FxBrokerReviews.org – Recently, non fungible tokens (NFTs) have become more and more popular, and for a good reason. Non Fungible tokens are brand-new assets held on the blockchain ledger and can represent anything from video game goods to digital artwork. This suggests that NFTs are distinctive, unchangeable, and transparent.
People acquire NFTs for several reasons, such as aesthetic appreciation, value speculation, and as part of playing blockchain-based video games like Decentraland or Cryptokitties.
NFTs may have gained popularity for various reasons, and multiple investors may choose to invest in them for various reasons. With the ERC-721 token standard being the most popular in the market, Ethereum has emerged as the preferred network for developing these tokens. However, this resulted in significant network sluggishness, high costs, and extended transaction processing times. As a result, several blockchains have started to provide their own NFT solutions.
The Solana blockchain is one such option, with a high throughput that can handle thousands of transactions per second. SolSea, a new NFT standard from Solana, enables the quick and simple construction of NFTs. This tutorial will teach you how to create NFTs on Solana, specifically on SolSea, the largest NFT on the network.
What Is Minting NFT?
Turning any digital data into a blockchain-based virtual collectible is called NFT minting. Tokens can be created from almost any digital file, including MP3, WAV, GIF, and JPEG. The digital goods or files will be stored in a decentralized database or distributed ledger and cannot be changed, updated, or removed.
Minting is the act of adding something to the blockchain. It resembles the process used to make coins in the real world. How long does it take to produce an NFT, then? It’s challenging to provide an accurate figure because it relies on the file’s complexity and the blockchain network’s speed. However, most NFT platforms, tools, and marketplaces streamline the NFT-generating process.
How To Mint NFTs On Solana
1. Install Phantom
Phantom is a browser extension and non-custodial cryptocurrency wallet. The MetaMask of Solana is a common name because of its similarities in design and operation. Download and install the Phantom extension from the Phantom.app website for your preferred browser.
2. Create New Wallet
After installation, the top right Extension button will display the Phantom icon. To create a new wallet, click the icon and follow the instructions. The symbol takes the user to a different page where they can continue making their wallet.
3. Funding The Wallet
You must first purchase Solana, the native cryptocurrency of the Solana blockchain, to create NFTs.
4. Creating A New Account on Solsea
The next step is linking the wallet to the SolSea platform to create an account. Phantom can be selected from the drop-down menu by selecting “Connect Wallet” from the top right menu.
5. Create An NFT Collection
- A collection must first be made for all NFTs. Select Collection under the “Create” option to start a new collection.
- Decide on a title, then describe the collection.
- Would you kindly upload both the symbol and the header picture?
- Include webpages and social media profiles (if any). For the sake of engagement and marketing, this is crucial.
- To mint the collection, when ready, click “Create Collection” and sign the transactions. Don’t worry if a notice states that your mint transaction failed. Most likely, SolSea’s end has a bug. Be patient, and perhaps the transaction will be completed on schedule.
6. Minting A Solsea NFT
The procedures to mint a SolSea NFT are as follows:
- Return to the Create page after establishing an NFT collection and, this time, choose “NFT.”
- Next, upload the picture, movie, or music item you want to use as an NFT. Before uploading, read the specifications for each type of file to prevent any problems. The acceptable file formats for both films and photos are MP4, MOV, 3GP, JPEG, and PNG.
- Give the NFT a title and a brief description.
- Establish the royalties to be paid. This is the portion of each secondary market sale of THE NFT that will go to the creator. Depending on the owner’s strategy, the percentage range can be customized to be between 0% and 50%.
How Much Does It Cost to Mint An NFT on Solana?
Minting an NFT typically costs 0.00001 SOL ($0.01) in Solana.
Compared to many other marketplaces, Solana makes it extremely simple to create and sell NFTs. It doesn’t require particular coding expertise, making it an excellent location for novice NFT producers to start.