Selling an NFT on Solana is super easy and has very low fees thanks to Solanas proof of stake consensus mechanism. To sell an NFT on Solana you only need three things:
- An NFT to sell
- A Solana wallet such as Phantom that holds your NFT
- Access to a Solana NFT marketplace such as Magic Eden
Selling an NFT on Magic Eden is roughly equivalent to selling on Open Sea if you are entering the Solana ecosystem from the Ethereum ecosystem.
How to Sell NFTs on Solana
Selling an NFT is incredibly easy and has very low fees thanks to Solana’s proof of stake consensus mechanism. Three things are all you need to sell an NFT on Solana:
- A NFT for sale
- A Phantom-style Solana wallet that stores your NFT
- Gaining access to a Solana NFT market like Magic Eden
If you’re coming from the Ethereum ecosystem and entering the Solana ecosystem, selling an NFT on Magic Eden is almost the same as selling on Open Sea.
When Offering Your Solana NFT on Magic Eden
1. Use the “Connect Wallet” button in the top right corner of the For more information, visit the Magic Eden website.
2. You’ll receive a connect request from your chosen wallet.
3. Click your wallet address in the top right corner of the Magic Eden screen to access this drop-down menu after connecting. Select “Sell” from this drop-down menu.
4. You can access this screen to see a list of all the Solana NFTs you have in the corresponding wallet.
5. After choosing the NFT you want to sell, enter the price you want to list it at and click “list” on the NFTs page.
6. A popup to approve a transaction in your wallet will appear.
7. Your Solana NFT has been listed, so congrats.
Marketplaces
A few marketplaces have been launched on Solana in the last year, some of which are more inventive than others and some of which were even developed by NFT projects. Solanart, Alpha art, Digital eyes, and other concepts have come and gone. While some have remained and continue to receive a small amount of volume, Magic Eden is unquestionably king of the Solana NFT marketplaces.
The number one Solana NFT marketplace, Magic Eden is one of the more established exchanges that has stood the test of time. There is even speculation that they will soon begin accepting Ethereum NFTs.
Lucky for us, Magic Eden is super easy to use with a clean user interface and a lot of handy features that make it easier and quicker for us to trade NFTs. Magic Eden recently added a quick buy and multi buy feature that lets you bundle several NFTs together and buy them all at once, making it much simpler to purge your favorite Solana NFT collection.
Fees
Selling NFTs on Solana has two fees you must pay, the first being the transaction fee to list your NFT and the second is the marketplace fee.
The transaction fees on Solana are very cheap due to them running a proof of stake consensus mechanism unlike Ethereum which runs proof of work causing Ethereum fees to be much higher. The first fee you must pay is $0.00025, which is the average transaction fee on Solana.
The marketplace fee is the second cost associated with selling your Solana NFT. This is the fee that marketplaces charge you to use their platform; these fees are how the marketplace generates revenue. For this article we will be using Magic Eden due to it being the number one Solana NFT marketplace.
Magic Eden does not charge a listing fee, but they do take 2% from each transaction. It follows that they will charge $2 if you sell an NFT for $100.
A large portion of Solana NFT collections also levies royalties, which are fixed percentages that go to the project’s creators to help maintain and fund the project. You will be required to pay this fee if you are a seller, but not if you are a buyer. When compared to Ethereum, where the average royalties are around 4%, Solana’s average royalties appear to be around 8%, which is on the higher end.
What is Solana
The NFT ecosystem has been thriving and booming for the past year, which has really brought Solana into the spotlight. Some people refer to Solana as an “Ethereum killer” and promote it as the blockchain that will replace Ethereum as the second-largest cryptocurrency by market cap, behind Bitcoin.
Although this viewpoint can be very contentious, Solana does have some data to support this potential claim, such as its growth in active wallet addresses. In contrast to its rival Ethereum, which boasts 440,000 active wallet addresses, Solana had 965,000 active wallet addresses in June 2022.
How Does Solana Work?
Solana’s mission is distinctive in its kind. The blockchain will be scaled to allow for widespread use. That objective is being worked toward in a number of ways by Solana Labs, the company that developed the Solana Protocol.
A few knobs allow you to modify the performance of blockchain technology. Consensus mechanism is one of them. Nodes communicate with one another in this way in order to reach the same conclusion. Bitcoin uses a system called Proof of Work, or PoW. Binance Smart Chain, also known as BSC, uses a mechanism called Proof of Staked Authority, or PoSA. Proof of Stake, or PoS, is also being adopted by Ethereum. As you can see, reaching consensus is still very much a work in progress.
Solana’s method of agreement is evidence of history. Every transaction is given a time stamp, which allows the rest of the network to quickly confirm that it is a legitimate transaction. Proof of History functions in this way. Eight technologies, according to Solana, put them in the lead for the fastest, most scalable, and safest blockchain currently available.
Key Takeaways
As the NFT ecosystem has been thriving and booming for the past year, Solana has really gained attention. One of the most well-liked features Solana NFTs have been providing over the last six months is the ability to stake your NFT similarly to how you would stake your cryptocurrencies. By staking your NFT, you can earn the native currency of the NFT project, which can later be converted into stable coins or, in some cases, used to pay for additional project services. Consequently, this is how to sell NFTs on Solana.
