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Blockchain-based platforms, especially with the introduction of platforms like Solana, now allow buyers to purchase NFTs with low transaction fees and minimal congestion. The growing popularity of NFTs has led to problems such as excessive transaction fees and congestion in the Ethereum-based ecosystem. These excessive transaction fees affect both investors and producers. For example, the Ape NFT has shown how high the cost on Ethereum can be by raising the gas fee to $3300.
According to a report published by Reuters, the NFT sales volume reached $24.9 billion in 2021, which is considerably larger compared to the $94.9 million figure in 2020. Also, the number of wallets traded in NFTs has risen from 545,000 in 2020 to approximately 28.6 million.
Solana, thanks to an innovative timing mechanism called Proof of History (PoH) and Proof of Stake (PoS) protocol structure, shows an incredibly better performance in terms of speed and transaction cost, which makes it a leading competitor against Ethereum.
The Advantage of Solana
This blockchain, which is quite advantageous in terms of speed and transaction size compared to Ethereum, allows the network to take an extremely low gas fee of only $0.00025 per transaction by calculating the block time of 0.4 seconds and the block size of 20,000 transactions. With the emergence of solutions like Solana, buyers can now purchase NFTs with almost no transaction fees or very little congestion. This practically means that Solana or SOL NFTs are more accessible than those on Ethereum.
In the second half of 2021, there was an increase in the prices of Solana NFTs. The Degenerate Ape NFT sold for about $1.1 million in September 2021, making it the first million-dollar NFT sale on the Solana network. In October 2021, a Solana Ape NFT found a buyer for $2 million.
Solana NFT Marketplaces
All transactions related to NFTs, such as minting, purchasing, selling, and trading, take place in specific marketplaces. This is much like traditional cryptocurrencies managed through exchanges and crypto wallets. OpenSea, is the most popular NFT marketplace on Ethereum.
SolSea, Solanart and DigitalEyes, are three important markets that support Solana NFTs. SolSea allows content creators to select and place their licenses while minting NFTs. You can discover, collect and trade NFTs on Solanart. DigitalEyes is a platform that includes popular collections like Solana Monkey Business and Frakt.
How to Buy Solana NFTs?
Get a Solana Wallet
Acquiring a Solana-based wallet is the first step for NFT purchase. The two most known wallets are SolFlare and Phantom. More advanced users can prefer an open-source wallet called Sollet. However, my suggestion would be Phantom Wallet due to its convenience. Each NFT marketplace has features such as fees and working conditions that you need to consider. Therefore, it is important to do enough research before committing your funds.
An important point should not be forgotten: you should not attempt to transact on Solana through Metamask, a popular wallet on Ethereum. Because MetaMask does not recognize SOL tokens, your SOL could be lost forever. Phantom, on the other hand, is known as the Metamask of the Solana Network and offers a safer option.
Get Your SOL Assets
Just as you need to use ETH in Ethereum-based marketplaces, you need to use the SOL cryptocurrency on Solana NFT platforms. SOL coins are sold on various exchanges. For instance, you can get your SOL assets using exchanges like Binance or OKX. Then, you need to withdraw this SOL to your wallet address.
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Wallets will generally ask for confirmation of the purchase and show the amount you will spend and the transaction fee. After you approve the purchase, you can see that your purchase transaction has been performed in the relevant section. For example, the purchased NFTs are transferred to the “Collection” section in the Phantom wallet. The operation is quite simple, and after transferring your SOL to your wallet, you can complete the transaction without any problems. The increasing popularity of Solana platforms is also due to the simplicity of their use.
Have a Strategy in Your Purchase-Sale Transactions
There is no single strategy for NFT investment; because everyone has different goals and preferences. It is important to find a strategy that fits your own goals. In addition to collection pieces, artworks associated with famous personalities, achievements and other assets can also attract demand, as they help fans connect with them. For example, for someone interested in games, NFTs of sports stars or game memorabilia can be a choice that allows them to both enjoy and generate income.
While buyers generally invest with the aim of making a profit, you may prefer your investments to be in line with your own interests. For example, someone who loves gaming will probably want a direct NFT or a reward NFT from a popular game. If you’re interested in meta data strings, maybe you might think about getting an NFT from someone you’re interested in.
Identifying what is trending in Solana markets can help you focus on the most interesting pieces. If you’re new to the NFT world, this can help you get a better idea about the sector.
Buy Your NFTs
Whichever platform you choose, you may want to look at the newest or trending NFTs. It is important to look at as many collections as possible before making a decision. If you want to keep the costs low, you can add this criterion as a filter while searching for the best Solana NFTs.
You can start by just clicking on an NFT and looking at the available information about the piece. Once the wallet connection is established, pay attention to information such as the owner of the NFT, its price and the bid you will make.
Solanart, one of the most stable NFT marketplaces on the network, takes about 20 seconds from start to finish and takes less than half a dollar in transaction fees. The price history of all collections can be found in the marketplace. The Solana NFT marketplaces may not be as widespread as OpenSea which has existed since 2017, but they are likely to close this gap in the near future.