For years, Ethereum has taken the forefront of DeFi and blockchain development with its smart contract compatibility. However, the blockchain trilemma affecting Ethereum has given rise to a more ingenious, efficient, cost-effective, and scalable alternative like Solana.
Understanding blockchain trilemma and its effects on blockchain adoption gives a clear importance of Solana and its hybrid technology in decentralized finance and digital representation.
Unlike Bitcoin and Ethereum, which are originally backed by inefficient Proof of Work consensus algorithms, Solana solves blockchain trilemma by providing unparalleled decentralization, scalability, and security.
Solana’s ingenuity stems from its novel Proof of History algorithm, boasting an exemplary lightning-speed TPS of 65,000. This way, Solana has driven the adoption of blockchain technology, expanding its horizon into digital representation with NFTs.
Despite its popularity, many creators still struggle to mint and sell their NFTs on Solana. Fortunately, this article will take you through an in-depth guide on Solana NFTs and how to sell NFTs on Solana.
Solana and Solana NFTs
Launched by Solana Labs in 2020, Solana has gained much recognition as a viable alternative to Ethereum and other proof-of-work networks. One area where Solana has proven exceptional is the NFT space.
Although Solana is incompatible with other Ethereum Virtual Machines, its consensus algorithm that blends Proof of Stake with Proof of History has proven to be one of the ingenious developments in layer one chains. This has caused Solana to dominate the NFT space alongside Ethereum.
Over the years, Solana’s cost-effective, fast, and efficient nature made it attractive in low-cost digital representation and NFTs, making it a go-to platform for many creators and NFT enthusiasts.
Today, Solana has recorded over $2.5 billion in NFT sales volume, with over 2.2 million transactions over the past 12 months.
Ways to Sell NFTs on Solana
Selling NFTs on Solana is as simple as selling NFTs on other chains. However, the first and most important step is finding a suitable marketplace.
The Solana blockchain hosts a wide range of NFT marketplaces, each with its peculiarities. Regardless, Magic Eden remains the most popular and largest Solana native NFT marketplace. The marketplace boasts of humongous daily trading volume, user activity, and more than 60,000 Unique Active Wallets in a month.
Solsea, another Solana native NFT marketplace, provides improved perks like NFT licensure and low-fee trading. Solanart is another exclusive Solana NFT marketplace that provides fee-free trading and support for blue chip collections.
Additionally, Opensea, the largest NFT marketplace on Ethereum, also provides support for Solana NFTs. Therefore, choosing an NFT marketplace that perfectly suits your needs is important.
This is because the process of selling an NFT varies with the marketplace. While most follow a basic format, support for digital file format may vary with the marketplace. For instance, a few marketplaces support selling NFTs in text (.txt) file formats.
Meanwhile, before you can sell NFTs on Solana, the asset must already be minted on the chain. To mint your NFT, choose a marketplace, connect your Solana wallet, and upload your NFT. Provide all necessary information, set the royalty, and finally mint your NFT.
Once you approve the transaction, the NFT will be minted on the Solana blockchain. This way – you can sell your NFT.
Steps to Sell NFT on Solana via Magic Eden
To sell your NFT on Magic Eden, you must ensure your wallet has an NFT. Simply go to www.magiceden.com on your web browser.
On the homepage, click on CONNECT WALLET from the top right corner. Choose Phantom wallet or any compatible Solana-based wallet that holds the NFT.
Approve the connection in the prompt that pops up in your wallet.
Once you’re connected, click on SELL from the top navigation bar. This will take you to your Magic Eden dashboard, showing all the NFTs available in your wallet.
Under the “MY ITEMS” tab, click on the NFT you want to sell.
On the SELL page, you will see all the details about your NFT, including the price history of the asset and its collection.
Input the price you’d like to sell your NFT and tap LIST NOW to sell your NFT.
Approve the transaction by confirming the token approval prompt that pops up in your wallet, and that’s all. You can edit or cancel your listed NFT from the LISTED ITEMS section.
Once anyone buys your NFT, the asset will be transferred, and a $SOL equivalent of your listing price will appear in your wallet.
Steps to Sell NFT on Solana via Opensea
Listing on Opensea is also easy and simple. What makes it even better is the availability of different sale options, including auctioning and fixed-price sales.
To see your Solana NFT on Opensea, go to www.opensea.io and click on CONNECT WALLET from the top right corner of the home screen.
Choose Phantom wallet as your preferred wallet and approve the connection prompt in your wallet.
Once you’re in, visit your Profile page by clicking on the PROFILE icon in the top right corner of the homepage.
Select any NFT you’d like to sell from the available NFT collection and tap SELL to begin listing.
Choose the type of sale between FIXED PRICE and TIMED AUCTION. For FIXED PRICE, your NFT will be listed for a fixed price for anyone to buy outright.
However, with TIMED AUCTION, anyone can bid on your asset for a period of auction duration. In the end, the asset will be released to the highest bidder after your approval.
Input the sale price or auction price range and listing duration. Finally, click on COMPLETE LISTING and approve the transaction in your wallet.
Steps to Sell NFT on Solana via Solsea
Selling your NFT on Solsea is pretty similar to others. To get started, go to https://solsea.io/ on your web browser and click on CONNECT WALLET from the top right corner of the navigation bar.
Once your wallet is connected, click on the WALLET button from the top right corner to view NFT in your wallet.
Next, click the LIST button on any NFT you want to sell and enter the amount you’re willing to put them up for sale for.
A perk of using Solsea is the PROMOTE option. You can promote your NFT to millions of Solsea users by staking AART tokens.
Once you’re done, click NEXT and approve the transaction prompt that pops up in your wallet.
You can update and delist your NFT from the LISTED NFTs tab.
Steps to Sell NFT on Solana via Solanart
To sell Solana NFT on Solanart, go to www.solanart.io on your web browser. Next, link your Solana-based wallet to the platform by clicking the CONNECT WALLET button from the top right corner of the home screen.
Select any preferred available option and confirm the connection in the prompt that pops up in your wallet.
Once you’re in, click on your wallet address from the top right corner and go to OWNED NFTS. This will take you to your Solanart profile, where you can view all NFTs in your wallet.
Click on the NFT you’d like to sell to expand its details. Then tap LIST ITEM. With Solanart, you can set your listing price and royalty or go with the marketplace’s default price and royalties.
After setting the price and fees, click on LIST and approve the transaction in the prompt that pops up in your wallet.
Are Solana NFTs Worth It?
Solana has become a hotbed for creators looking to access the digital asset market efficiently and cost-effectively.
One of the major advantages of the Solana chain is its scalability. This allows for seamless and efficient NFT trading – making it an appealing network for artists and collectors.
Its scalability also makes it an excellent choice for artists looking to avoid the backlashes associated with the energy-intensive and eco-friendly Proof of Work chains.
The growing support for NFTs on Solana with increasing platforms, marketplaces, and projects has provided a diverse investment range for collectors and traders. This has enhanced the appeal of Solana NFTs to mainstream users.
Solana undoubtedly presents a compelling option for artists looking for an eco-friendly, efficient, and cheaper alternative to Ethereum.
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