In order to be able to explain what Non-Fungible Tokens are, we need to break down the words that compose it:

• Fungible: this word represents a property, and gives something interchangeability. An example would be the fungible Dollar bill, since you can give it to someone else without its core or value changing.
• Token: cryptocurrency tokens are cryptocurrency assets, that represent something other than a monetary value. An example would be loyalty points, ownership of something else…Think of it as a stock, but instead of having ownership in a company, it can be ownership in anything else.

NFTs are basically digital ownerships tokens, that run on blockchains that support smart-contracts, such as Ethereum. Their non-fungibility is similar to real-world contracts, where you can’t trade one contract to another, because the “actual content” differs from each other. Same things for NFTs, where you can't interchange them as their underlying “contract” changes with each one, hence their non-fungible nature.

As mentioned, Ethereum is the most popular network for creating non-fungible tokens. Ethereum was also the first platform to support NFTs, the majority of investors use them by default. But how much does it cost to create an NFT on the Ethereum blockchain? Seasoned investors remember the days when there was a $50 to $100 transaction fee for minting a single non-fungible token, depending on the time of day and the price of ETH. But that's no longer the case, and popular NFT marketplaces have found a way around these fees. Today, NFT artists can create their non-fungible tokens for free on the Ethereum blockchain.

If you want to create an NFT on Ethereum, you can use one of the most popular marketplaces like Rarible, OpenSea or Mintable. Once the wallet is connected, you can create a new non-fungible token and choose between normal minting or delayed minting. This is the first option when it comes to the cost of creating your Ethereum NFT.

However, in order to create and sell your own NFTs, you must meet a few requirements. The prerequisite is that you own the ownership of the artwork that you wish to sell in the form of an NFT. Otherwise, buyers will be deceived. However, the NFT portals themselves usually do not check this, simply because the check would take a long time.

You also need a certain amount of ETH to pay the fees. Since most non-fungible tokens are currently based on the Ethereum blockchain, buying ETH for these uses is recommended.

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Dynamic NFTs are data responsive and connected to existing infrastructure. The next evolution of NFTs is moving from static NFTs to dynamic NFTs, perpetual, smart contracts, such as those used by Chainlink with its oracles to communicate with and respond to external data and systems. Chainlink Oracle allows NFTs to use external data/systems as a mechanism to create/replicate NFTs, peer-to-peer trading and status checks.

One of the latest NFT trends is NFT staking . Holders receive a “staking reward” for staking NFTs. NFT staking is a promising subset of DeFi that can solve a number of issues related to NFT trading. Most importantly, it offers NFT owners the option to generate tokens with their NFTs without ever having to sell their creations.

If you want to buy NFTs, you can do this via trading platforms. As with all blockchain apps, the security of one's NFT wallet is paramount, and losing it is a major risk. For example, MetaMask is a crypto wallet that supports all types of Ethereum-based tokens. MetaMask can serve as a regular crypto wallet, but its real strength lies in its seamless connection to smart contracts and decentralized applications. MetaMask values ??data protection, encryption and is also open source.

Non-fungible tokens can be used where virtual goods are assigned a token. This applies, for example, to music, digital art, or individual objects in computer games. Other popular use cases are:

• Metaverse NFT Use Cases : Because the Metaverse works just like the real world and involves real human participation, things like identity verification, asset transfers, and forms of exchange are required. This is where NFTs come in, as they offer all of this and more in the Metaverse.

• Play to Earn : When the tokens are connected to blockchain networks, in-game assets become transferrable and can be traded outside of the game. Any digital asset can be turned into a non-fungible token. This capability transforms blockchain games into play-to-earn (P2E) games. Play-to-earn is a game model that allows players to earn real money or other rewards while playing.

• Other NFT use cases are in the Player vs. Player segment or PVP. This type of game refers to a mode in multiplayer computer games in which two or more players or groups of players compete against each other. The term is practically only used for games that are primarily designed to be played together and offer different options. In PVP mode, participants can earn non-fungible tokens.

CryptoPunks are among the first projects in the field of NFTs. Software engineers Matt Hall and John Watkinson created exactly 10,000 CryptoPunks in 2017. Many of these CryptoPunks have now been auctioned for amounts in the millions and are among the most expensive NFTs.

The most expensive CryptoPunk was the so-called CovidAlien, an extraterrestrial with a face mask. The pixelated head changed hands for $11,754,000. The pandemic will have been a real price driver.

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OpenSea , the flagship NFT trading platform, hit a record nearly $5 billion in volume in January with over 500,000 active traders. As the leading firm consolidates its monopoly position, small platforms stand little chance of making headway in the Ethereum-based NFT market. However, LooksRare seems to have found a way out with the so-called vampire attacks. Vampire attacks are a common practice to move users, and therefore liquidity, from one platform to another. For the transition, beginners usually receive an amount in tokens. So the vampire attack is platform piracy that lures users with a bonus system. Not illegal or awesome, but powerful as evidenced by LooksRare's growth numbers.

The Bored Ape Yacht Club is one of the collections of NFTs released during the heyday of the NFT hype. Because of this, many celebrities and brands have gotten their hands on this NFT collection. Bored Ape Yacht Club has launched in 2021 with unique images of monkeys.

The BAYC collection is already known in the media as one of the most famous collections of all. In December 2021, Bored Ape Yacht Club overtook CryptoPunks as the most expensive NFT. Bored Ape, along with other character-based NFTs, is "a status symbol for owners who regularly use their animated creatures as social media avatars."

According to CryptoSlam, the collection has amassed around 11,000 unique owners since its inception. On average, a bored ape was sold for 84 ethers, or about $344,000. Companies have been encouraged to buy Bored Ape NFTs. For example, Adidas bought one in September 2021. Many online media have reported on celebrities who collected BAYC in late 2021 and early 2022. Shaquille O'Neal, Eminem, Gwyneth Paltrow, Snoop Dogg, Stephen Curry, Mark Cuban, Post Malone, Paris Hilton, Serena Williams are among the celebrities who can call themselves BAYC NFT owners.

One of the most interesting news in the updated Bored Ape Yacht Club roadmap is a huge event. BAYC, Cyberkongz VX and Sandbox are said to be involved in this. There will also be a real meetup in Miami, this time exclusively for BAYC members. The Bored Ape Yacht Club roadmap continues to bear fruit!

Doodles NFT is a collection of 10,000 NFT doodles, portraying different characters such as cats, little animals, people, and even aliens. They are sketched in a hand-drawn way, depicted in a light and fun way. This project came to life thanks to 3 main founders: Evan Keast, Scott Martin, and Jordan Castro. They recently launched their space Doodles, with the main theme revolving around...space.

Each Doodle has its own breakdown of 5 stats:

• Piloting
• Mechanical
• Stamina
• Bladder
• Vibe

MUTANT APE YACHT CLUB is a collection of 20,000 mutant monkeys that can only be created by influencing an existing Bored Ape with a flask of MUTANT SERUM, or by minting a Mutant Ape at a Public Sale.

To date, MAYC NFTs have had impressive results, not to mention their insane sales. According to DappRadar, the collection's all-time sales surpassed $847 million. Meanwhile, its minimum price reached 19.35 ETH, or around $60,000. No wonder they currently rank ninth among NFT collections in terms of all-time trading volume!

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Aavegotchi is a Tamagotchi-inspired blockchain NFT game. Aavegotchi itself is available as an NFT. Each Aavegochi is unique and has individual characteristics. The more unique Aavegotchi's traits are, the rarer and more valuable it is. Aavegotchi allows users to create rare collectibles that they craft by depositing DeFi assets as collateral. These DeFi assets reside on the Aavegotchi lending platform. 

$GHST is the Aavegotchi ecosystem's default utility token and serves to unlock portals, wearables, and consumables. A small portion of $GHST token transactions go to AavegotchiDAO members to encourage smart decentralized governance. 

RTFKT-Clone-X is the first release in "a broad ecosystem of high-quality PFP avatars that enable the Metaverse. If you are looking for an NFT avatar that you can take anywhere, this is the right choice. Besides this interesting fact, one of the reasons for the success and great value of RTFKT-Clone-X is that the buyer can modify the characteristics of the NFT by accessing its 3D file and with the project of the famous artist Takashi Murakami's work.

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The Sandbox opens up a decentralized, virtual gaming world and is powered by the world's largest crypto exchange, Binance. Thousands of individual NFTs can be found in the sandbox world.  The blockchain-based game allows players to create and monetize their own individual gaming experiences.

The sandbox game was developed in 2012 by the studios Pixowl and Animoca Brands. The video game was initially released for iOS and Android smartphones. It is a voxel-based game that uses polygons to graphically represent the game world. The world's most famous example of such a game is Minecraft.

Within the game world of the blockchain version of The Sandbox, gamers can purchase so-called parcels with digital currencies. One of these parcels is the LAND token, which represents 96 square meters of land in the game world. The LAND token is based on the Ethereum token standard ERC-721.

Players can then build their own objects on their properties or even develop their own smaller games.  The gamers own their creations. They are their own NFTs and therefore their unique digital property. More information about Non-Fungible Tokens (NFTs) here . 

Decentraland is a virtual world running on the Ethereum (ETH) network. Users can buy plots of land as NFT because they are stored as non-fungible tokens and then build on them. Decentraland MANA is one of the biggest NFT trends. Essentially, Decentraland is a virtual world. It is browser-friendly and available for free. Users first create an avatar and can use it to enter the world. Decentraland doesn't have the fixed objectives or gameplay loops typical of video games. This is the biggest difference between a game and a Metaverse world like Decentraland: the latter contains very different themes and features, with no specific goals or reward systems running throughout the game.

Instead, content in Decentraland is created entirely by the community, such as mini-games or 3D scenes. Therefore we speak of a decentralized platform, as the name Decentraland suggests. Likewise, players can simply use the virtual world as a place to learn, explore, or for commercial purposes. The technical background is also worth mentioning: Decentraland is a blockchain platform based on the cryptocurrency Ethereum.

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You can read more about NFTs in the following article.

In 2022, NFTs have become a digital phenomenon. Since an NFT is unique, limited, and non-reproducible, interest in these digital objects increases massively. The driving force is a new “digital art market”. NFTs are auctioned off as works of art and sometimes reach six-figure sales prices on digital exchanges. In this list, you will find the most expensive NFTs of all time.

The advantages of NFTs in the art trade are obvious:

• NFTs can not be counterfeited or otherwise reproduced. They are unique and therefore have a high material but also emotional value for the owner.
• Thanks to digital marketplaces such as OpenSea , the digital art trade is open to everyone with internet access. Exclusive offline events with physical auctions can not offer such inclusion .
• The processes of auctioning and selling NFTs are extremely simple and very secure thanks to blockchain technology.

The popularity of NFTs doesn't stop with art, however. The influence and integration of non-fungible tokens are also increasing in other areas such as the music industry (songs as NFTs) or virtual real estate. A lot of money can now be made with NFT trading.

If you see NFT trading as an extreme opportunity in 2022, then you have the opportunity to make money trading digital artworks. NFT marketplaces are ideal for this. They specialize in buying, selling, trading and auctioning NFTs.

The most well-known trading venues of NFTs include the following platforms:

• OpenSea
• Rarible
• Super Rare NFT

There are also well-known crypto exchanges that mainly trade cryptocurrencies, but also have sections where NFTs can be traded:

• Binance
• FTX
• Crypto.com

If you want to read more about our favorite NFT platforms, check out our article!

OpenSea is a decentralized trading platform for NFTs on Ethereum. The platform has existed since 2018 and is growing as new NFTs are constantly appearing and being made available for NFT trading.

Most NFTs on Ethereum are derived from the ERC-721 standard. This implements the function setApprovalForAll. This function is called by the token holder and gives the transferred address the rights to transfer the NFTs. Anyone who logs into OpenSea with their Ethereum address calls this function and gives OpenSea the rights to transfer.

This is the reason why the tokens remain stored at the owner's address until the trade takes place. If there is an exchange, the OpenSea smart contract fetches the NFTs from the addresses of the buyers and transfers them to the buyer. OpenSea gets 2.5% of the price for each exchange.

If you have not yet had any contact with OpenSea and NFT trading, we recommend our OpenSea instructions for beginners.

Purchasing the NFTs you want is relatively easy. You look for the desired token on the website, click on it and pay the required price. You can also make the seller an offer for a better price. In doing so, one commits oneself to buy for the proposed price, or this is regulated by the smart contract. OpenSea currently supports trading with Ethereum, Polygon, and Klaytn.

1- Create a normal offer:

If you want to sell NFTs, you first have to give OpenSea access to the address where you keep your NFTs, as described above. There are several ways to sell NFTs. You can simply set a fixed price and wait for a buyer to respond.

2- Dutch Auction:

There is also the possibility to create a Dutch auction for NFT trading. At a Dutch auction, there is a starting price and a closing price. The final price is less than the starting price. Over time, the price decreases evenly to the final price. The price keeps going down until either the final price is reached or someone strikes at the current price. The falling price is effective in terms of game theory because the interested buyer is under pressure to grab the good before the others, he cannot wait long for a further falling price, so to speak, because of the competition.

For the Dutch auction, press the slider (red framed field) and further fields will appear. In the “Ending Price” field (yellow framed field) enter the ending price. And at “Expiration date” (framed in green) how long the auction should last.

In the example, a starting price of 0.22 Ether is set, the end price is 0.1 Ether and the duration of the auction is 5 days. Now the price falls steadily to 0.1 Ether in these 5 days unless someone buys at the current price. 0.12 Ether (0.22-0.1) price decrease in 5 days means the price then decreases by 0.001 Ether/hour.

The normal auction (“English auction”) is technically easier to set up. Click on “Highest Bid” above, enter the starting price and the end time (“Expiration Date”). Now the buyers can outbid each other from the starting price. Whoever has bid the most by the end gets the NFT.

You can also sell several NFTs of one type or series as a bundle. To do this, click on “Bundle” and select the desired NFTs. The bundles can then be sold as with the options already described.

OpenSea offers a referral bounty for every offer you create. This can be set when creating the offer (between 1% and 2.5% of the price). Anyone who sees the sales offer can have a referral link generated and spread it. If someone buys through this link, they get the bonus. However, you must have assigned an email address to your Ethereum address on the OpenSea off-chain.

Example: Someone sells a CryptoKittie for 100 Ether. You see the offer and have a buddy who might be interested. Now go to the offer and generate the referral link. If your buddy now buys the NFT with this link, you will get 1-2.5 Ether, depending on what the seller has set.

OpenSea is not only characterized by high usability or a large selection of NFTs, but also by versatile and secure payment options for NFT trading. The platform provides over 200 options for transactions. ETH is considered the default, but other tokens are also available, including:

• DAI and USDC stablecoins,
• wBTC,
• mana,
• REVV and SAND,
• WHALE,
• MEME

In recent years, OpenSea has developed into by far the largest NFT exchange. The marketplace offers the largest selection of NFT collections of any NFT marketplace. The functionality of the platform is kept particularly simple so that beginners can easily find their way around. Still, there are numerous different ways to sell your NFTs.

Monthly trading volume on OpenSea has grown to over $3.5 billion this year. With increasing popularity, this should continue to grow in 2022. So you can continue to earn a lot of money with NFT trading in the coming months.

If you want to start trading NFT on OpenSea now, click here !

Since 2009 and the creation of Bitcoin, cryptocurrencies have continued to grow in popularity globally. The global adoption of these digital assets has continued to rise as its value plummets. Crypto enthusiasts and users can now use cryptocurrencies like Bitcoin to pay for goods and services. However, that growth and popularity have remained progressive and have birthed many more cryptocurrencies. This is not strange, as non-Blockchain entities have grown interested in Blockchain and cryptocurrencies. One of such digital assets is Non-fungible tokens (NFTs). The NFT market is relatively small, but the popularity of NFTs has been on an upward trajectory recently. In this article, we will try to know if traders can earn profits from NFTs during a bear market.

NFTs are unique and distinguishable cryptographic assets found on a Blockchain. An NFT can also be described as a non-interchangeable data unit and digital ledger usually found on a Blockchain. While cryptocurrencies are assets that can be used as a medium of exchange, NFTS are non-identical and uniquely different. NFTs cannot be traded or exchanged like cryptocurrencies. NFTs are very distinct, and the creation of each NFT represents physical assets like art pieces and real estate. The presence of NFTs on the Blockchain means that they do not require intermediaries in their transactions.

NFT creators and traders are afforded a smooth transaction process via Blockchain without third-party interference. NFTs are already making transactions seamless between users despite being a new market. NFTs data units are usually digital files, including videos, audio, and pictures. It is also worthy to note that, like regular cryptocurrencies, NFTs contain ownership details. Possession of ownership details makes it easy to identify and transfer ownership from one user to another quickly.

NFTs are digital assets like cryptocurrencies, but they differ slightly in characteristics. Like fiat money like USD, cryptocurrencies are fungible and can be traded or exchanged. This means that the value of one Bitcoin is the same everywhere, just as the value of a USD everywhere. However, for NFTs, that is not the case. NFTs are unique and unparallel, making it difficult to equate one value to another. Each token contains a unique and non-transferable property that cannot be shared or possessed by another. This is why the price, value, characteristics, and properties of one NFT can never be equal to another.

Surprisingly, despite being unique, NFTs are extensible. This means that one can combine two different NFTs to produce a third unique NFT. NFTs are primarily found in the ERC-721 format. The ERC-721 format is unique and was developed by the engineers of the ERC-20 smart contract. One of the most famous examples of NFTs is the cryptokitties, which was launched in November 2017. Cryptokitties were a digital representation of cats found on Ethereum Blockchain and valued in Ether. The project amassed more than $20 million in 3 weeks, as investors took a keen interest in the NFT project.

NFTs are a unique form of cryptocurrencies and are also volatile assets. Volatility in this instance means that their prices are not the same at every given time. However, like cryptocurrencies in a bear market, crypto analysts advise that NFT should be purchased in a bear market. There is no doubt that bear markets are usually associated with fear of the future or the unknown. Cryptocurrencies like Bitcoin and Ethereum have entered the bear markets in the past years, which also follows bull run.

However, with NFTs, their value is known to plummet in a short period or in the nearest future. Fortunately, many NFTs have proven to exceed expectations after the bear market, with investors making huge returns on their assets. Alternatively, the value of NFTs has also continued to be on the rise as the burgeoning market continues to grow. This trend implies that the best time for investors to get into NFTs is to invest in a bear market. The low risk and prices associated with a bear market implies that, should the asset collapse, losses will be low.

NFTs continue to attract potential and existing crypto investors as the unique token market continues to boom. However, listed below are three of the best places where NFTs can be purchased:

Founded by Devin Finzer and Alex Atallah, Opensea is a top place for NFT users to conduct their business. The Ethereum-based digital marketplace offers buyers an unfathomable collection list, providing creators with huge revenues. Currently boasting over 80 million NFTs and accepting more than 150 different tokens, Opensea is a global NFT giant. The digital marketplace boasts high trading volumes compared to others, and provides consumers with access to create and trade freely. Since it is built on the Ethereum chain, its number one currency is Ether.

Founded by investor-billionaire Sam Bankman-Fried, FTX remains one of the world's leading crypto exchanges. However, the Cross-Platform digital NFT marketplace of the Blockchain empire is currently making waves in the space. The marketplace allows users to create and mint their own NFTS, which can be sold or traded. The NFT marketplace is unique as users from Ethereum and Solana Blockchain can successfully trade their NFTs. Creators are the biggest beneficiaries of FTX, as their NFTs can reach a wider audience.

Also built on Ethereum Blockchain, Rarible remains one of the leading pioneers of the NFT space. Its marketplace was one of the first globally and offers users easy minting and trading opportunities. The digital marketplace boasts a user-friendly interface and is known to incorporate even novices into the world of NFTs. Crypto analysts usually advise NFT newbies to trade on Raribles, as their bespoke service makes it easy to understand NFTs. Unfortunately, one of the limitations of Rarible is that it can only complete transactions with the rarible token (RARI).

NFTs are unique crypto tokens and assets with no equal value and are found on the Blockchain. The uniqueness and unparallel nature of the digital assets make it impossible to equate one value to another. They are better purchased in a bear market, as their value is known to rise in the future. Opensea, FTX, and Rariblles are the best digital marketplaces to trade NFTs.

News recently broke that a student from Indonesia became a millionaire with an NFT selfie. Can you do something like this too? Earning millions with NFTs is of course difficult and requires a bit of luck. However, if you have a creative streak and want to create digital artworks yourself, we advise using solid NFT platforms. Let's quickly recap what NFTs are, and recommend the best NFT marketplace around.

NFTs are basically digital ownerships tokens, that run on blockchains that support smart contracts, such as Ethereum. Their non-fungibility is similar to real-world contracts, where you can’t trade one contract to another, because the “actual content” differs from each other. Same things for NFTs, where you can't interchange them as their underlying “contract” changes with each one, hence their non-fungible nature.

You might be asking, what’s the use of NFTs if those applications are already being used? Well, the keyword is “decentralized smart-contracts“. There’s something to that word that makes you feel….secure, no? Here is a list of real-life applications:

• Identity Management
• Artwork
• Real Estate
• Media and Entertainment
• Gaming

OpenSea is now the largest of the NFT platforms. The platform allows you to create, trade, buy and sell digital artworks. OpenSea offers a variety of different collections, in which some NFTs are sold for the equivalent of several thousand euros.

OpenSea was founded in 2017 and has now replaced Rarible as the number 1 among NFT platforms. Nowhere else will you find such a wealth of different collections. The platform is extremely easy to use.

Rarible is also one of the largest NFT platforms. Rarible used to have a larger trading volume than OpenSea. Nevertheless, on Rarible you have a good opportunity to create your own NFTs and offer them for sale within a collection.

Rarible has a strong individual focus on the artists. The creation process for NFTs is very convenient and individual. With its broad support for multiple blockchains, Rarible is a key competitor for OpenSea.

FTX is one of the largest crypto exchanges in the world. In October, FTX began offering NFTs based on the Solana blockchain. These NFT collections caused quite a stir last year. Meanwhile, FTX has already topped up its NFTs with Ethereum-based collections.

FTX NFT is among the NFT platforms that are relatively new. As a new feature, the main platform FTX continues to push its new collections. You can also offer your NFTs here and, with a lot of luck, earn large sums with your own collections.

NFTs (Non-fungible Tokens) are immutable, unique digital works of art that have become increasingly popular in recent weeks and months. Some NFTs have already generated millions. Do you also want to purchase NFTs? You can buy NFTs on these 4 platforms.

OpenSea is probably the best-known NFT platform. You can create, buy, and sell NFTs on OpenSea. OpenSea has existed since 2017 and is considered the first NFT trading platform. There you will find a large number of different NFT collections. You can purchase the NFTs on OpenSea if you connect an Ethereum wallet to the platform. The browser extension of MetaMask is the simplest solution. With any purchase, a 2.5% commission goes to the artist.

Take a look at our OpenSea guide to getting started! If you want to get started with Opensea, click here !

Rarible is another NFT exchange that primarily focuses on the creators of NFTs, i.e. the artists. However, there you can also select, buy and sell NFTs from collections. Rarible is much younger than OpenSea and didn't start until early 2020. The marketplace is very clear and focuses heavily on the creation process of NFTs. With every sale, both the buyer and the seller pay a 2.5% fee.

We have also created instructions for Rarible . If you want to buy NFTs on Rarible, click here !

Binance is the industry leader among crypto exchanges. The platform, founded in 2017, has become the absolute number 1 in crypto trading in recent years. Of course, it is then also possible to buy and sell NFTs on Binance. The NFTs are traded on the in-house Binance blockchain. The Binance Coin is available as a payment option. However, the platform also accepts Ether or US dollars. 

With Binance you have the crypto marketplace available to buy NFTs. To get to Binance, click here !

Crypto.com is probably the most hyped crypto platform in the last few weeks. The value of the Crypto.com Coin has risen massively recently and the platform stands out due to its extremely successful global branding. But behind the marketing, there is an excellent platform with which you can now also buy and sell NFTs. The platform carries numerous collections from NFTs, especially from prominent artists who cooperate with Crypto.com. You can pay with FIAT, with cryptocurrencies via an ERC-20 wallet such as MetaMask, or directly via the Crypto.com app.

Crypto.com is a modern marketplace for cryptocurrencies that recently started offering NFTs. Click Here you get to the trading center!

The massive rise in the crypto market in August last year triggered an overall increase in different parts of the market. Aside from centralized digital assets, the DeFi sector also has seen some tokens respond to positive market moves. One distinct sector of the market that was not in the limelight before the rise was the NFT sector. During this period, the market saw an increase in a wide range of Ethereum NFTs, particularly CryptoPunks.

While Ethereum is responsible for most transactions in the sector, Solana, a stiff competitor, is challenging the blockchain. This is primarily because Solana is easing in and filling some lapses, such as high transaction fees and congestion that has riddled Ethereum.

The Solana native token, SOL, saw a rise all through august before seeing a slight drop which was said to be due to the downtime in the network. Even at that, SOL has benefited immensely from the collection of NFT on the Solana platform. In this article, we will be looking at NFTs and how to buy them using the Solana platform.

NFTs are unique tokens that show proof that a person owns a digital item on a blockchain. Over the last few months that the NFT craze has overtaken the market, people have bought and sold different digital items on the blockchain. Ranging from arts to music and other things, most people now use NFTs as their profile pictures. Significant pieces of NFTs have been sold at excellent rates on Solana, adding to the rising trading volume on the blockchain. The most notable was when one Degenerate Ape NFT sold for about $1.1 million SOL on the platform.

The major thing that differentiates buying NFTs on Ethereum from Solana is that users can only use SOL to purchase them. Also, the network does not allow users to link their Ethereum based wallet, MetaMask, to the platform when making the purchase. Below is a quick guide on how traders can set up their Solana wallet and use it to purchase NFTs on the Solana platform.

Since the usual Ethereum based wallet used to buy NFTs on Etheruem will not work, users need to choose a Solana wallet. There are many good wallets out there, and users can use a browser extension or other apps dedicated for this period. A very popular wallet that traders can use to carry out this activity is the Phantom wallet. Asides from Phantom, Solflare is another good wallet that traders can use for this purpose. Other worthy mentions are Trust Wallet and Atomic Wallet.

In this write-up, we will be making use of the Phantom wallet. To begin the process, you will be required to add it to your google chrome or brave browser as an extension. After that, you will need to write down a 12 worded seed phrase to recover your wallet. In the next step, you will set your password, re-enter your password, and you will be allowed into the wallet. One thing that you have to be careful about is exposing your seed phrase. Anybody with the 12 groups of words can access your wallet and make away with your funds.

The next step is purchasing the SOL tokens that you will use to purchase your NFT. With the Phantom Wallet, you can get the tokens in some ways and move them into your wallet. A perfect option is buying the tokens from a verified crypto exchange like Binance, and transferring them to your wallet. Another option is to buy USDT from a crypto exchange and send them to your Phantom wallet. Phantom has an in-house exchange where you will be able to change your USDT to SOL and other tokens on the Solana blockchain.

Once you have finalized the steps above, you can enter a Solana-based marketplace to purchase an NFT using the SOL tokens in your wallet. Solanart offers users a wide range of NFT collections. Even though Solanart is an NFT marketplace, it does not work like other typical marketplaces. Works listed in the marketplace are curated because it is not an open marketplace like the famous Ethereum marketplace, OpenSea.

Another marketplace is DigitalEyes, the market famed for producing the Steve Harvey-fond Solana Monkey Business. To purchase an NFT from the marketplaces listed above, you will have to connect your Solana wallet with the site, buy the NFT of your choice, and approve the transaction. Compared to Ethereum, Solana offers a faster and cheaper transaction. The Phantom wallet also allows you to view all the NFT collections you have bought in the wallet. Besides purchasing NFTs, traders can also use the wallet on the Solana network protocols like Saber and the likes.