in a different device, you need to install the extension, and this time, instead of choosing the create a new account, you need to choose the ‘I already have a wallet’ option and enter the recover phrase (also called as seed phrase).
In the world of crypto and NFTs, if you lose your keys, you’ll lose your wallet forever. There is no such thing is getting back. So make sure to store your seed phrase safely.
Ok, now that we have our wallet, let’s figure our how do we get the cryptocurrency SOL into the wallet, so that we can purchase a Solana NFT.
Purchase SOL from a crypto exchange like Coinbase or Binance and send the currency to your wallet.
How will you transfer the funds? By entering your Solana wallet address.
This is where you can find your wallet address.
Upon successful withdrawl, you’ll see the funds in your wallet.
Buying & Selling Solana NFTs
Now that we have funds in our wallet, let’s go to Solana NFT marketplaces, and find NFTs to buy.
Here is a list of popular NFT marketplaces out there are:
It’s pretty straight forward when it comes to finding NFT collections on Magic Eden.
For me, I already have a few NFTs in my wallet, and you can see that via my profile section.
Double check the NFT collection link from the official sources, as there are many NFT scams out there.
Once you find our fav NFT from a collection, you can purchase by clicking on the ‘Buy now’ option.
That’s it! Once the transaction is confirmed, you can find it in your wallet. Check the ‘My Items’ section.
Now, if you want to sell that item, click on it and you’ll find an option to sell it for a certain price. Enter the amount, and list it for selling.
Note that you need to confirm from your wallet again (like you did when purchasing).
Solana’s rapid transaction speed distinguishes it as an efficient platform for NFT creation and trade, outperforming alternatives like Ethereum.
I hope this article gave you a clear understanding of acquiring SOL cryptocurrency, using Solana NFT wallets, and navigating marketplaces.