Most NFT trading transpires on Ethereum, reflecting liquidity allocation within DeFi, where Ethereum dominates. But, the network’s grip on the NFT space is slowly waning. Similar to how competing Layer 1 blockchains have gradually drained liquidity from Ethereum, an identical pattern has emerged in the NFT market.
In fact, Solana has drawn in many NFT traders, collectors, and creators as an alternate ecosystem. Let’s dive in.
What Is Solana, and Why Use It for NFTs?
Solana is a high-performance blockchain that uses the proof-of-history consensus method and a set of protocols to process transactions at high throughput (>60,000 transactions per second).
Generally, the network sets itself apart from the bulk of the competing Layer 1 chains as it is incompatible with the Ethereum Virtual Machine (EVM). Rust, an original programming language, is used by Solana in place of Solidity. Solana has a different token standard as a result.
Besides, transaction fees in Solana are often under a dollar. Many NFT projects and collectors are moving to the network to take advantage of Solana’s scalability and low transaction fees.
These projects have more freedom to develop their initiatives without being constrained by technological issues, which is why Solana could one day evolve into a hub for all NFTs.
With marketplaces like Magic Eden, minting and trading NFTs in Solana is incredibly fast, easy to profit from, and seamless.
So, How Do You Buy NFTs on Magic Eden?
Here are the easy steps to make your first NFT purchase on Magic Eden.
- Visit the official Magic Eden website: Its layout makes it simple to browse popular collections and see essential information about each digital asset.
- Connect your wallet: Use the Select Wallet option in the upper-right corner of the webpage. The next step will require you to connect a wallet compatible with Solana.
- Find an NFT collection: Magic Eden has numerous verified NFT collections. You can use the site’s filters to select the best fit for your needs.
- Assess the NFTs: Learning as much as possible about the NFTs you want to buy is crucial. It is the rationale behind Magic Eden’s decision to show project information like the NFT’s floor price or the total trading volume. You will also be able to read a brief description of the NFTs along with the cost.
- Buy the NFT: Once you’ve made your choice, you can either choose to “Make an offer” or use the “Buy Now” option to pay for it in full. Next, you must authorize the transaction using your wallet.
Voilà, you have now bought an NFT from Magic Eden!
How Do You Mint NFTs on Magic Eden?
Minting an NFT is seamless, thanks to Magic Eden’s intuitive UI. Follow the below steps to create an NFT collection on the platform.
- Log into the Creator Hub with an email.
- Click on “Create New Collection.”
3. As you proceed through the remaining steps, a navigation bar will be on the left to help you.
4. Fill in all the details and upload files per the on-screen instructions.
5. And finally, Click “Submit.” You need to check that all the information you submit is accurate. You can also add an optional comment for the Magic Eden Listing Operations team under “Anything else we should know?”.
The Magic Eden staff will later review your application to list it on the marketplace immediately.
Now that we have covered how to buy and mint NFTs, let’s look at three promising NFT collections on Solana next.
Taiyo Pilots Solana NFT Collection
Pilots is a top-notch NFT project and a part of the Taiyo ecosystem that includes notable Web3 brands Taiyo Robotics and Graphite Protocol. Pilots dwell in Lunar City and fly Taiyo Robots in combat.
Supply: 12,500
Minted: January 2023 (dynamic price starting at 28 SOL)
Floor: 15.4 SOL
Total volume: 691.3K SOL
The collection is a relatively new project with unrevealed art. The team, which is anonymous, will unveil the artwork in multiple stages. It will complete the reveal by February 2023.
$SCRAP is the native token powering Taiyo Robotics and its ecosystem. In February 2023, $SCRAP will upgrade to $GRAPHITE; over time, it will be swappable 1:1 with $SCRAP.
Taiyo Pilots has four factions: Operators, Enforcers, Resistance, and Rebels. Each has its own lore/events and drops.
Staking NFTs from these factions will reward holders with $ORDER, $MECHA, $CHAOS, or $MATRIX. These are staking points and can be used to buy crates and items in the native shop. The team has yet to reveal other use cases for these points.
Nevertheless, you can earn $GRAPHITE by staking in the future.
Taiyo Pilots is challenging the limits of Web3 and NFT tech. They offer a gamified experience and have designed choices that Pilots NFT holders could make to enhance this experience and foster a sense of loyalty to the project. The team seeks to establish a narrative that includes holders throughout the development process.
Links
Liberty Square Solana NFT Collection
The Liberty Square project goes beyond PFP. With its focus on art, story, and character development, the project strives to push the boundaries of Web3 and integrate with the physical world.
Supply: 9,999
Minted: July 2022 for 0.88 SOL
Floor: 14.79 SOL
Total volume: 260.6K SOL
In addition, the Sinister Squirrel Syndicate, an integral part of Liberty Square, is a PFP collection of the world’s most fearsome mercenaries from 12 breeds of squirrels spawned from 10 gangs. These squirrels are ferociously vengeful and will do anything to eliminate their enemies.
Shadow Sect, Padre, The Reapers, The First Order, Crimson, Cadavers, Nutcrackers MC – Enforcers, Banda de Ladrones, Oak Street Boys – Banger Class, The Dusty Nut Outlaws, Nutcrackers MC – Members, Oak Street Boys – Brawler Class, and Squirrels for Liberty make the 12 vicious breeds
Art permeates every aspect of this project. Indeed, every single collectible was drawn and polished with utmost care. Nothing was arbitrary or randomly generated.
Sinister Squirrel Syndicate consists of more than 450 different backgrounds and traits. And each has been meticulously hand-drawn and crafted to complement each piece.
The project holders are entitled to IP rights, airdrops, and other exclusive perks.
$FLTH powers the Liberty Square ecosystem. Although it has no monetary value, the project uses it as a reward token for staking and other activities.
Also, staking rewards will primarily depend on the rarity of the NFT. The daily staking rewards for Liberty Square are as follows:
- Common = 2 $FLTH
- Rare = 4 $FLTH
- Ultra Rare = 6 $FLTH
- Legendary = 8 $FLTH
Sekrit, Skribble, and Shadow are the co-founders of the collection, while Skribble is also the artist behind it.
Liberty Square is a long-term project and isn’t just a fad. “We’re not leaving,” as the developers themselves put it. Meanwhile, in contrast to other projects, it is dedicated to the future and treats the space seriously through its lore-based NFTs.
Links
Lotus Gang
The Lotus Gang is a collection of 2,000 Lotus Lads and 2,000 Lotus Ladies clad in 32×32 pixel graphics with Asian elements.
Supply: 4,000
Minted: October 2021 for 0.75 SOL
Floor: 6.1534 SOL
Total volume: 106K SOL
For the most part, the project incorporates Asian-inspired traits throughout its characters but likewise draws inspiration from CryptoPunks and Solana Monkey Business.
Each Lotus Gang NFT is hand-drawn, with chains, helmets, and Asian-inspired attire, including saris, sherwanis, bhangras, Thai crowns, samurai armor, and other accessories.
Bunjil, the founder and artist behind Lotus Gang, leads a team of Web3 experts worldwide to develop the collection extensively.
Lotus Gang is a community-focused NFT project striving to produce tools and resources that help investors navigate the crypto/NFT landscape.
The collection also has a floor price calculator that shows the floor price of Project A with the market cap of Project B and a Vibeometer that calculates the community sentiment.
The project has also issued guides on the NFT ecosystem and Operational Security (OPSEC) to assist crypto investors in fending against hackers accordingly.
Moreover, the Lotus Gang has also donated 10% of the proceeds from its mint event to charity. One of the first organizations to receive a gift from the Lotus Gang team was United Sikhs.
Investors looking to invest in NFT communities with charitable goals could consider Lotus Gang a potential investment.
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Final Thoughts
Above all, although the FTX fiasco had a considerable effect on the Solana ecosystem, it is now starting to recover. Moreover, it’s crucial to always conduct your own research before investing in NFTs.
You can establish your own standards to determine whether an NFT project is worth investment. The project team, community, art and utilities, and the roadmap are a few things to keep an eye out for.
Furthermore, everyone has a different approach to investing, so pick an NFT project that fits your individual preferences. Remember, DYOR, and proceed with caution!
⬆️ Moreover, For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Check out our most up-to-date research, NFT and Metaverse buy, and how to protect your portfolio in this market by checking out our Altcoin Buzz Access group, which for a limited time, is FREE. Try it today.
