Solana is one of the most popular blockchains in the world when it comes to decentralized finance (Defi) and Non-Fungible tokens (NFTs). The interest in Solana NFT is also heating up every day.
NFT collectors want platforms that can facilitate cheaper and faster transactions, and Solana is the answer. One of the major challenges with the Ethereum blockchain is the high cost of transactions since the platform charges gas fees. Solana is seen as the best and cheaper alternative to the Ethereum blockchain. A significant number of NFT platforms are also seeking integration with Solana, with some already integrated. As a result, Solana NFT projects are expected to hit Web3 soon.
But first, what is Solana?
Solana is an open-source, public blockchain. It was designed to host decentralized applications (dApps) and SOL is its native cryptocurrency. Just like blockchain networks such as Ethereum, Solana supports the creation of smart contracts. This is very important since you need smart contracts to mint and trade a Solana NFT. The purpose of smart contracts is to assign ownership to users and allow them to access digital assets in the NFT.
Solana was founded by Anatoly Yakovenko in 2017 to solve the slow transaction speeds and high costs associated with other blockchains such as Bitcoin and Ethereum. The Solana blockchain uses a combination of Proof-of-History (PoH) and Proof-of-Stake (PoS) mechanisms. These two algorithms are very different from the Proof-of-Work (PoW) algorithm used by other blockchain networks.
How to Mint Solana NFT
To create an NFT on the Solana blockchain, you must have a Solana wallet to help you pay the minting fee. You should also have another wallet address where you will send the Solana NFT once it has been created. You must have a computer connected to the Solana blockchain network with a ready terminal and command line.
Once everything is ready, you should determine the type of Solana NFT to mint, whether an illustration, song, poem, etc.
You must also consider whether to create a one-of-one Solana NFT or an edition. A 0ne-of-one NFT means that only one exists, for example, paintings. An edition can contain any number of NFTs. For example, selling shorts as NFTs.
For larger NFT collections, you may have to hire an artist to design the images. You must also ensure you have different attributes that can be varied to create rarity.
From there, you can choose to create a metadata JSON file, use a no-code solution, or work with a developer to create the metadata and mint the Solana NFT.
Many tools can help you to create and launch your Solana NFT. You can find the list of these tools on the Solana website.
How to Check Rarity of Solana NFT
The rarity of a Solana NFT determines its value and worth and makes it collectible. A rare Solana NFT has uncommon traits and attributes, and they tend to have a high value.
There are different ways how to check rarity of Solana NFT. One such way is to look at its rarity score. This is a number assigned to a Solana NFT and it shows how rare an NFT is. You can know this number by looking at the metadata of your Solana NFT.
The rarity rank also provides you with another way how to check rarity of Solana NFT. It considers the rarity of the NFT and other factors such as its total supply.
Examples of tools that you can use to check the rarity of a Solana NFT include HowRare and Rarity Snipers. A rare Solana NFT has a higher value and brings the owner much prestige.
Solana NFT Marketplace Platforms
Most NFT marketplaces run on the Ethereum blockchain network, but this is changing as NFT collectors seek cheaper and faster alternatives. That’s why Solana NFT marketplace platforms are increasing, with Opensea, the largest NFT marketplace adding Solana integrations.
Magic Eden is currently the most popular Solana NFT marketplace.
So, how much to mint Solana NFT on Magic Eden?
Magic Eden doesn’t charge you to list an NFT on its marketplace. However, it charges a fee of 2% for every sale transaction.
Other popular Solana NFT marketplace platforms include Solanart, Solsea, Solens, and Formfunction.
How to Buy Solana NFT
You may be interested in buying an NFT. Solana makes this cheaper and faster for you.
To buy a Solana NFT, you need a Solana-based wallet. You can choose SolFlare, Phantom, and Sollet.
Once you have set up a Solana-based wallet, connect it to the Solana NFT marketplace that you will use to buy the Solana NFT.
Solana NFT marketplace platforms require you to use SOL (the native cryptocurrency of the Solana blockchain) to buy NFTs. Thus, you should buy SOL from cryptocurrency exchanges like Coinbase and Binance. Transfer the SOL to your Solana-based cryptocurrency wallet.
Now that your Solana-based wallet is funded with SOL crypto, it’s time to buy the Solana NFT of your choice. You can search for it within the Solana NFT marketplace and buy it. You can also subscribe to a Solana NFT calendar and be notified of new Solana NFT projects. After finding the NFT, you will only have to click the “Buy” button to buy it and then click “Approve” to approve the transaction once your crypto wallet pops up.