How to buy Solana NFT - Complete Beginners Guide
Are you ready to buy your first Solana NFT?
In this complete beginners guide we are going to learn what is Solana NFTs, how to buy Solana NFTs and how you can start making money from it.
What is NFT?
What is Solana?
Solana is a cryptocurrency that is used to pay for transactions or a decentralized computing network.
Solana attempts to increase blockchain scalability by combining proof of stake and proof of history consensus as a result solana promises to be capable of processing 50,000 transactions per second while maintaining decentralization.
SOL token is the native currency of Solana’s Ecosystem can be transferred between nodes in the Solana cluster in exchange for running on-chain programs or certifying their results.
How to buy Solana NFTs?
Buy Solana NFTs in 4 simple steps:
- Create a Phantom wallet
- Buy Solana from an exchange
- Transfer Solana from exchange to the phantom wallet
- Buy Solana NFT from the Marketplace
How to create a Phantom wallet
Step 2: Click download and you will see list of browser options. Click Chrome and then click Add to Chrome button
Step 3: Once you’ve successfully added it to your browser you will have this extension page and you have to click Create a new wallet
Step 4: Create a password and then check the I agree to the Terms of Service checkbox
Step 5: Write down the Secret Recovery Phrase & then click continue
Step 6: Phantom wallet is successfully added to your chrome extension. Once this is open up you will see your wallet address on the top
Tab 1: shows your Solana balance and you can send receive Solana from here
Tab 2: will show your collectibles which is where your NFTs will be displayed once you purchase them
Tab 3: you’re able to convert your Solana tokens into USDT. So if you want to avoid the volatility that you get with Solana and you just want to hold dollars and you can convert them over here
How to buy Solana from an Exchange
Step 2: To buy Solana using USDT search & select SOL/USDT pair
Step 3: Now limit buy or market buy the Solana you want
How to transfer Solana from Exchange to the Phantom wallet
Step 1: Open phantom wallet & copy your wallet address on the top
Step 2: Goto Binance exchange then click Fiat and Spot under Wallet
Step 3: Click Withdraw Crypto and then select:
- Coin: Solana
- Address: paste the wallet address copied from phantom wallet here
- Network: Solana
- Withdraw Amount: enter amount of Solana you want to withdraw
- Click Withdraw button
Step 4: Confirm Solana deposited to phantom wallet
You just have to choose the one which has the NFTs that you want to buy. once you know what NFTs you want to buy you just want to go to your desired marketplace.
In this article I’m using MagicEden.
Above this article we learned how to buy Solana on Binance exchange and then how to send Solana from Binance to your Phantom wallet.
Once you’ve received your Solana tokens you want to go to your marketplace and connect your phantom wallet.
How to buy Solana NFT from the Marketplace
Step 2: Click Select Wallet on the top right corner. Then select Phantom Wallet
Step 3: Click Approve to connect MagicEden with your Phantom Wallet
Step 4: After connecting Phantom wallet with MagicEden browse your NFTs that you want to buy
Step 5: So, for this example I’m just using a random NFT I found one called Sugar Realm.
You can find the minimum floor price the Sugar Realm listed and also Average Sale Price.
If you want more details about the project you can browse through the twitter page or discord channel.
Step 6: Once you decide the NFT item you want to buy.
Its very simple if you scroll to the bottom you will see the token address and you’ll see the current owner.
You will find the royalties and transaction fees that you have to pay. Once you click the Buy now button it should pop up with the phantom wallet in the top right and if you approve this transaction then it will deduct the Solana from your wallet.
Thats it you will automatically have the NFT in your account.
How to Make Money from Solana NFTs?
To start making money from Solana NFTs you can do three main things,
- Create your own NFT (recommended for beginners)
- Buy and Sell NFTs
- Trading NFTs
Create your own NFT:
For beginners the easiest and recommended method is to create your own NFT. Whether it’s a picture or a creation of art something that you doodle like an action figure. Then you upload it to a marketplace.
You will be the owner of your creation until someone buy it. when someone wants to buy it he will actually pays the market that actually owns the NFT in a temporary account and you will get the payment of the ownership on your NFT.
Buy and Sell NFT:
Second method is that you will be able to buy and sell NFTs for profits.
Same as crypto you can buy and hold NFTs and then when you see that this piece of art will grow in value by learning from the news, from twitter or learning from different communities on reddit or and from other forums about NFTs so you’ll be able to make money from it by selling them with profits.
The third method which is very advanced so I would totally recommend only for people who are in the crypto market for at least a year or two and knows a lot about the crypto market and learned about the NFTs for at least four to six months and the main reason is because it’s actually trading NFTs.
I will recommend you to get into the Solana Marketplace and then go to the FAQ section to learn and stay up to date about the Solana NFTs.
Also I would recommend you to search the NFT communities on google and join them. That way you will be able to stay notified about different updates.
The process to make money from Solana NFT is very simple, connect your wallet to marketplace buy some NFTs and sell them for profit.
Thank you for reading this article. Enjoy your NFT journey!