How to buy an NFT on Solana
Follow this step by step tutorial to know how to buy your first NFT on the Solana Blockchain
You are probably here because you are interested in buying your first NFT. If that’s not the case, read this article to understand what an NFT is and why it is worthwhile to learn about them.
What is an NFT?
NFT stands for Non-Fungible Tokens. It is a unique digital asset such as art, trading cards, memes, gifs, video clips, audio clips, tweets, this article or an ebook, basically anything that one can create, store and sell on the blockchain. Once tokenized, these assets can be bought, sold and traded using cryptocurrency.
What is “Minting”?
“Minting” an NFT is, in more simple terms, uniquely publishing your token on the blockchain to make it purchasable.
During the minting process of a collection, you do not get to choose your digital art. It is assigned to you randomly, and every piece of art has the same price. Naturally, the cost is much lower than buying it on the marketplace such as Magic Eden.
How to Mint?
This is a step-by-step guide of how to mint NFT on Solana blockchain.
- Setting up Solana wallet
Basically you have many choices:
We recommend Phantom as it’s currently the best wallet on Solana, which is similar to Metamask (even better experience!).
First of all, visit phantom website and install Chrome extension by clicking “Add to Chrome” button: https://phantom.app/
After installation, you can see a “spirit” icon with purple background on Chrome toolbar, and below web page will be opened automatically:
Click “Create the Wallet” button:
As you can see, the secret recovery phrase is composed by 12 words.
Attention!! It’s better to write down the secret recovery phrase on a white paper and keep them in a safe place. If someone got your phrase occasionally, he will get full control of your money!
Alternatively, you can click “Copy” and store the secret recovery phrase somewhere on your computer in a safe way.
After above steps, click “OK, I saved it somewhere” and step forward.
Next step is to set a password of your wallet, and you will need to get verified when trying to send a transaction:
Click “Save” button, and congratulations! You’ve all done for setting up a Solana wallet:
You can click the “spirit” (phantom) icon on Chrome toolbar to view your portfolios.
2. Buy & Deposit $SOL
$SOL is the native token of Solana, which is similar as $ETH on Ethereum. When you’re trying to issue a transaction, you must have some $SOL in your wallet to pay the gas fee (much cheaper than Ethereum!).
How to get $SOL? Currently the easiest way is through centralized exchange such as FTX, Coinbase, Crypto.com, Binance, Kraken etc., and then withdraw them into your phantom wallet.
Click the “Receive” button in Phantom, and you can see 2 menu items for $SOL deposit:
- Send from wallet/exchange: You can copy the wallet address or scan the QR code with your Centralized exchange application
- Deposit from FTX: A new window will pop up and allow you to login FTX and finish the deposit operation
3. NFT mint process
First of all, make sure the mint website url is announced by project’s OFFICIAL twitter, discord or telegram! Do NOT believe those DM scammers!
Take Gemstones as an example, when you enter the official website:
Click “Go to Mint Page”:
Click “Connect Wallet” button and choose Phantom:
Approve Phantom to connect to this website:
Then click the “MINT” button and approve the transaction in Phantom, that’s all! Make sure you have enough $SOL in your wallet to pay the mint fee & gas fee.
Congratulations you’ve purchased your first NFT!!
Now you can checkout your NFT and its attributes under “Your Collectibles” in Phanton app:
A collection of 4,500 Gemstones shards to hunt. Collect 5 shards of the same Gemstone to join the Blue Diamond club. Resulting in a final supply of 900 blue diamonds — which gives DAO membership. Let the hunt begin!
Medium for more info: https://gemstonesnft.medium.com/introduction-to-gemstones-nft-1b8b0022a530
FTX.us listing: https://ftx.us/nfts/collection/Gemstones/25/1