Solana NFT is the underdog and rags-to-riches fairy tale of the NFT world. The blue chips in the Solana ecosystem may not share the same exorbitant rock bottom prices as their Ethereum-based cousins, but Solana’s NFT culture has undoubtedly left a big mark on the cryptocurrency ecosystem.
But with Bitcoin (BTC) Ordinals in the spotlight and non-fungible tokens fading into mainstream darkness, are the glory days of Solana NFTs now behind us?
More importantly, how do you buy Solana NFTs in the first place, and what are the best collections worth considering?
What is Solana NFT?
Solana NFTs (Non-Fungible Tokens) are special digital assets on the Solana Network. Unlike meme coins and fungible tokens like BONK or WIF, non-fungible tokens have unique properties and metadata. This means that each asset may be valued differently even if it belongs to the same collection.
Solana NFTs range from standard social media profile photos and digital artwork to sophisticated use cases such as virtual real estate and legal ownership of luxury goods.
Why are Solana NFTs special?
Basically, Solana NFTs are very similar to NFTs on other blockchain networks. But where Solana NFTs shine is inside the infrastructure of the Solana network itself.
Solana, one of the leading layer 1 blockchains in the cryptocurrency industry, is best known for its lightning-fast network speeds, throughput, and low transaction fees. Trading NFTs on Ethereum can cost users $20-$70 in gas fees, but on Solana, the same transaction costs less than one cent.
Additionally, Solana is a highly energy-efficient network. While a Bitcoin Ordinal NFT transaction uses enormous amounts of energy, a single transaction on Solana uses less energy than a Google search.
How to purchase Solana NFTs
It’s super easy to buy, sell, and collect NFTs on Solana. The network’s dApps and services are designed to be simple. This means that even complete blockchain novices can purchase their first NFT without accidentally purchasing fraudulent tokens or paying outrageous gas fees.
To start collecting Solana NFTs, you need to:
- Download and create a Solana wallet like Phantom or Backpack.
- Fund your wallet with SOL by purchasing through the wallet itself, trading SOL through DeFi applications, or withdrawing SOL from cryptocurrency exchanges.
- Go to one of Solana’s NFT marketplaces like Tensor, Magic Eden, or Solanart.
- Select the collection or NFT project you are interested in and add it to your shopping cart. As with online payments, once you complete your purchase, you will see the transaction in your wallet. An on-chain smart contract automatically completes the transfer, exchanging your SOL for the NFT of your choice.
Solana’s Best NFT Collection
At this stage, we have made it clear that the Solana blockchain is an excellent platform for storing and collecting digital collectibles, thanks to the network’s high speed, low fees, and thriving NFT ecosystem. We’ve also covered how to start a collection and how to purchase your own NFTs through the Solana NFT Marketplace.
This doesn’t help answer the question most new Solana users are asking: Which Solana NFT should I buy?
To that end, we have compiled a brief list of the most iconic collections on the Solana NFT marketplace.
1. Food Raise
Founded by Armani Ferrante, Mad Lads is the de facto face of the Solana NFT ecosystem. Blending fashion with cartoon-style art from the past, Mad Lads (and Lasses!) have become one of the most valuable NFTs in the Web3 world, flipping top ETH collections like Azuki and Yuga Labs’ Mutant Ape Yacht Club.
One of the factors that made Mad Labs successful was the generous airdrops that holders received. Some Mad Lad holders received over US$10,000 in popular cryptocurrencies such as Dymension (DYM), Pyth (PYTH), and Wormhole (W).
In addition, Mad Lads is also the official NFT collection of the BackPack wallet and cryptocurrency exchange.
2. Solana Monkey Business
Solana Monkey Business, another central pillar of the Solana NFT ecosystem, is one of the network’s original collections and has since evolved into a fully decentralized organization called MonkeDAO.
Becoming a member of MonkeDAO means becoming a part of Solana’s history, but it also offers numerous additional benefits. For example, MonkeDAO hosts dozens of live events every year and is considered a great way to network with other Web3 enthusiasts and professionals.
Holders can also join MonkeVentures, a venture capital firm that aims to democratize private investment and provide DAO members with exclusive access to seed round token sales.
3. Tensorian
As has been proven repeatedly, the cryptocurrency space loves pixelated art and decentralized communities. Tensorians is the official collection of Tensor, the network’s largest NFT marketplace by trading volume.
Holding and staking Tensorians provides Tensor users with a significant multiplier on their Tensor points accumulation. Tensor Points, a way to measure platform activity, are directly tied to the rewards users receive on the protocol, including NFT airdrops and the platform’s native token, $TNSR.
With the launch of $TNSR, the Tensor NFT Marketplace is making its entire code base open source and transferring protocol ownership to the Tensor Foundation.
4. Clyinosaurus
Solana’s answer to Claynosaurz, Ethereum’s cute and cuddly Pudgy Penguins, is a collection of 10,000 clay dinosaurs with an ambitious vision.
Aiming to bridge the gap between Web3 and the real world, Claynosaurz boasts an elite team of experts with decades of experience. The Claynosaurz brand is booming, with physical plush toys hitting the real world, mobile games hitting app stores, and a prehistoric metaverse being built behind the scenes.
5. Bugle
BOOGLE is a bit like Solana’s Illuminati. 1/1 BOOGLE, a secret elite society of art collectors, is a pixelated collection of shadowy figures floating around on the Solana blockchain.
Participating in the BOOGLEs community means connecting with some of the best and most influential people in the Solana NFT community. BOOGLE owners also have access to all the best pre-sale and private investment opportunities.
Most members are well connected inside and outside the cryptocurrency world, but joining this exclusive group doesn’t come cheap. BOOGLE NFT sales are mostly private, with ticket sizes starting at around 2,500 SOL.
Solana NFTS Advantages and Disadvantages
The world of Solana NFTs is interesting and fascinating, but that doesn’t mean it’s without flaws. What are the pros and cons of Solana NFTs?
Advantages
- fast and cheap network – Trading NFTs on Solana is much smoother than on Ethereum, with significantly reduced transaction fees and faster confirmations.
- Expand your user base – Solana Network boasts more daily active users than any other blockchain and is growing significantly.
- diverse communities – From unique digital art to forward-thinking brands and creative businesses, the Solana NFT ecosystem has something for everyone.
disadvantage
- highly volatile prices – NFT floor prices are known to be as volatile as the cryptocurrency they are priced in, with asset values exploding and plummeting at unexpected moments.
- high frequency of fraud – Like everywhere in the cryptocurrency industry, there has been a lot of fraud in Solana NFTs. Hundreds of collections have been launched with grandiose promises, only to be abandoned by founders who have disappeared with investors’ money.
On the flipside
- Solana’s promise of fast transactions and low speeds in the highly competitive Layer 1 market is nothing special. Dozens of competing networks like Cardano and Avalanche arguably have more room to grow, given the relative size of the smaller NFT ecosystem.
Why This Matters
Solana is one of the best networks in the cryptocurrency industry. NFT technology and culture are important areas of the Web3 world, and Solana’s influence and role in this area should not be ignored.
Frequently Asked Questions
Tensor and Magic Eden are leading NFT marketplaces on the Solana Network. Magic Eden arguably has the most awareness and market share, but Tensor has recently dominated NFT trading volume on Solana.
Yes, Solana is widely used due to its comprehensive NFT culture and impressive technology.
While Solana and Bitcoin Ordinals are gaining more and more attention, Ethereum remains the home of NFT culture and trading.