With several projects launching every day, Solana has emerged as the second most trending NFT marketplace after Ethereum. With Ethereum’s high gas fees, minting NFTs on Solana is considered to be both trendy and cost-effective. In this blog, we discuss how to mint NFT on Solsea?
Why is Solana So popular?
Solana is a proof-of-stake blockchain that supports smart contracts and decentralized apps and is extremely fast. Since Solana can handle up to 65,000 transactions per sec for just $0.00025 each is often considered as the ultimate “Ethereum Killer”. Take an example, Ethereum can only handle 20 transactions per sec and the gas fee in mid-October was roughly around $30. By only simple calculations, you can find out that Solana is 3250 times faster and 120,000 cheaper.
When it comes to dealing with NFTs, the difference becomes even more significant. Since you interact with a unique smart contract when minting or transferring Non-Fungible Token on Ethereum, it requires more computational resources than sending Ethereum. As a result, you will have to have to pay high gas fees sometimes up to $100, which can be more expensive than the NFT. On the contrary, the average cost of minting NFTs on Solana is just 0.0001 SOL.
Another advantage of Solana-based NFTs is that their minting takes a couple of seconds and never fails. While on ethereum, with their overloaded transaction queue, it is possible that your minting procedure may take up to several minutes to complete and still fail. However, the buyer still has to pay the gas fees.
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How to Mint NFT on Solsea?
So to answer, How to Mint NFT on Solsea, we have made a tutorial. Let us take The Degens as an example in this tutorial, although all other NFT mints follow the same pattern.
Step 1: Be on time
Keep in mind that a mint can disappear in a flash. If you are certain of getting an NFT:
- Firstly, make sure ṭhat your Phantom wallet is ready to use and loaded with enough SOL.
- Secondly, open the mint site a few minutes prior to minting begins. Wait patiently and do not leave the room. It is worth noting that may sometimes turn out to be black or display a message such as Project X will be live soon. Continue to reload the page.
- Thirdly, double-check the launch time in the discord and convert it to your local time.
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Step2: Connect the wallet
You will be able to link Phantom wallet as the mint goes live. Select Phantom from the Connect Wallet menu. You’ll be asked to enter your password via wallet extension. Once you’re logged into the wallet, accept to connect to the page.
Step3: Mint NFT on Solana
If the connection is successful, you will see a mint button or something similar. Select the number of NFTs you’d like to purchase. Some projects allow you to mint up to 20 NFTs in one transaction, while others just limit it to one. To open the wallet confirmation window, click on it. Finally, click on approve transaction button to begin minting.
Step4: See what you got
Normally, it takes up to a few seconds to mint a coin. You may or may not receive any success notification. But there’s nothing to worry about because if you go to Phantom’s Collectibles Icon (the one with the small 4 squares) you should see your NFT there.
Step5: Keep following the updates
This is the best time to hop back to Discord and see what others have created. It will give you an estimate of the rarity and value of your NFT. Don’t leave the Discord channel just yet: Teams usually conduct giveaways for those users who have already purchased NFTs. In addition, you will be entitled to get a small percentage of any secondary sales through a system of royalties.
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How much does it cost to mint NFT on Solsea
When it comes to dealing with minting fees or nft minting fees on Solsea, the gas fess on Solsea is much more pronounced.
A minting charge of $0.04 at a price of 1 SOL = $95. The overall cost of minting an NFT on the Solana blockchain is 0.00135 SOL, which includes three transaction fees on the network. The NFT minting cost will increase to $0.12 in January 2022, at a price of $90 per SOL.
The cost to mint NFT on Solana is approx is $90 USD
- On Ethereum, you’ll have to pay approx gas fees – up to $100 in certain cases, which can be more expensive than the minting NFT on solsea.
- On Solana, the average cost of minting an NFT is just 0.00001 SOL, or $0.015 as of October 2021.
Solana.io is the best place to keep track of new updates. Not only does it have the most comprehensive list of projects but it also includes critical information regarding each on the main page such as the mint date, website URL, and social media links, the quantity of NFTs in a collection, and most significantly, the minting price. NFT Calendar, Upcoming NFT, and HowRarels are some other popular aggregators.
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More than ten projects are launching every day, so there’s enough to choose from, so don’t jump into the first one you see. So concentrate on those who are still a few days away so that you have enough time for research. Consider the following factors:
- Design
Is it something that you really enjoy? Would you still be happy to keep it if you couldn’t sell it for a few months?
- Price
Stick to projects with a minting price of 2 SOL or less (up to $300) if its your first buy. There’s no certainty that the price will grow, it can go down just as easily. Consider an experiment and only invest what you wouldn’t mind losing. On the contrary, don’t buy an NFT simply because it’s cheap, while some mints are priced at 0.5 SOL or less but the art quality will be low comparatively.
Firstly have a look at the project’s Twitter page. You would want a team that is both energetic as well as passionate with a high level of engagement. Therefore, influencer support is beneficial but keep in mind that marketing dollars may purchase a lot of promotional tweets.
- Discord
Join Discord if you like the design, price, and Twitter engagement. Check the number of users, how the team engages with the community and if there is a sense of excitement in the air, whether the mint rules are properly defined, and so on.
It’s worth noting that the size of the group isn’t a deciding factor in or of itself. If there are 10,000 NFTs and 70,000 investors are eager to buy them, there’s a risk that you won’t be able to mint any or there’s a possibility of a server crash. On the contrary, if there are just 1500 members for a collection of 1000 NFTs, everyone will have a fair chance and the collection will still be sold out, indicating success to future buyers.
Another reason for studying the Discord content is that official mint sites are frequently lacking information. For instance, there may be a pre-sale for whitelisted participants, and the rules for getting whitelisted are only available in Discord.
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Conclusion:
Now that you have understood the procedure to mint NFTs on Solsea. The NFT Ecosystem on this blockchain is still in its development plus they have a lot of space for growth. However, if the successful experience with Solana has given you a taste for non- ethereum- based NFTs, there are a few more options to try.
So to answer, How to Mint NFT on Solsea, we have made a tutorial. Let us take The Degens as an example in this tutorial, although all other NFT mints follow the same pattern.
Step 1: Signup on Any Wallet
Step 2: Connect the wallet
Step 3: Mint
Step 4: Keep following the updates
The cost to mint NFT on Solana is approx is $90 USD
Minting NFT on Solana will be charged at 3%. A 3% marketplace fee is taken on the selling price of every transaction.
In this article we have already discussed the cost to create NFT on solsea. Please read above.
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