If you own an NFT or are interested in launching and selling your NFT collection, then congratulations, you are in the right place.
NFTs are increasingly becoming popular these days, with many people making fortunes from them. So many people claim that NFTs are the future of digital arts, and so far, there is no reason to doubt it.
Solana came into the limelight sometime last year as the Ethereum killer with features believed to rival the top blockchain in the blockchain universe.
Having NFTs and selling them o the Solana blockchain can prove profitable, and in this article, we shall show you how.
We are here to help you sell NFTs on Solana, and so this article will cover everything from what an NFT is and a brief introduction to the Solana blockchain. Then, we will show you how to mint and sell NFTs on Solana.
So, without wasting any more time, let’s help you sell NFTs on Solana.
What are NFTs?
Non-fungible tokens, or NFTs, are cryptographic tokens that live on a blockchain in chunks. They’re utilized in a virtual capacity for real-world commodities like artwork, music, and even real estate. Because NFTs are not similar to one another, they cannot be sold or swapped like cryptocurrencies.
Consider a collection of baseball cards or a rare coin collection. NFTs establish scarcity among otherwise endlessly accessible assets.
Typically, they are used to purchase and sell digital commodities such as tweets, artwork, game skins, and virtual real estate.
NFT sales reached $2.5 billion in the first half of 2021, indicating that the year will be a year of growth. You may make money using NFT in two ways. The first option is to market your unique content as a non-fiction title.
What is a Solana network?
The Solana network is a decentralized marketplace that provides the most effective approach to establishing an NFT marketplace.
Creating a Solana NFT would be the most efficient method to mint, buy, and sell NFTs from many producers all around the globe.
The authority of these platforms and dealers are rewarded handsomely by the Solana NFT marketplace.
It also lowers expensive trading and minting expenses, is more user-friendly, and generates more cash for its customers.
As a result, many customers customize their Solana NFT platform with the most up-to-date features and technology.
In a nutshell, Solana is an open-source, public blockchain. Its primary coin is SOL, and it was created to support a wide range of scalable decentralized applications (dApps).
Solana supports smart contracts, much like the rest of the world’s most popular blockchains. This is significant because smart contracts are used to create and sell NFTs – they transfer ownership, allow users to access digital assets stored in the NFT, etc.
Solana, founded in 2017 by Anatoly Yakovenko, was created to address the high transaction fees and poor speeds that restrict the scalability of existing blockchains like Ethereum and Bitcoin.
Blockchains could only process roughly 15 transactions per second at the time (TPS). On the other hand, major credit cards may handle roughly 65,000 TPS.
Users must also pay fees for any transaction they attempt on the blockchain. When blockchain networks become overburdened, such as during a major NFT launch, these costs can quickly escalate to hundreds of dollars. Solana was built to address both of these problems, and it succeeded.
Solana’s TPS now competes with Visa and Mastercard in terms of speed and worldwide scalability, making it an industry leader in terms of speed and global scalability.
Furthermore, the cost of living in Solana is quite cheap. Unlike Ethereum, which has hefty fees that make it difficult for anyone without a high-risk tolerance to participate in NFT trading to utilize, Solana’s transactions are only a fraction of a penny per.
As a result, Solana has become one of the most popular cryptocurrency ecosystems. SOL’s fully diluted market cap was moreover $67 billion at the time of writing.
You can read this: Top 10 Cryptocurrencies to Invest in 2022
How does Solana Work?
Solana uses a hybrid of Proof-of-Stake (PoS) and Proof-of-History (PoH) techniques to operate. These algorithms are in stark contrast to Ethereum’s and other blockchains’ Proof-of-Work (PoW) processes.
To summarize, PoW necessitates computers competing against one another to solve complicated puzzles in order to add blocks and transactions to the blockchain.
These riddles are incredibly difficult to complete and need a lot of computer power, resulting in massive energy waste.
Solana takes these stumbling blocks out of the equation. As a result, it does not degrade the environment as much, and its TPS performance is significantly better.
How to Sell NFT on Solana?
There is various NFT marketplace for you to sell NFT on Solana, but for the case of this article, we will be talking about how to sell NFT on Solana using the Solsea NFT marketplace. If you follow the steps listed below, you can successfully sell NFT on Solana.
On Solana, Solsea is the most popular NFT marketplace. It works with a variety of cryptocurrency wallets, but for the sake of this post, we’ll be utilizing the Phantom wallet (don’t worry, we’ll show you how to set it up).
Before you sell NFT on Solana you would need to follow a few steps of minting the NFT you wish to sell. On Solsea, here’s a step-by-step instruction for minting your own NFT.
Step 1: Create and Fund a Phantom Wallet
Install Phantom
You’ll need your wallet to mint an NFT on Solsea. Wallets may be installed directly from your browser, with Brave being the most popular crypto browser. Most wallets are planned to be compatible with non-crypto browsers such as Chrome and Firefox in the future.
Begin by downloading the Phantom. app browser extension from the Phantom. app website. The Phantom symbol will show in your Extension Button as the download is complete. The installation will begin when you click the icon.
Create Your Wallet
When you’re done, a new page will appear. Create a “New Wallet” on this page. You’ll be given a recovery phrase when you create your account.
This information can be used to reclaim your account. Make a note of it in many places and store it safely. You risk losing access to your account if you forget this phrase!
Phantom will be added to your browser immediately after your wallet has been established.
Add Funds To Your Wallet
You’ll need Solana’s native cryptocurrency, SOL, to create an NFT on Solsea. Purchase SOL on a crypto exchange (Coinbase Pro is the most popular).
Scanning the QR code or copying and pasting the wallet address will transfer your SOL to your Phantom Wallet.
It’s possible that this transaction will take a few minutes. After that, you may begin minting on Solsea.
Step 2: Create A Solsea Account
Connect Your Wallet
To mint an NFT on Solsea, you must first register an account. To begin, go to Solsea and use the “Link Wallet Option” to connect your wallet. Your Phantom extension will ask for permission to connect to your screen.
Create Your Account Details
A Solsea sign-in screen will appear when you’ve connected your accounts. Enter your primary email address and a password. To register, you must agree to the terms and conditions. Solsea will send you an email after you’ve enrolled, and your wallet will link to Solsea instantly.
You’re now ready to start minting your collection!
Step 3: Mint Your Collection
Fill Out Your Collection Details
Select “Collection” from the “Create” menu. You may give your collection a name and a personalized description here.
After you’ve decided on a name, add an icon and a header. To help engage your audience, you can link your website and social media pages.
Create Your Collection
Click “Create Collection” after you’re satisfied with the details. To mint the collection, you’ll need to sign the transactions. Wait till the collection is finished. If you’re not sure if it was successful, go to your wallet and look at your transaction history.
Mint Your First NFT
When the transaction is complete, go to your Wallet and choose “My Collection” to double-check your information.
Select “NFT” from the “Create” drop-down menu. You may post your NFT file right here. JPEG, GIF, PNG, MOV, and MP4 are the currently supported formats by Solsea. Check to see if the file format you’re using is supported.
After you’ve uploaded your NFT, give it a title and a brief description.
Also, you can check this: How To Make Money Buying And Selling Cryptocurrency In 2022 | Full Guide
Step 4: Sell NFT on Solana
Now that you’ve finished your collection of NFTs, it’s time to sell them. You’ll be able to sell NFTs you’ve minted on other platforms and in other ways as well.
You will be able to sell NFTs that you have obtained on other markets on SolSea in addition to those that you have acquired on other marketplaces.
You may check all of the NFTs you have accessible by going to my wallet, NFT in my wallet.
It’s as simple as clicking on list NFT, entering the amount of SOL, indicating if you want a public or private sale, and that’s it. When you click on list NFT and confirm in your wallet, your NFT will appear on the Marketplace.
Summary
Following these few basic steps would help you sell NFTs on Solana effortlessly and effectively and start making your massive gains this NFT season.
Make sure you are extra careful when setting up your wallet and marketplace account to avoid loss of funds in the long run.
Overall, Solana is one of the top blockchains for NFTs, and being able to use this is essential for anybody wishing to flourish in the realm of digital art.
It is, however, not without flaws. The network has had many failures, and it also slows down dramatically during periods of high traffic, similar to Ethereum.
Frequently asked Questions
Yes, and NFT markets are now providing energy-hungry Ethereum alternatives with lower carbon footprints.
Flow, Tezos, and Polygon are a few examples. Solana, a new blockchain, claims to be carbon-neutral. Check out which NFT marketplace is being used and choose one that meets your morals.
Yes. An NFT may be used to store any digital file. Most markets cater to digital artwork, but many are also adding video, gaming assets, and music to their offerings.
Physical things, such as physical limited edition Nike sneakers, are now digitized as NFTs. In the future, expect NFTs to exist in both digital and physical locations.
On NFT markets like OpenSea, Rarible, and Foundation, NFTs may be traded and bought. Some are available to the public, while others are only accessible by invitation.
Some are solely for the sake of art, while others are dedicated to video games. There is an NFT market for everyone, so do some research and pick the right one for you.
Yes, new NFT displays are launched on a regular basis. These are basically 4K and 5K TVs with haptic anti-glare screens to make the art appear like it’s on a canvas.
Samsung’s The Frame, as well as Meural and Canvia’s displays, are good examples. Look for displays with a built-in NFT marketplace and app-based wallet integration.
A blockchain, according to Investopedia, is “a distributed database shared across the nodes of a computer network.”
The strength of blockchain technology is that it ensures security and trust without the need for a third-party, allowing data transactions to be completed more quickly.
The information entered is permanent since it is irrevocable. In the case of NFTs, this implies that the artist may track their NFT and guarantee a share of future sales.
References
- Linkedin – How do I sell my NFT collection Solana
- NFT – Everything you need to know about the Solana blockchain and NFTs
- Creative – How to make and sell an NFT
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