The growing popularity of non-fungible tokens (NFTs) has resulted in issues such as exorbitant transaction fees and congestion in the dominant Ethereum-based ecosystem. The fee factor is a significant deterrent to anyone wishing to conduct transactions on the blockchain.
According to a Reuters report, the NFT sales volume in 2021totalled$24.9 billion, up from $94.9 million in 2020. The number of wallets trading in NFTs increased to approximately 28.6 million, up from a modest 545,000 in 2020. When Bored Ape minted its NFTs, the gas fee skyrocketed to $3300, revealing how bad Ethereum’s costs were (ETH).
Solana (SOL) has emerged as a major competitor to Ethereum, outperforming it on two key indicators, speed and transaction cost, thanks to an innovative proof-of-history (PoH) timing mechanism and a proof-of-stake (PoS) protocol structure.
In this article, we will look at how Solana differs from other blockchains, cost to create NFT on Solanaas well as how to buy NFTs on Solana.
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Table of Contents
- 1 What is Solana?
- 2 How Solana is Advantageous Than Other Blockchain Networks?
- 2.1 How to Buy Solana NFTs
What is Solana?
Solana employs a consensus known as Proof of History. Proof of History works by using a time-stamping solution; each transaction is assigned a time stamp, which allows the rest of the network to verify it as a legitimate transaction in fractions of a second.
Solana has outlined the eight technologies that they believe position themselves as the fastest, most scalable, and secure blockchain in the market.
How Solana is Advantageous Than Other Blockchain Networks?
In comparison to Ethereum (block time: 13 seconds, block size: 70 transactions), this blockchain clocks block time (0.4 seconds) and block size (20,000 transactions), allowing the network an incredibly low gas fee of $0.00025 per transaction.
With the introduction of solutions such as Solana, buyers can now purchase NFTs with a negligible transaction fee and few congestion issues. In practise, this means that Solana or SOL NFTs are more easily accessible than Ethereum NFTs.
The price of Solana NFTs began to rise in the second half of 2021. In September 2021, a Degenerate Ape NFT sold for around $1.1 million, becoming the first million-dollar NFT sale on the Solana network. A Solana Monkey was sold for $2 million in October 2021.
Development of NFTs on Solana is getting popular day by day due to its affordable cost and the advanced features and functionalities.
NFT Marketplaces are the place to go if you want to purchase Solana NFTs. All NFT-related functions, such as minting, buying, selling, and trading, take place on specific marketplaces. This is similar to traditional cryptocurrencies, which are managed via exchanges and crypto wallets.
Solana NFTs are supported by three prominent marketplaces: SolSea, Solanart, and DigitalEyes. SolSea allows creators to select and embed licences while minting NFTs. NFTs can be found, collected, and traded on Solanart. DigitalEyes is a well-known platform that features collections such as Solana Monkey Business and Frakt.
How to Buy Solana NFTs
There are certain steps that must be followed to buy Solana NFTs which are being discussed as follows:
- Step 1: Get a Solana Wallet
The first thing you should do is get a Solana-based wallet. SolFlare and Phantom are two well-known wallets. Sollet, an open source wallet, is recommended for advanced users. You must consider the collections, fees, and terms of work for each of these NFT marketplaces. As a result, you must conduct adequate research before committing your funds.
Create a new wallet on your preferred solution and link it to the Solana marketplace. The market place’s website will walk you through the steps.
- Step 2: Get SOL Coins
On Solana NFT platforms, you must use SOL cryptocurrency, just as you would ETH on Ethereum-based marketplaces. SOL coins can be purchased on a variety of exchanges. Connecting your fiat account to the exchange, moving funds, and purchasing the required SOL amount are typical steps. This SOL must be withdrawn to your wallet address.
- Step 3: Develop a Strategy
There is no one-size-fits-all approach to NFT investment. You must develop your own in accordance with your objectives. Collectibles, as well as artworks, achievements, and other assets associated with famous people, are in high demand because they allow fans to feel connected to them. For those who enjoy games, there are numerous NFTs of sports stars or game memorabilia to make them happy while also earning money.
While buyers are investing to make a profit, you may prefer to ensure that your investments align with your interests. Someone who enjoys playing games will almost certainly want an NFT from a popular game, most likely a reward NFT.
- Step 4: Buy Your NFTs
Whatever platform you use, you might want to look into the most recent or popular NFTs. Before making a decision, look through as many collections as possible. Include this criterion in the filter when looking for top Solana NFTs if you want to keep costs low.
Solanart, the most stable of the network’s NFT marketplaces, takes about 20 seconds from start to finish and charges less than a half-dollar transaction fee. On the marketplace, you can view the price history of all collections. Solana NFT marketplaces are still far behind OpenSea, which has been in operation since 2017, but they are quickly catching up.
Cost to Create NFT on Solana
There are different factors that would determine the exact cost to create NFT on Solana. These factors includes the number of tokens you will be launching, complexity of the project and the Token Development Company you choose.
However, it will cost you around approximately $90 USD to create NFT on Solana which is the cheapest among all the other blockchain networks.
Why Choose Technoloader for NFT Development on Solana?
Technoloader is one of the leading NFT Development Company which is offering you with the opportunity to create NFT Tokens on Solana. They have a team of skilled developers who assist you in the whole process and will create a unique and innovative non-fungible token for you.
Their NFT Token Development Services are designed in such a manner so that you can customize it according to your business requirements for fulfilling the goals of your business.
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Call/whatsapp : 👉 +91 7014607737
Telegram :👉 @vipinshar
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