Until recently, Ethereum was the almost exclusive network hosting most NFT marketplaces. However, the situation seems to have changed for some time with the entry into this market of other networks such as Solana.
According to a report published by Reuters, the sales volume of NFTs was $94.9 million in 2020. This figure increased to $24.9 billion in 2021. So the development of the industry is obvious. As for the number of portfolios trading NFTs, it has also seen a big leap forward. There were 545,000 in 2020. Today, there are approximately 28.6 million wallets trading NFTs. These figures reveal that the popularity of NFTs has greatly increased. However, this increase in NFT trading volume has come with various drawbacks. First, some NFT mint operations can lead to network congestion, as was the case with the sale of Otherside early last month. This congestion has been accompanied by an increase in gas fees on Ethereum. These weaknesses of Ethereum and the obvious difficulties this network presents in containing the brand new and dynamic NFT market have given rise to other competing blockchains which are given the name of Ethereum Killers. Solana is an Ethereum Killer.
Of all the Ethereum Killers, Solana is arguably the most feared Ethereum challenger. Solana has two advantages that make it desirable in the eyes of traders: the speed of its transactions as well as their costs that are incredibly lower than Ethereum’s gas fees. Solana operates these two advances compared to Ethereum thanks in particular to its mechanism of proof of History and its protocol Proof-of-Stake (PoS).
Solana features more efficient speed time and block size than Ethereum. Solana’s block time is 0.4 seconds. Ethereum block time is 13 seconds. The block size at Solana is 20,000 transactions. At Ethereum, the block size is 70 transactions.
Taking advantage of its speed, and in particular the size of its blocks, Solana has very low transaction fees: $0.00025 for each transaction.
These benefits have enabled Solana to make NFTs truly available to everyone. This accessibility of NFTs has facilitated the growth of its market, so in September 2021, NFT Degenerate Ape was sold for nearly $1.1 million. The following month, an Ape Solana was traded $2 million.
If you want to acquire NFT on Solana, follow these key steps here.
Acquire his wallet Solana
The first thing to do is get a wallet Solana. There are mainly 3 which are SolFlare and Phantom and Sollet. The latter, however, is open source and is more suitable for advanced users.
At this stage, it is important to remember that the wallets are not interoperable, which means that if you had a wallet MetaMask that you used on Ethereum, you must not connect it to Solana otherwise your tokens will disappear. Use Phantom or Solfare instead.
Why do you want to buy NFTs? To resell them? Is it to exploit it in the metaverse you like to go to? Since metaverses are not yet fully interoperable, you need to ensure that your NFT will be usable on that metaverse. In addition, it is important to define the amount you wish to invest. You should know that cryptoassets are characterized by high volatility. In all cases, you have to make sure that the investment you make meets your expectations and that you have remained reasonable.
You have to take the time to browse the catalog of the marketplace where you want to acquire your NFT. It is recommended, as is done for any purchase, to browse through different catalogs in order to settle on the best. You can also already integrate your price range into the selection filter that marketplaces generally make available. When you have made your choice, simply click on the chosen NFT to display the information of the product sheet. You can read it to make sure the NFT is really what you wanted.
The whole purchase operation takes less than 20 seconds and less than half a dollar. The process is quite simple and you should have no problem completing the transaction after transferring SOL to your wallet. The growing popularity of Solana platforms can be explained in particular by their ease of use.
As can be seen, the process of buying NFTs on Solana is quite simple. It must be said that Solana has had some problems with outages, the network having stopped working at least five times during this year already. However, the developers recently tried to fix one of the bugs that were causing these crashes. It was a bug related to durable nonce transactions.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
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Buying NFTs on Solana: Instructions
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