Welcome To The World Of Solana NFT Drops!
The wonderful world of non-fungible tokens (NFTs) would struggle to exist without the blockchain, a digital ledger that keeps a record of any and all transactions that are made.
No doubt you’ve come across cryptocurrency already on your travels around the world wide web - and the blockchain is what makes these digital currencies a possibility.
The Ethereum blockchain is one of the most popular and one of the most well known when it comes to NFTs, but there are lots of others out there as well that could serve you better if you want to get into NFTs.
Solana, for example, is one such blockchain alternative, the brainchild of Anatoly Yakovenko in 2017, a one-time executive at software company Qualcomm.
It’s a high performance open source project that implements permissionless and high-speed layer-1 blockchain… with its aim being to go beyond what other blockchains can achieve, while ensuring that costs are kept as low as possible.
As Coin Telegraph explains, the third-generation architecture you find on Solana is designed to ensure that smart contracts and decentralised application creation is available, with a range of different platforms supported, as well as NFT marketplaces… which is what we’re going to focus on.
In the fight for market space with the now firmly established Ethereum blockchain, Solana has garnered praise for its speed and performance - with many believing that it could take the place of current crypto industry leaders.
Solana boasts processing speeds of more than 50,000 TPS and uses different consensus algorithms, which can help prevent slow transaction confirmation. This makes it one of the fastest blockchains out there and a serious contender for the crypto crown, as a result.
How does Solana work?
The platform combines proof of stake and proof of history mechanisms, rather than the proof of work mechanisms that other blockchains like Ethereum make use of. This means that Solana uses less computer power to make transactions and add blocks to the blockchain, so it’s more eco-friendly and its transactions per second performance is significantly higher.
Proof of stake means that users have to stake an amount of their own cryptocurrency in order to be in the running for selection as a block validator (computers chosen to add the next block of transactions on the blockchain). When selected, validators earn themselves Solana crypto (SOL).
This is done to help drive user loyalty for SOL, with rewards handed down to those who have invested the most in the form of validator selection.
Proof of history, meanwhile, is used alongside proof of stake to verify the amount of time between two events, ensuring that transactions are in the correct order and found by the right validator.
Creating NFT drops on Solana
In order to create your own digital tokens on Solana, you’ll need to set up a Solana wallet so you can pay the mint fee (the costs associated with successful minting of your tokens, whatever they may be).
Once you’ve got this done and dusted, you can start thinking about what kind of NFTs you want to mint, whether that’s a video, a song, an illustration, a painting or something else. When you’ve got your designs in mind and all worked out, you can decide whether you want to create an edition series or a unique standalone piece.
While it’s true that Ethereum continues to take centre stage as the most popular blockchain in the world, Solana is most certainly nipping at its heels. NFT marketplaces on Solana are now gathering pace and gaining in popularity, thanks to its transaction speeds and reduced energy use.
Ethereum also charges exorbitant fees, which can be bypassed with Solana… no doubt another reason why the blockchain is now currying favour.
In fact, you’re sure to start seeing Solana integrations on the likes of the OpenSea and Magic Eden platforms, with users now able to create, sell and buy digital tokens. Also check out Solsea, Solanart, Solens and Formfunction if you want to widen the search for NFTs.
What NFT drops can you find on Solana?
One of the most interesting aspects of Solana when it comes to NFTs is that the ideas and concepts you’ll find on the platform are often on the more intriguing side.
Because creatives don’t have to pay huge fees like they do with Ethereum NFTs, they feel a greater sense of freedom to push themselves creatively, as there’s less financial risk involved… so you can find all sorts of amazing and unique designs and projects that you might struggle to find elsewhere.
If you’re considering investing in NFTs, it’s wise to come up with some kind of strategy. Digital collectibles are just as popular and in demand as real-life works of art, so you may well find yourself missing out on all sorts of amazing investment opportunities if you don’t have a robust plan in place.
It’s a good idea to keep an eye on what’s trending, as well as exploring your own particular interests and hobbies, so you can see what pieces are showing traction and what represents a potentially lucrative investment.
You can use filters to find what you’re looking for so you don’t waste time browsing through collections you have no interest in.
Once you find an NFT that has piqued your curiosity, click on it and it’ll take you to view the information about the piece in question, including its owner and its price. Before you know it, you’ll have amassed an amazing collection of digital art… and you may even be inspired to try your hand at creating your own in the future!