Whenever a person thinks of investing or trading in NFTs, they first ensure they choose the right network. Choosing a decentralized and secure network that will offer them better features is crucial. The NFT world is out-bursting, and people want to trade on a fast, easy, cheap network.
Most of the NFTs are traded or created on the Ethereum network. It has a monopoly on the NFT market, but there have been several problems that people have faced because of the lack of efficiency in transactions. Moreover, the transactional fees have been extremely high, and it took a long time to progress the network congestion.
That is the reason that most people choose the Solana network. In this guide, you will learn about everything that a person needs to keep in mind when they choose Solana Network as an option to trade in NFTs. So, let’s dig into it!
What is Solana?
Solana is one of the top blockchain networks with more than 5.7 Million NFTs and 400 projects across NFT, DeFi, and many more. It is a highly functional project that implements a high-speed and permissionless blockchain. The network was created in 2017 by Anatoly Yakovenko. The only aim of Solana is to achieve what a blockchain currency has to.
It is a network that is faster and cheaper and is the best platform that is considered the growing marketplace for NFTs. It is excellent for small developers so that they can build their projects. Solona involves a low cost of minting and offers fast speed.
The native token of Solona is SOL, and this network uses the Proof of State consensus algorithm. Therefore, it is a network that is quite different from any other blockchain network that uses a unique architecture that will allow you to make and process the transaction so quickly and is considered quite helpful for the investor to make any investment because they can trade on this platform so quickly.
Most people may also have an idea about the SOL, but for those who do not know, SOL is the native token of Solana and is used to pay transactional fees for any transaction on this network. It is even used as the staking currency and can be bought and sold on cryptocurrency exchanges.
When you compare SOL with other coins, you will know that it is pretty different from any other currency, and it gives you a higher value per coin than any other coin but does not offer you the staking reward such as Bitcoin.
Why choose Solana to trade NFTs?
Nowadays, people are more interested in trading in NFTs, and if you choose Solana, that can offer many benefits to the users. If you want to know about those benefits, then take a look over the points below-
Transactional cost and speed
Most investors prefer Solana because of the speed it offers for making a transaction and also the cost. It does not take much time to complete any transaction, and you can process about 2500+ transactions in just one second. It offers developers a highly scalable ecosystem that helps build a powerful decentralized solution.
It also imposes a fee of just about $0.00025 on each transaction, which is so low compared to any other blockchain network. This is because the transactional fees are so low, so the person can easily make any transaction and afford it.
Expanding ecosystem
Solana is an open-source and programmable network that allows its developers to build a customized decentralized solution. It even supports the ecosystem for its constant growth. It is a suite of technologies that work with the protocol that helps boost your business’s speed and scalability. Thanks to the open protocol, anyone can start building on this ecosystem.
Easy programmability
Solana network supports the dApp development, a low-level programming language that gives straight access to the hardware component. It is what makes the development of Solana flawless and makes it easy for everyone to use without causing any problems.
When it comes to the NFT marketplace, Solana does offer you several unique features. All the features are essential in developing a futuristic market for NFT.
Improved storage efficiency
Solana network allows the developers of NFT marketplace developers to offer highly efficient web three storage facilities, which also include permanent storage. The decentralized storage for this project is offered by several prevalent storage options, such as IPFS.
Several customized benefits
With the help of Solana, developers are not required to write a new smart contract if there is a need for any modification in the functions of the NFT marketplace. They give this leverage to the Solana program’s customizability attribute and the standards of NFT. With his help, you can save your valuable time and focus on the other aspects of the NFT marketplace development.
You can experience several benefits if you choose this platform to trade in NFT on Solana Network. So, choose this platform and enjoy all the benefits it offers!
How to Trade NFTs on Solana Network?
Now that you have some idea about the benefit you can experience from trading in NFTs on Solana Network. You may want to trade in that, which means you may wish to purchase or sell the NFTs and if you want to know about it, keep reading.
Steps to buying NFTs
Solana is user-friendly, which means it is easy for the user to use the network, and they can buy NFT easily. To buy the NFTs on this network, you need to follow a few steps, and those are mentioned below-
Step 1
In the beginning, you need to find an NFT marketplace that supports Solana because if the marketplace you have chosen does not support Solana, you will not be able to function properly. There are so many NFTs marketplaces from which you can choose, so you need to research it better and only choose it.
Step 2
Once you have selected the marketplace, you need to create an account. For that, you will require your email ID and a password. It is recommended that the users create a strong password so that no hacker will get access to their funds. If you create a password, then that will keep your account secure.
Step 3
You can find the NFT you want to purchase and divide them into different categories. You must browse the different categories to find the NFT you want. On the website, you should look over the recent, ongoing, and upcoming NFT collection available on the Solana network. If that will not be available on the Solana, then you will not be able to purchase it.
Step 4
If you have found the NFT that you want to purchase, you can add it to your cart and checkout. With the help of SOL, you need to pay for the NFT that you want to purchase. If the payment is successful, then that means you have bought your NFT on Solana.
Step to sell NFTs
You may have the idea about buying NFTs on Solana, but trading does not end with buying. The person may want to sell the NFTs too, so here are some of the steps that you need to consider to sell the NFT are mentioned below:
Step 1
To sell the NFTs on Solana. First, you need to find the marketplace which will support Solana. As mentioned above, you must research it properly and choose the one that suits you the most.
Step 2
You need to create an account on the NFT marketplace, and the step is the same as when you buy an NFT. You need to create a strong password that will help you in keeping your account safe, and no hacker will get access to your account so quickly.
Step 3
If you have created the account, you must select the NFT you want to sell. NFT here will be divided into different categories, so you must browse the NFT through those categories and find the one you want to sell. If you choose the right website, you can check Solana’s recent, upcoming, and ongoing NFT collection.
Step 4
Before you sell the NFT, you need to set a price for your NFT at which you will sell it. One thing that you need to make sure of is that the price you have set is fair and you are comfortable with it. The prices of NFTs fluctuate, so you must keep an eye on the market so that your NFTs are not under or over-price.
And that’s it; from following all these steps, you will now be able to sell NFTs on Solana and make things better for you!
Scams that you need to avoid
You may have learned about all the benefits Solana offers while trading in NFTs. However, while trading, there are several common scams that you may have to come across. Investors need to be aware of all those scams and avoid them.
1. One of the most common scams is paying for an NFT using a stolen credit card. In this, a person will buy an NFT with the stolen credit card and then cancel the transaction once they receive the NFT. To avoid this, you must ensure you choose a reputable platform.
2. People often send the SOL to the wrong address, which is why you need to cross-check the address before sending it.
3. There are several NFT marketplaces from which you can choose, but many are fake, and it is not easy to differentiate between them. So, you need to make sure you are researching it properly so you will not make this mistake.
4. Another scam that may happen to a person is when someone will send them the fake SOL in exchange for the NFTs. That is why you need to choose a reputable source.
NFT are new and classy, so you should be aware of different types of scams that may happen to you. You need to detail the NFT scams to add the securities.
Learn more about Best NFT Marketplaces in India
The Final Words
NFTs are new, and most of you may not know how you can trade in them and which platform to choose. But from this guide, you must have learned that Solana is the best option for you to start, and it has low fees and fast transactions.
Trading on Solana has become so simple and easy for you. But make sure you avoid all the scams that can happen to you, and when you do so, you can get the chance to become an NFT pro!!