There is a thriving demand for non-fungible tokens that are not backed by Ethereum, like the NFTs under Cardano (ADA) and Solana (SOL). These tokens are taking the cryptocurrency space by storm.
Founded back in 2017 to battle head-on with Ethereum, SOL supports smart contracts, receiving much fame with developers building decentralized finance applications and non-fungible tokens (NFTs).
Solana (SOL) is among the most promising coins exploding in the market, termed Ethereum-killer by many investors together with Cardano (ADA). The cryptocurrency has been outmatching its competitor, and it’s no secret that this so-called Ethereum-killer is probably one of the rapidly growing cryptos in the market. Its features are continuously getting improved.
Ethereum’s gas fees are insanely high, so there’s quite a lot of people crossing the bridge from this second-largest cryptocurrency to Solana. SOL doesn’t ask for a gas fee at all.
Solana had surpassed the maximum Ethereum transactions, which is quite a huge achievement for a recently introduced token. With unmatched transaction speed and enormous bandwidth, building exchanges and platforms would be pretty favorable on top of it.
If you’re interested in Solana (SOL) NFTs, keep your eyes on the screen and keep reading this tutorial on how you can begin with SOL NFTs.
Creating an NFT Wallet
A wallet that supports NFTs is necessary to get started with Solana (SOL).
As of the moment of writing, SOL is yet to be supported by Metamask, so you could choose from SolFlare, Sollet, and Phantom. Look into it and see which will suit you the best.
Before actually signing up for these wallets, make sure that you’re on the right site, not a fake one. You could suffer from a phishing scam if you rush into joining.
Creating a wallet from these platforms almost has the same procedure; you will be given a 12-word seed phrase. The seed phrase would serve as your most robust defense to safeguard your assets within the wallet.
To get started with Phantom, go to its actual website, then click Add to Chome (if you’re using Chrome as a browser). After that, add it as your browser’s extension.
Once you’re done setting it as an extension, you can start creating a new wallet from it.
Upon clicking Create a Wallet, you will be given a seed phrase, and you need to store it in a safe place because anyone who gets their hands on it will be able to access your wallet without a sweat.
Copy your seed phrase, create a password for your Phantom wallet account, and then you’re ready to go.
Funding Your Phantom Wallet
Buying Solana (SOL) is pretty easy because you can find it on most of the most popular exchanges in the space right now, like Binance, Coinbase, eToro, Kraken, and a lot more.
Since you already set your wallet up, you can now send SOL.
From the extension, open the wallet, then click Receive, and then Send from Wallet/Exchange. After that, copy the address that will be given to you. You will use it to send SOL from exchanges to your wallet.
Once done funding your wallet, you can head over to Solana (SOL) marketplace.
Discover, Collect, and Trade NFTs with Solanart
Solanart is the pioneering non-fungible token marketplace on Solana. With this marketplace, you will be able to access and explore digital collectibles, buy, and sell NFTs from various artists and collections.
On the website, you will be welcomed along with the warning that Solana NFTs are still in their early development, and quite a lot of them are still in beta. You will be given a link directing to their Discord community and Twitter account. Nonetheless, click Let’s Go.
Connect your Phantom wallet with Solanart to start buying Solana non-fungible tokens.
Solanart doesn’t have many tools because it, just like what was mentioned earlier, it’s still at its early development. Because of this, you will need a lot of manual research to see which NFT is worth buying.
The Catalyst Which Pushed Solana NFT’s to Top
Degenerate Apes was Solana’s first-ever big swoop into non-fungible tokens, sending SOL’s price into a whopping $63. Solana hit an all-time high with this primate-inspired non-fungible token project.
From glasses to sandwiches, Degenerate Apes features varying degrees of rarity.
Within a span of 10 minutes, Degenerate Apes sold a collection of 10,000 Apes, and the team itself had tweeted that they had been overwhelmed by the unexpected demand. This NFT collection was the catalyst that moved Solana into the top 10 cryptocurrencies in the entire space.
The floor price for Degenerate Apes was 7.20 SOL with 163,900+ trading volume at the time of writing.
Solana’s Projects
The NFT projects built on Solana are over 400, including some decentralized finance apps. To those who do not know, decentralized finance applications, or DeFi, allow people to take financial transactions out of the hands of middlemen.
Upcoming projects were coming to Solana like Bold Badgers, SolBits, and Kaiju Cards.
If you find an NFT project so interesting, join their Discord community, and follow them on Twitter to make sure that you’re always up-to-date to new announcements. You could also head over to certain websites to find upcoming NFT drops early, ahead of others.
Snailana is one of the upcoming Solana projects consisting of computer-generated NFT collectibles. It has over 6,100 collections of unique snails with distinctive traits. These snails demand transportation to Solana Chain Planet.
Abreast to minting one or more, you will own a unique Snail, having the ownership recorded on Solana Blockchain.
The snails could be used in competing with other Snailana owners in a custom-tailored racing game, as well as allow Snailana’s to match and breed their snails with other owners.
You might be interested in investing your money in this project for single readers out there because of the Snailana Tinder, which is a social platform that allows interaction and meeting of single Snailana holders within the community. Isn’t it interesting?
The platform creates an unorthodox idea within the bounds of NFT space, where each and every single snail released on the Snailana platform will have its own unique DNA and increase two-fold as a limited-edition drop of NFT. There is also Solana’s Wormhole.
One of the most remarkable projects of Solana is called Wormhole. While the name seems to be out of Start Trek, it is actually an excellent project that renders a bridge that connects different networks.
As many crypto enthusiasts know, blockchains tend to be incompatible working with one another, which tends to be a big obstacle in blockchain technology’s growth. Just imagine two wireless providers that are not capable of communicating with each other. Disaster!
With the Wormhole, NFT, and other projects can be conveniently transferred between Solana and Ethereum at full tilt and at a low price.
Solana is surely getting more and more popular.
The NFT market is reaching new heights in 2021, having over 30x sales of the previous year. This is why blockchain networks like Solana are gaining more attention, mostly from investors who want to make money out of them.
NFTs are highly volatile assets within the already volatile crypto space and buying them is wildly risky.
However, if you would look at it on the bright side, there are already quite a lot of people who made millions of dollars out of this volatile market. Hence, investing in it is a matter of some sort of a gamble.
Do further research before risking your money on these NFTs. If you think it’s worth betting your money, go and take the gamble.
If you think investing in them is very risky, put your money on something that will give you assurance of a profitable return. After all, it’s better to be safe than sorry.
