Solana NFTs are the underdog, rags-to-riches fairytale of the NFT world. The blue chips of the Solana ecosystem may not share the blistering floor prices of their Ethereum-based cousins, but Solana’s NFT culture has undoubtedly made its mark on the crypto ecosystem all the same.
But with Bitcoin (BTC) Ordinals stealing the limelight and non-fungible tokens fading into mainstream obscurity, are the glory days of Solana NFTs behind us?
More to the point, how does one even buy Solana NFTs in the first place, and what are the top collections worth considering?
What Are Solana NFTs?
Solana NFTs (non-fungible tokens) are a special digital asset on the Solana network. Unlike fungible tokens and meme coins, like BONK or WIF, non-fungible tokens have unique attributes and metadata, meaning each asset can be valued differently despite being a part of the same collection.
Solana NFTs range from standard social media profile pictures and digital artworks to virtual real estate and elaborate use cases like the legal ownership of luxury items.
Why Are Solana NFTs Special?
Essentially, Solana NFTs are much like NFTs on any other blockchain network. But where Solana NFTs shine is within the infrastructure of the Solana network itself.
As one of the leading layer-one blockchains in the cryptocurrency industry, Solana is best known for its lightning-fast network speeds, throughput, and low transaction fees. While trading NFTs on Ethereum might cost the user between $20-$70 in gas fees, the same trade on Solana would cost less than a cent.
On top of that, Solana is an extremely energy-efficient network. While Bitcoin Ordinal NFT transactions use a colossal amount of energy, a single transaction on Solana uses less energy than a Google search.
How to Buy Solana NFTs
Buying, selling, and collecting NFTs on Solana is a breeze. The dApps and services on the network are designed with simplicity, meaning that even a complete blockchain novice can buy their first NFT without accidentally buying scam tokens or paying ridiculous gas fees.
To start collecting Solana NFTs, here’s what you’ll need to do:
- Download and create a Solana Wallet, like Phantom or Backpack.
- Fund your wallet with SOL, either by purchasing through the wallet itself, trading for SOL through a DeFi application, or withdrawing SOL from a crypto exchange.
- Head to one of Solana’s NFT marketplaces, like Tensor, Magic Eden, or Solanart.
- Choose a collection or NFT project that interests you and it to your cart. Complete the purchase like you would in any online checkout, and you can confirm the transaction in your wallet. On-chain smart contracts will complete the transfer automatically, exchanging your SOL for the selected NFT.
Top NFT Collections on Solana
At this stage, we’ve clarified that the Solana blockchain is an excellent platform for storing and collecting digital collectibles thanks to the network’s rapid speeds, low fees, and thriving NFT ecosystem. We’ve also covered how to get your collection started and how you can buy your own NFT through a Solana NFT marketplace.
That doesn’t help to answer the question most Solana newcomers are dying to know: Which Solana NFT should I buy?
To that end, we’ve compiled a brief list of some of the most iconic collections in the Solana NFT market.
1. Mad Lads
Founded by Armani Ferrante, Mad Lads is the de facto face of the Solana NFT ecosystem. Blending comic-style art and fashion from days gone by, the Mad Lads (and Lasses!) have become some of the most valuable NFTs in the Web3 world, flipping top ETH collections like Azuki and Yuga Labs’ Mutant Ape Yacht Club.
Part of what has made Mad Labs such a success is the generous airdrops that holders receive. Some Mad Lad holders have received upwards of $10,000 USD worth of popular cryptocurrencies, like Dymension (DYM), Pyth (PYTH), and Wormhole (W).
Beyond that, Mad Lads is also the official NFT collection of the BackPack wallet and crypto exchange.
2. Solana Monkey Business
Another central pillar of the Solana NFT ecosystem, Solana Monkey Business, is one of the network’s original collections and has since evolved into a fully decentralized organization called the MonkeDAO.
Being a member of the MonkeDAO means being a part of Solana’s history, but it provides numerous additional benefits. For example, the MonkeDAO hosts dozens of real-world events every year and is considered an excellent way to network with other Web3 enthusiasts and professionals.
Moreover, holders can join MonkeVentures, a venture capital firm that aims to democratize private investing and give DAO members exclusive access to seed round token sales.
3. Tensorians
As proven repeatedly, the crypto space loves pixellated art and decentralized communities. Tensorians are the official collection of Tensor, the network’s largest NFT marketplace by trading volume.
Holding and staking Tensorians give Tensor users a significant multiplier to their Tensor points accumulation. A way of measuring platform activity, Tensor points are directly correlated to the rewards users receive from the protocol, including airdrops of NFTs and $TNSR, the platform’s native token.
With the release of $TNSR, the Tensor NFT marketplace will make its entire code base open source and transfer ownership of the protocol to the Tensor Foundation.
4. Claynosaurz
Solana’s answer to Ethereum’s cute and cuddly Pudgy Penguins, Claynosaurz, is a collection of 10,000 claymation dinosaurs with an ambitious vision.
Aiming to bridge the gap between Web3 and the real world, Claynosaurz boasts an elite team of professionals with decades of experience. The Claynosaurz brand is booming, with physical plushies hitting shelves in the real world, mobile games hitting the app store, and a prehistoric metaverse being constructed behind the scenes.
5. BOOGLE
BOOGLEs are a bit like the Illuminati of Solana. A secretive, elite society of 1/1 art collectors, the BOOGLEs are a pixellized collection of shadowy figures haunting the Solana blockchain.
Being part of the BOOGLEs community means having access to some of the Solana NFT community’s brightest and most influential figures. BOOGLE owners also get access to all the best presale and private investment opportunities.
Most members are well-connected within and outside the crypto world, but entry to this exclusive group isn’t cheap. BOOGLE NFT sales are mostly made privately, with a ticket size that starts at around 2,500 SOL.
Pros and Cons of Solana NFTS
The world of Solana NFTs is exciting and captivating, but that doesn’t mean it doesn’t have its flaws. What are the pros and cons of Solana NFTs?
Pros
- Fast, Affordable Network – Trading NFTs on Solana is a dramatically smoother experience than on Ethereum, with significantly reduced transaction fees and faster confirmations.
- Expanding Userbase – The Solana network is growing staggeringly, boasting more daily active users than any other blockchain.
- Diverse Communities – From unique digital art to forward-thinking brands and inventive businesses, the Solana NFT ecosystem has something for everyone.
Cons
- Volatile Prices – NFT floor prices are known to be just as volatile as the cryptocurrencies they’re priced in, with asset values exploding and plummeting at unexpected times.
- High Frequency of Scams – Like everywhere in the crypto space, Solana NFTs have seen their fair share of scams. Hundreds of collections have been launched with lofty promises, only to be abandoned by founders who disappear with investor’s funds.
On the Flipside
- In a wildly competitive layer one market, Solana’s promise of fast transactions and low speeds is not unique. Dozens of rival networks, like Cardano and Avalanche, arguably have greater room for growth, considering the relative size of their smaller NFT ecosystems.
Why This Matters
Solana is one of the top networks in the crypto space. NFT technology and culture are important sectors of the Web3 world, and Solana’s influence and role in this field should not be ignored.
FAQs
Tensor and Magic Eden are the Solana network’s leading NFT marketplaces. Magic Eden is arguably the largest in recognition and market share, but Tensor has recently dominated NFT trading volumes on Solana.
Yes, Solana is widely used for its comprehensive NFT culture and impressive technology.
While Solana and Bitcoin Ordinals are attracting increasing attention, Ethereum remains the home of NFT culture and trading.
