You’ve probably heard of NFTs, and seen people make tens of thousands selling them. It can be difficult for many people to grasp the NFT hype and put together everything necessary to buy one. It’s unlikely that the average user will go through all this effort to find NFTs they love and then spend hundreds of dollars to purchase them.
This is a step by step guide to buying your first NFT in the Solana ecosystem.
You Will Need These Things:
- A bank account, a debit card or a PayPal address (FTX)
- Chrome, Brave Firefox, Firefox, Edge, or Chrome browser on a computer
This guide will use FTX and Phantom wallets. I find these to be the most intuitive. You can also use other wallets such as Sollet, Coinbase and Kraken. FTX, however, is more accessible to anyone who isn’t familiar with buying and selling crypto.
Step 1: Create a Free FTX Account
1. Go to your app store and download the official FTX app
2. Follow the prompts to create an account
3. After you have created your account, click on the DEPOSIT FUNDS button at the top of the page.
4. Deposit funds using your preferred method and wait for it to confirm
5. After depositing funds, search for Solana using the search bar and tap the icon
6. Tap BUY, input your desired amount and follow the prompts until you reach the confirmation screen
You can buy any amount that you feel comfortable with. It all depends on your budget. The best thing about NFTs on Solana? They have very low fees (pennies per dollar). And, because the NFT projects on Solana are still in their infancy, more are being launched every day. It’s worth starting with a few SOL, but that is entirely up to you!
Step 2: Create a Solana wallet
There are many Solana wallets out there, if you want to read more about this checkout Best NFT Solana Wallets 2021. Today I will be using the Phantom wallet as it’s very user-friendly and give you the option to view your NFTs right in your wallet! Here’s how we’ll be setting one up.
- 1. Go to https://phantom.app/
- 2. Find the Add to <Browser> button in the middle and in the top right corner of the page and click it!
3. Once you’re prompted with the following screen, click Create New Wallet
4. You’ll see a series of random words on the Secret Recover Phrase screen. This is very important! Write it down on physical paper and keep it safe. Treat it as a personal document that you would keep in safe deposit boxes and always remember where it is. If you ever uninstall the Phantom plugin or try to set up on a different computer, this Secret Recovery Phrase will be the only way to gain access to your wallet.
5. On the next screen you will create a password and continue through the prompts.
Now should see the Phantom icon in your browser’s menu bar
Clicking this icon will open the wallet. When prompted, enter your password to see your wallet balance. We haven’t yet transferred any funds so the wallet balance will remain empty.
Step 3: Transfer $SOL to your Phantom wallet
Your wallet has an unique address (not to be confused with your Secret Recovery Phrase, which should never be shared). This address is public and there is no security concern in sharing this address with others. Part of your address will be shown at the top of the menu. as seen below where it says Wallet 1 (5YKL…Ce8L). Clicking on this will copy your wallet’s address to your clipboard. You can also click the Receive button to select the asset that you wish to deposit and then copy the wallet address from the screen.
It’s time to send your $SOL from FTX to your Phantom wallet.
- In FTX app, click on Solana ➜ Solana Wallet ➜ Withdraw
- Click the Phantom wallet icon in the menu bar of your browser and copy your wallet address as explained above.
- In FTX, select the exact amount of SOL you’d like to send to your Phantom
- Enter your Phantom wallet address and follow through with the prompts
Wait a minute or two and open up your Phantom wallet again. You should at this point see the $SOL we’ve sent from Coinbase.
Step 4: Buy your First NFT!
We’re finally at the exciting part! As of right now there are more and more NFTs being minted on Solana. New projects are popping up daily with different types of art and utility. Check out our Upcoming NFT calendar to see them all!
Alternatively you can buy your NFTs on secondary markets like Solanart and DigitalEyes. Have a browse through and see what catches your eye.
DigitalEyes is the newest secondary marketplace for all Solana NFTs. Be sure to look out for the “Verifeyed” tag to make sure you don’t buy a fake NFT. Never trust, always verify!
Solanart strives to be the number 1 marketplace with a slick, easy to use interface and selective listings.