- The most popular Solana marketplace is Magic Eden
- Selling an NFT on Solana has very little fees
- Selling an NFT on Solana is quick and easy
How to sell NFT on Solana
Selling an NFT on Solana is super easy and has very low fees thanks to Solanas proof of stake consensus mechanism. To sell an NFT on Solana you only need three things:
- An NFT to sell
- A Solana wallet such as Phantom that holds your NFT
- Access to a Solana NFT marketplace such as Magic Eden
If you are venturing into Solana from the Ethereum ecosystem then selling an NFT on Magic Eden is more or less the same as selling on Open Sea.
To sell your Solana NFT on Magic Eden:
1. Connect your chosen wallet to Magic Eden using the “Connect Wallet” button at the top right of the Magic Eden site.
Connect Wallet to Magic Eden
2. You will be prompted to connect in your chosen wallet, in this case I am using Phantom. Accept this.
Phantom Wallet connected to Magic Eden
3. Once connected you can click your wallet address at the top right of the Magic Eden screen to see this drop down. From this drop down click “Sell”.
How to sell NFT on Solana Magic Eden
4. From this screen you will see a list of all the Solana NFTs you hold in the connected wallet.
5. Select the NFT you would like to sell and once on the NFTs page enter the price you would like to list it at and click “list”
6. You will be prompted to accept a transaction in your wallet.
7. Congratulations, you have listed your Solana NFT.
Over the past year Solana has had a handful of marketplaces launched, some more innovative than others and some even being built by NFT projects. We’ve seen Solanart, Alpha art, Digital eyes and more come and go. While some have stuck around and still get a little bit of volume there is a clear king when it comes to Solana NFT marketplaces and that is Magic Eden.
Magic Eden is one of the older marketplaces that weathered the test of time and has become the number 1 Solana NFT marketplace, there is even rumor they are going to start accepting Ethereum NFTs soon.
Lucky for us, Magic Eden is super easy to use with a clean user interface and a lot of handy features that make it easier and quicker for us to trade NFTs. Magic Eden recently incorporated a quick buy and multi buy which allows you to bundle multiple NFTs together to purchase at once, this makes it a lot easier to sweep the floor of your favorite Solana NFT collection.
Selling NFTs on Solana has two fees you must pay, the first being the transaction fee to list your NFT and the second is the marketplace fee.
The transaction fees on Solana are very cheap due to them running a proof of stake consensus mechanism unlike Ethereum which runs proof of work causing Ethereum fees to be much higher. On average a transaction on Solana costs just $0.00025 so that is the first fee you must pay.
The second fee you must pay to sell your Solana NFT is the marketplace fee. This is the fee that marketplaces charge to let you use their platform, these fees are how the marketplace makes an income. For this article we will be using Magic Eden due to it being the number one Solana NFT marketplace.
Magic Eden does not charge a listing fee however they do take 2% on all transactions. So if you are selling an NFT for $100 they will take a fee of $2.
Majority of Solana NFT collections also charge royalties which is a fixed percent that goes to the project creators to help fund the project and keep it running. As a seller you will invoke this fee however as a buyer you will not. The average royalties in Solana seems to be around 8% which is on the higher end compared to Ethereum where the average royalties sit around 4%.
Solana has really come into the limelight over the past year as the NFT ecosystem has been flourishing and booming. Some call Solana an Ethereum killer and tout it as the blockchain that will take Ethereums spot next to Bitcoin as the second largest Cryptocurrency by market cap.
While this can be a very controversial take, Solana does have some data to back this potential claim up such as its active wallet address growth. In June of 2022 Solana had 965,000 active wallet addresses compared to its competitor Ethereum which boasts 440,000 active wallet addresses, impressive really.
Solana Vs Ethereum Active Addresses
So with over twice the amount of wallet addresses as Ethereum can we say that Solana is an Ethereum killer? Not quite yet. Ethereum and Solana both have their pros and cons and both have their places in the ecosystem.
What is an NFT?
NFT stands for non-fungible token and lives forever on the blockchain, in this case the Solana blockchain. NFTs are used to utilize real world commodities such as art, music and more. Each and every NFT is unique so cannot be sold or swapped like a cryptocurrency can be, NFTs must be sold person to person.
NFTs more often than not are sold as a piece of artwork that buyers can collect. Quite often in the Solana NFT ecosystem holders of NFTs will also receive benefits such as a share of the royalties or access to a suite of products. There are countless utilities in the Solana space to keep you busy in the research.
One of the most common utilities Solana NFTs have been offering over the past 6 months is the ability to stake your NFT similar to how you would stake your cryptocurrencies. By staking your NFT you will in return earn the NFT project’s native currency which can either be sold for stable coins or in some cases spent on more utility from the project.
Take the popular Solana NFT collection DeGods as an example. They have created their own cryptocurrency DUST which can be earned by staking your DeGod NFT. You can use DUST to upgrade your DeGod art, buy merch, buy white list spots to their next mint and more. This is a perfect example of a Solana NFT having utility and also a native cryptocurrency.