The token economy is all about frictionless, cost-effective ways to issue digital tokens that provide proof of assets, rights, and ownership. There are plenty of blockchain projects offering token solutions that meet these requirements. And some of them also have a built-in incentive structure for continuing operations and development of the network.
This article will explain what Solana is, how to mint an NFT on Solana, and everything else that you need to know about minting NFTs on the platform.
What is Solana NFT?
Before we dive into how to mint NFT on Solana, let us first define what an NFT means.
NFT stands for non-fungible tokens, assets, or contracts — essentially anything that can be recorded and tracked with a unique identifier. Unlike fungible tokens, which can be interchanged as one with another, NFTs are unique and can’t be substituted by any other token.
Simply put, NFTs are useful because they can represent any type of assets, such as artwork, photography, or even a service. In the context of the blockchain, an NFT is programmed to behave like a smart contract, storing information such as its owner, transaction history, and other metadata. This method is called an NFT Drop, and Solana is one of the networks that do this.
Besides artworks and photography, minting on Solana also enables an NFT gaming metaverse for gamers. These games offer impressive play-to-earn (P2E) titles.
The Solana token (SOL) is an NFT that can be staked as collateral to mint other NFTs on the Solana network. The minting process involves locking up a certain amount of SOL in a smart contract that is used for minting other tokens. The owner of the minted token will be able to redeem the SOL tokens after some period of time.
A small fee might be charged for minting and redemption. Each token will come with its own set of rules and functions.
A vital feature of the Solana token is that it is mintable on a time-based curve. This means the minting rate of SOL slows down as time passes.
The same mechanism will also apply to the rate of redemption. This structure is chosen to prevent sudden surges in the supply of SOL tokens and maintain its value as a scarce resource.
Why choose to mint an NFT on Solana?
The Solana network is a high-performance computing network that can execute complex computations in parallel to quickly process big data, making it ideal for NFT minting. It will feature high scalability and ease of integration with existing systems. The NFTs on the Solana network will be a crucial component in boosting the adoption and utility of the platform.
There are solid reasons why it makes sense to mint NFTs on the Solana network:
- It offers low transaction fees
- It has a high scalability
- It is a continuously growing environment
- It is a simple and user-friendly network
- It is composable and innovative with virtual assets
- It is compatible with Polkadot Wallets for your NFTs
How Much Minting in Solana Costs
One of the reasons why traders choose the platform is because of how much it costs to mint an NFT in Solana. They ask for small fees to process transactions. As explained by Solana, they require fees to maintain the economic stability of the network.
Users pay fees to help compensate the network for the necessary processes. Their payment also reduces spam and heightens the real cost of transactions.
They have established a basic economic design to create a protocol-based rewards system and transaction fees.
Solana has introduced an optional fee that they call the “prioritization fee.” The users pay this additional fee if they choose to have their transactions prioritized.
How to mint an NFT on Solana
The NFT minting process is simple and can be done through a web application. Users will be required to lock a certain amount of SOL in a smart contract for the duration of the minting process. This will mint tokens with a predefined set of rules.
There are plenty of Solana NFT marketplaces that can be used for minting. Deciding which is the best is arguable and highly depends on you. However, one of the most popular ones is the SolSea NFT marketplace.
Plenty of traders use this because they offer the lowest trading fees among other marketplaces in Solana. So, for instance, you decided to use SolSea. Here are the quick reminders before you start minting your SolSea NFT:
- Use a browser extension to connect with the SolSea app that’s on your device. Once connected, tap on the wallet icon located on the homepage of SolSea.
- Ensure to have SOL tokens on your wallet. Otherwise, you cannot continue with the process.
Now that you have those things in mind, let’s proceed with this easy tutorial on how you can mint your NFT through SolSea.
- Step 1: Create an account with SolSea. Ensure to verify your email before proceeding to verify your profile so that you will experience no delays in the minting process. After that, log in with your details to the network.
Once you’re done, get into the Creator Dashboard. You will see various options you can do, but as for this tutorial, click on the “Create NFT” icon.
You can mint your NFT individually or as a part of a collection. However, let’s assume that this is your first time to mint. With that, select the “no.” In the future, if you enjoy the privileges of minting NFT in this network, you may now choose the other option.
- Step 2: Input the relevant NFT Information, licensing and royalty details, and other appropriate files. Provide these details and keep on clicking “Next Step.”
Carefully read the information they’re asking for to avoid errors.
Don’t forget to upload the correct NFT file they’re asking for before heading to the next step.
After that, you’ll be presented with a page asking for additional options for you. You may add an external link for your artwork if you already have one. This can help you reach out to others and get them to see more of your work.
If you don’t have one, you can skip this part. Just proceed with the details where you can input information. Otherwise, leave them blank.
- Step 3: Click “Mind NFT” after adding all the relevant details you can input.
Wait for your transaction details to arrive and confirm its approval by pressing the “Approve” button. And after that, you have made yourself a minted NFT on SolSea!
You can check your minted NFT through your wallet. You may also go to your home screen through the browser extension you used to see your minted NFT located in the NFT Gallery. Apart from that, you can also explore further and learn how to create an NFT collection on Solana.
NFTs are a valuable construct for tokenizing a variety of physical and digital assets. They can also be used to verify user identity, trigger automated actions, and be used as a decentralized marketplace for trading products or services. As the blockchain industry continues to grow, learning how to mint an NFT on Solana is one of the concepts that will become even more prevalent and valuable.
What is the difference between minting and buying NFT?
Minting NFTs means making new, unique tokens. It refers to programming new assets that come into the blockchain ecosystem while buying NFTs refers to acquiring already created tokens.
There are many different use cases for minting NFTs, including the creation of game assets and custom collectibles. Owning equity in a company is another example of an asset that can be recorded using NFTs.
How do I calculate my transaction fees?
To calculate your fees, take note that they are calculated according to two main parts: a statistically set base fee per signature and computational resources that are utilized during transactions (measured in compute units).
Transactions could require a different amount of computational resources depending on each transaction. With this, the transaction may allot a maximum unit of computing units.
Does Solana burn fees?
Yes, Solana burns fees. They destroy them to retain leader incentives and to protect the network from potential “tax evasion” attacks. It is also done to prevent the censoring of malicious transactions