What are the best places to buy, store or trade NFTs on Solana? This guide comes with some well-researched options that introduce you to the Solana blockchain and NFTs in general.
Digital art is the next big thing that happens to crypto at the moment. Moreover, with the introduction of blockchain technology and smart contracts, a new window of opportunity has opened for digital artists. Additionally, this new opportunity is called NFT or non-fungible token.
Non-fungible tokens (NFT) are cryptographic tokens that represent an asset. The main feature of NFTs is the fact that they are not mutually interchangeable. In other words, they represent a digital asset that is unique and scarce thanks to blockchain technology.
Why have NFTs become so popular most recently? In particular, they function as “proof of ownership” over a digital item and they’ve become all the rage among art collectors and crypto traders in search of the latest, trendy set of JPEGs. All this to flex as their social media PFP (that’s a profile picture, for the uninitiated).
Speaking about Solana and its network token SOL it’s safe to say that they have risen significantly in price and volume. At the time of writing, Solana(SOL) is the 4th largest blockchain network in the world with a market cap of $75 billion and $3.5 billion trading volume in 24 hours.
In this guide about NFTs on Solana, I’m going to show you the best places for trading NFTs on Solana. In addition, some research about the different trading platforms and wallets to use. Finally some necessary steps in buying an NFT on the Solana blockchain network.
Best places to buy NFTs on Solana
Below is a list of platforms that trade NFTs on the Solana blockchain. At the time of writing, the NFT space on Solana is just getting started. As a result, it is good to know that all these platforms mostly are in the beta(test)-phase and are also being developed.
- SolSea – The Solona variant of the OpenSea platform on Ethereum. It has the same look and feel when trading NFTs on solana
- Solanart – One of the first fully-fledged NFT marketplaces on the Solana blockchain.Get quick and easy access to digital collectibles and explore, buy and sell NFTs from different collections and artists.
- Ftx.us – FTX is a cryptocurrency trading platform related to Solana. Also, this crypto exchange allows to buy and sell NFTs.
- DigitalEyes.Market – One of the cheapest platforms for buying and selling NFTS on Solana.
- Magic Eden – A trading platform for NFTS on Solana that has very strict rules in listing new art-collections.
|📈Platform||💰Trading fees||🏷️Listed Items||✔️Rating|
Solana vs Ethereum NFTS
The technology behind the Solana blockchain network differs from Ethereum which initially started the NFT boom. Maybe you have heard about Bitcoin and how the new coins are mined by using ‘Proof-of-Work’ technology. In fact, Ethereum uses the same ‘old’ technology to process transactions on the blockchain.
One of the main disadvantages of this PoW-technology is that it can’t really scale and is stuck to roughly 13 transactions per second for Ethereum. As a result, at busy hours, the network will be full and transaction fees are substantially more expensive than on Solana.
Proof of Work vs Proof of Stake
On the contrary, Solana uses a different technology called Proof-of-Stake which doesn’t use electricity as fuel. Instead, Solana uses different nodes that stake SOL tokens to keep the entire network secure. Additionally, one of the main benefits for Solana of using PoS-technology is that it is possible to keep gas fees low no matter how busy the network is.
Another benefit for Solana NFTs is that thanks to the ability to scale the NFTs can be more complicated. For example, playing online games with NFTs on Solana isn’t a problem at all even if it’s a turn-based game like Pokemon. Also, 3D-based NFTs is another possibility that the Ethereum blockchain can’t handle at the moment.
All in all, if you compare Ethereum vs Solana NFTS you can conclude that the Solana NFTS has more possibilities and withdrawals are very cheap. However, the most expensive and popular ones are traded on the OpenSea platform that is Ethereum based and I think it will stay that way. Remember that Ethereum also is trying to upgrade to ETH2.0 next year where the network will transform to Proof-of-Stake.
What kind of Wallet do you need for buying NFT’s on Solana?
As explained above Solana is a modern blockchain network that uses Proof-of-Stake as minting technology. In particular, the platform features an impressive speed of 50,000 tps, or transactions per second, and tracks transactions as efficiently as possible.
Furthermore, Solana is an application that works with blockchain scaling and intelligent contracts. This decentralized platform gives you access to Coinbase, Binance, and Bilaxy exchanges to name a few.
Eventually, Solana is frequently used for NFTs, Defi, and staking, and there are some great hardware wallets to manage your SOL and your crypto funds with Solana.
Besides, if you are used to Metamask and trading NFTs on Ethereum then you might wonder if you can work with NFTs on Solana as well. The short answer to this is no because Metamask is only compatible with the Ethereum blockchain at the moment(maybe the future will change this).
As a result, the following wallets are the best to consider for the Solana network and are highly recommended for trading as well.
#1 – Phantom Wallet
To start using NFTs on Solana, the Phantom wallet is one of the available tools you can use. Additionally, Phantom wallet acts as a simple browser extension(Chrome, Brave, or Firefox) and therefore turns your browser into a crypto wallet. To start browsing on the Solana ecosystem Phantom supports you with the following functionalities:
- Non-custodial – Your funds, private keys and private data are stored on your device and cannot be accessed by a third party.
- Token swaps – Phantom uses a built-in DEX to safely swap tokens at the best prices
- NFTs and collectibles – Smooth user interface for storing your favorite NFTs
- Ledger support – You can store your private keys offline by simple connecting to a Ledger hardware wallet
- Web3 support – Phantom also funtions as a dAPP browser that interacts with the Solana blockchain
- SOL staking – Earn additional SOL on your funds by just holding them in your wallet.
What makes Phantom one of the best wallets storing NFTs on Solana? In my opinion, the smooth interface for showing your NFTs in combination with some extra security by easily connecting to an offline wallet(Ledger Nano). Read this guide if you want to withdraw funds from Phantom wallet.
#2 – Solflare Wallet
Another option for swapping, storing, or staking SOL on the Solana blockchain is the Solflare wallet. Moreover, this Solana wallet is available on desktop, mobile, and as a browser extension what makes it an all-in-one digital solution for Solana.
To summarize, this wallet for holding NFTs on Solana has the following features:
- In-wallet swap – Swap any token for another instantly
- NFT compatible – Including both visual and audio NFTs
- Non-custodial – Nobody(but you) has access to your data and funds
What happens when something goes wrong or you have any questions regarding the use of the wallet? As this isn’t a centralized platform, and official customer support doesn’t exist. However, to answer questions on your behalf there is a discord available.
#3 – Sollet Wallet
Sollet is primarily a web-based wallet and is therefore easy to access and open for managing SOL, or connecting to the Ledger Nano X hardware wallet. Since it’s web-based, it’s easy to access from anywhere, which makes it appealing to some users, though there is a risk of less security as a result.
On its own, Sollet is useful for swapping between SPL tokens and SQL or storing NFTs, though it’s not recommended for direct access to Solana DApps without the Ledger hardware wallet connection. This is due to possible bugs that may be present in the Sollet browser extension. However, using Sollet with Ledger is ideal and makes an excellent integration for using Solana for various transactions.
Steps to Buy NFTs on Solana
For putting all pieces together eventually, it’s time to start buying or trading NFTs on Solana. What is the best way to do this? In the next section, I’ll explain what is needed to get an NFT as simple as possible.
#1 – Get some SOL tokens
Like any other cryptocurrency trading platform, it starts with some tokens to be able to trade. Therefore the first step is to go to a cryptocurrency exchange like Binance or Kraken(USA) and get some SOL tokens. Also, if you already own some crypto like ETH or Cardano(ADA) it’s very wise to get a free account on these platforms as well.
Basically, both platforms have high liquidity in the order books and are specialized in crypto trading which makes it a very easy exercise to get some SOL tokens.
On Binance SOL can be bought with the major fiat currencies (USD, EUR, GBP, or any other) or you can trade your crypto for Bitcoin(BTC) and trade BTC for SOL afterward. Additionally, Kraken also uses the USD and EUR trading pairs on most cryptocurrencies like SOL. However, you can trade BTC for SOL here as well.
#2 – Get a Wallet that supports Solana
As explained earlier there are some great wallets available on Solana that can be used for NFTs. For example, Phantom, which was also mentioned earlier in this tutorial, can be installed as a browser extension.
Simply add it to your browser via Google’s Chrome Web Store and then open it. When setting up a new wallet, Phantom will give you a 12-word seed phrase to write down or store somewhere, in case you need to restore your wallet at some point. Set a password, confirm, and then you’re in.
(Note: This seed phrase is the key to unlocking your funds. Anyone with this phrase can access them, so keep it in a safe place and don’t share it with anyone who you don’t want accessing your wallet.)
#3 – Withdraw / Deposit SOL
The next step in getting NFTs on Solana is by just withdrawing SOL or depositing SOL into the wallet you just installed. Also, in step 1 you got some SOL at a cryptocurrency exchange that you need to withdraw at this point.
To do this, you first need your public SOL address that can be found in your wallet like this:
- In your wallet extension click on the SOL symbol
- Click on Deposit / Receive to get the QR-code
- Click on ‘Copy’ to get your wallet-address
Your wallet address is stored on your clipboard and can be used to withdraw SOL from Binance or Kraken. In addition, find your SOL wallet on the exchange and click ‘Withdraw‘ here. Finally, use the stored public key on your clipboard to paste it in the withdraw textbox(If you don’t use QR-code).
#4 – Hit the NFT marketplaces
Once your wallet is set up and filled with SOL, then you can purchase a Solana-based NFT by browsing one of the marketplaces and using the wallet. For instance, to connect to SolSea, a new and leading marketplace on Solana, just browse to their URL.
Additionally, hit the ‘Connect Wallet‘ button above in the menu and a new pop-up appears to choose a wallet. Make a choice by selecting the wallet of your choice and finally approve your wallet to be used on the platform.
In general, to buy with either marketplace, you’ll simply connect your wallet to the site, click to purchase something, and then approve or deny the transaction in your wallet. If you’ve ever purchased an NFT on Ethereum, then you’ll probably notice right away how much faster transactions are completed—and how much lower the fees are.
Also, Phantom lets you see your NFT collection from right within the wallet, which is handy. Beyond NFTs, your wallet can also be used within the growing world of Solana-based decentralized finance (DeFi) protocols or other dAPPs.
Wrapping it Up
To find the best place for NFTs on Solana whether for buying or to store isn’t an easy exercise. Based on the options available for Solana, and other cryptocurrencies, you’ll want to consider the following attributes when you decide which one is best:
- Is the wallet web-based? If you’re comfortable using an app, you’ll want to consider this feature as well.
- The level of security is essential. Ledger Nano X offers some of the best security in hardware wallets, while web-based versions may not suit specific types of transactions, such as DApps.
- Are you an experienced user and comfortable with command-line wallets, or prefer a user-friendly app or mobile-based option? Most people prefer web and app-based for this reason.
The following articles might also be a good read for you:
- Approved: Best Places to Buy Solana(SOL)
- Top 5 Do’s and Dont’s of Cryptocurrency Wallets
- Confidential: Best Places To Stake Solana(SOL)
- Crypto Lending vs Staking: Which concept generates the most Passive Income?
- Best Way To Find Upcoming NFT Projects
📣Important: List of top Crypto Projects
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