The massive rise in the cryptocurrency market in August of last year triggered an overall increase in various parts of the market. Aside from centralized digital assets, some tokens in the DeFi sector have responded to positive market movements. The NFT sector was one distinct sector of the market that was not in the spotlight prior to the rise. During this time, the market witnessed an increase in a variety of Ethereum NFTs, particularly CryptoPunks.
While Ethereum is responsible for the majority of transactions in the sector, Solana, a strong competitor, is putting the blockchain to the test. This is primarily due to Solana’s gradual introduction and filling some gaps, such as the high transaction fees and congestion that have plagued Ethereum.
The Solana native token, SOL, rose throughout August before experiencing a slight drop, which was attributed to network downtime. Even so, SOL has reaped enormous benefits from the collection of NFT on the Solana platform. In this article, we will discuss NFTs and how to purchase them using the Solana platform.
What exactly are NFTs?
NFTs are one-of-a-kind tokens that demonstrate ownership of a digital item on a blockchain. People have bought and sold various digital items on the blockchain over the last few months as the NFT craze has swept the market. Most people now use NFTs as their profile pictures, which range from arts to music and other things. Significant amounts of NFTs have been sold at excellent prices on Solana, contributing to the blockchain’s growing trading volume. The most notable was the sale of a Degenerate Ape NFT on the platform for approximately $1.1 million SOL.
How to Purchase NFTs on Solana
The main difference between buying NFTs on Ethereum and Solana is that users can only buy them with SOL. Furthermore, when making a purchase, users are not permitted to link their Ethereum-based wallet, MetaMask, to the platform. The following is a quick guide to setting up a Solana wallet and using it to buy NFTs on the Solana platform.
Select your Solana wallet.
Because the standard Ethereum-based wallet used to purchase NFTs on Etheruem will not work, users must select a Solana wallet. There are numerous good wallets available, and users can use a browser extension or other apps designed specifically for this time period. The Phantom wallet is a popular wallet that traders can use to carry out this activity. Aside from Phantom, another good wallet that traders can use for this purpose is Solflare. Trust Wallet and Atomic Wallet are also worthy of mention.
We’ll be using the Phantom wallet in this article. To begin, you will need to add it as an extension to your Google Chrome or Brave browser. Then, in order to recover your wallet, you must write down a 12-word seed phrase. In the following step, you will set your password, re-enter your password, and be granted access to the wallet. One thing you must avoid is revealing your seed phrase. Anyone with the 12 groups of words can gain access to your wallet and steal your money.
Purchase some SOL tokens.
The next step is to buy the SOL tokens that will be used to buy your NFT. You can get the tokens in a variety of ways and store them in your wallet using the Phantom Wallet. Purchasing the tokens from a reputable crypto exchange, such as Binance, and transferring them to your wallet is a great option. Another option is to purchase USDT from a cryptocurrency exchange and transfer it to your Phantom wallet. Phantom has an in-house exchange where you can convert your USDT to SOL and other Solana blockchain tokens.
Enter the market and buy your NFT.
After completing the preceding steps, you can use the SOL tokens in your wallet to purchase an NFT from a Solana-based marketplace. Solanart provides users with a diverse range of NFT collections. Solanart, despite being an NFT marketplace, operates differently than other marketplaces. Because it is not an open marketplace like the well-known Ethereum marketplace, OpenSea, the works listed in the marketplace are curated.
Another market is DigitalEyes, which is well-known for producing the Steve Harvey-approved Solana Monkey Business. To buy an NFT from one of the marketplaces listed above, you must first connect your Solana wallet to the site, then purchase the NFT of your choice and approve the transaction. When compared to Ethereum, Solana transactions are faster and less expensive. You can also view all of the NFT collections you’ve purchased in the Phantom wallet. In addition to purchasing NFTs, traders can use the wallet on Solana network protocols such as Saber and others.