The growing popularity of non-fungible tokens (NFTs) has led to problems such as exorbitant transaction fees and congestion in the pervasive Ethereum-based ecosystem. The fee factor serves as a major deterrent to anyone who wants to transact on the blockchain.

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Report published Reuters revealed that NFT sales in 2021 were $24.9 billion, up from $94.9 million in 2020. The number of wallets trading NFTs has jumped to around 28.6 million from a modest 545,000 in 2020. Recently, when Bored Ape released their NFT, the gas fee rose to $3,300, showing just how bad Ethereum (ETH) spending has been.

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NFT Marketplace: How to Buy and Sell Non-Fungible Tokens

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Solana (SOL) has emerged as a notable competitor to Ethereum, delivering surprisingly better results in two key metrics, transaction speed and cost, thanks to its innovative Proof of History (PoH) synchronization mechanism along with Proof of Stake (PoS). ) protocol structure.

In this article, we will discuss Solana’s advantage over other blockchains and marketplaces, as well as how to buy NFTs on Solana.

Solana Advantage

This blockchain watch block time (0.4 seconds) and block size (20,000 transactions) compared to Ethereum (block time: 13 seconds, block size: 70 transactions), which allows the network to use an incredibly low gas fee of only $0.00025 per transaction .

The advent of solutions such as Solana allows buyers to purchase NFTs with negligible transaction fees or little congestion issues. In practice, this means that Solana or SOL NFTs are more accessible than Ethereum.

In the second half of 2021, the price of NFT Solana began to rise. In September 2021, Degenerate Ape NFT sold for approximately $1.1 million, marking the first million dollar NFT sale on the Solana network. In October 2021 Solana Monkey was sold for $2 million.

Solana NFT Marketplaces

If you are wondering where you can buy NFT Solana, marketplaces are the answer to this question. All NFT-related functions such as creation, buying, selling and trading are performed on specific marketplaces. This is very similar to conventional cryptocurrencies, which are managed through exchanges and crypto wallets. OpenSea is the most popular NFT marketplace on Ethereum.

SolSea, Solanart and DigitalEyes are three well-known marketplaces that support Solana NFT. SolSea allows creators to choose and embed their licenses when creating an NFT. On Solanart, you can find, collect and trade NFTs. DigitalEyes is a popular platform with collections like Solana Monkey Business and Frakt.

How to buy Solana NFT

Busy thinking about how to buy and sell NFT Solana? Buying NFT on Solana involves several steps as described below:

Get Solana Wallet

The first step you need to take is to get a Solana-based wallet. The two most famous wallets are SolFlare and Phantom. Advanced users can use Sollet, an open source wallet. Each of these NFT marketplaces has fees, charges, and operating conditions that need to be considered. Thus, you need to do adequate research on your part before investing your funds.

Create a new wallet on the solution of your choice and connect it to the Solana marketplace of your choice. The marketplace website will guide you through the process.

Important to remember: do not try to do anything on Solana through Metamask, a popular Ethereum wallet, or your SOL will be gone forever, as MetaMask does not recognize SOL tokens. Phantom is the Solana network metamask.

Get SOL coins

You must use the SOL cryptocurrency on the Solana NFT platforms, just like you use ETH on the Ethereum-based marketplaces. SOL coins are traded on various exchanges. A typical process involves connecting your fiat account to an exchange, moving funds, and purchasing the required amount of SOL. You need to withdraw this SOL to your wallet address.

To be on the safe side, only withdraw what you need to buy NFTs. For example, if NFT is available for 15 SOL, you can withdraw exactly that amount along with the required transaction fee. In addition, you can exchange your stablecoins for SOL on the exchange and transfer the currency to your wallet address.

Altcoins vs Stablecoins: Key Differences Explained

Develop a strategy

When it comes to NFT investments, there is no single strategy. In accordance with your goals, you must come up with your own. Collectibles are in demand, as are artwork, achievements, and other assets associated with famous people, as they help fans feel connected to them. For those interested in gaming, there are plenty of NFTs with sports stars or gaming memorabilia that will make them feel upbeat and earn income.

While buyers invest their funds for profit, you may also prefer to make sure your investment is in your best interest. Someone who loves to play games will definitely want an NFT straight from a popular game, perhaps an NFT reward. And if you enjoy spending time in the metaverses, you can get one of the ones you just love to jump on.

Finding what’s trending on the Solana marketplaces will help you focus on the items that are likely to get the most support. If you are not very accustomed to the NFT world, this will help you get a feel for the NFt world.

Buy your NFTs

Whichever platform you choose, you can check out the latest or trending NFTs. Look through as many collections as possible before making a decision. If you want to keep costs down, include this criterion in your filter when looking for the best Solana NFTs.

Simply click on an NFT and view the available item information. Get information about the owner of the NFT, the price and the offer you will make after establishing a connection to the wallet.

Solanart, the most stable of the NFT marketplaces on the web, takes about 20 seconds from start to finish and less than half a dollar per transaction. Price history for all collections is available on the marketplace. The Solana NFT marketplaces may still be a long way from OpenSea, which has been around since 2017, but they will soon catch up.

Update Wallet

In most wallets, you will find a “Buy” button that you need to click. The wallet will then usually ask for approval of the purchase. It will show you the amount you are going to spend as well as the transaction fee you will incur. After you approve and make a purchase, you will see it in the appropriate section. For example, in the Phantom wallet, it is transferred to the “Collection” section.

The process is quite simple and you should have no problem completing the transaction after transferring SOL to your wallet. The reason for the growing popularity of the Solana platforms is that they are easy to use.

Days ahead

The NFT revolution has just begun and there are still many miles to go. As the ecosystem develops, more trading platforms will appear. We can say for sure that these marketplaces will be better than the current lot. User interfaces will become more intuitive and a wider range of features will be available to enhance the user experience.

As the Solana community develops over time, the number of NFT buyers will also grow, giving a boost to the growth potential of your NFT values. Just make sure you only buy each SOL NFT after you think it through and you’ll be fine.