In 2021, non-fungible tokens (NFTs), became very popular. The trend will continue, though it is a little slower in 2022. For many reasons, users flock to collect, create, and sell various NFTs. Some people like the art. Others are trying to figure out their value. Third are used in a blockchain-based gaming system.
Whatever the reason might be – it appears that NFTs are here to stay. The dominant network for creating NFTs was Ethereum, with the ERC-721 token-standard continuing to be the market leader. But this led to network congestion, high fees, slow transaction processing times and slow transaction processing. As users look for quicker and cheaper solutions, other blockchains became an option.
Solana is one of them. Solana is actually thriving in the nonfungible token space, as more creators look for Ethereum alternatives to launch NFT projects. In this guide, we’ll explain step by step how to mint NFTs on Solana — specifically on Solsea, the network’s biggest NFT marketplace.
What is minting?
Tokenization is the process by which an asset is transformed into a digital token that can move, store, and be recorded on the blockchain. Minting involves tokenizing a digital data file using cryptography. You can pretty much turn any digital file into a token — mp3, mp4, jpeg, WAV, PNG, GIF, etc.
Don’t worry about the technical process now — you’ll get a grasp of it as we go through this guide.
How to Mint NFTs on Solana’s Solsea Marketplace
There are several NFT marketplaces on Solana, like Solanart, Magic Eden, or Solport, but for now, we’ll be minting on Solsea — the first and most popular NFT marketplace on Solana. We’re also going to use Phantom, a non-custodial cryptocurrency wallet and browser extension commonly referred to as the MetaMask of Solana.
Let’s go step by step. Set up your wallet first.
1 – Installing Phantom
If you don’t already have Phantom installed, go to Phantom.app and download it as an extension to your browser. In this case, we’re using Brave.
Once added to your browser, you’ll see the Phantom icon on the Extension button at the top right. To install the Phantom icon, click the icon.
You’ll be redirected to a new page. Click on Create New Wallet.
You’ll receive a secret recovery phrase, which you’ll use to recover your account in case you need to reinstall it on another device later on. This is the most important step in creating your wallet – if you lose this phrase or you write it down incorrectly – you won’t be able to restore your wallet, and you might lose your funds. It is important to make sure it is written and saved in a safe place.
Keep your private key safe on your computer. Do not share your key phrase to anyone. They will have full control over the funds.
Also, Phantom currently doesn’t have an Android version, so be aware of phishing and fake apps.
Once you have done that, Phantom will be added in your browser. Click on the Phantom icon from the menu bar to open it.
2 – Funding Your Wallet
To start minting, we’re going to need SOL, Solana’s native cryptocurrency. If you have SOL on a crypto exchange like Coinbase, you’ll have to send the funds to your Phantom wallet. Click on the $ icon to do this.
Select SOL, then click on Deposit
Either scan the QR code to fund your wallet or copy-paste it below.
After your wallet is funded, you’re ready to start minting NFTs on Solana.
Create a new Solsea account
Next, create an account at Solsea. Connect your wallet to Solsea to do this. Just click the Connect Wallet button at the top right, and then choose Phantom.
Phantom will ask for permission to link the wallet. Solsea can view your funds, the activity on your wallet, and approve transactions.
After you connect it, you’ll be redirected to Solsea’s sign-in page. Enter your email account, and choose a password.
Click on Register to accept the terms and conditions. Solsea will email you to confirm your Solsea Account. Your wallet will automatically be connected to the Solsea platform once you have done this.
Now you’re good to go! These next steps will take you through the actual minting process.
Design an NFT Collection
- First, create a NFT collection to store your NFTs. Head over to the “Create” tab and click on Collection.
2. Select a title for your collection and then add a description.
3. Upload the header as well as the icon image.
4. If you wish to attract more people to your future work, you can include your social media accounts as well as your website.
5. When ready, click on “Create Collection” and sign the transactions to mint the collection. Notice that you might see a pop-up message saying that a mint transaction has failed – this is probably a bug on Solsea’s end, and you might have to wait a little for the transaction to complete.
If you’re unsure if the transaction was approved or not, go to your wallet and choose SOL and review the transaction history or use any Solana block explorer.
Once the transaction has been confirmed, go to Wallet and click My Collection. This should look like this:
Solsea: Minting Your First NFT
- Now that we have our NFT collection set let’s add some NFTs to it. Go back to the Create tab and, this time, choose “NFT.”
2. Upload the file. Upload the file. You should first review the supported file types. For the sake of this guide, we’ll upload an image of our awesome laser-eye potato.
3. Next, pick a title and write a description of your NFT.
4. We now have the option of setting royalty payments. This is the percentage of your NFT that you, as creator, earn for every resale on the secondary marketplace.
This percentage can be set based on the business model of your company and ranges between 0% to 50%.
The next fields are not mandatory but highly recommended to fill, like the external link to your artwork page – if you have one – so people get to see more of your work.
When it comes to tags – in our case, a plain image – so choose the right tag for your type of file (if it’s mp4, then choose video.) Your NFT can be searched based on the tag it contains once it is listed and minted.
Solsea also embeds licenses onto NFTs. These licenses will allow you to specify what you’re selling, and buyers know exactly what they’re buying. If you’re still unsure, read here.
You can add your NFT collection to an existing NFT collection by selecting it in the Collection drop-down menu.
Finally, you have to add the traits but be careful because you can’t change them once minted.
- Click Mint NFT. Again, you’ll have to sign the transactions in order to mint your NFT.
6. You got it! You are now ready to see your NFT.
Your NFT will automatically be added to your Phantom wallet, unlike MetaMask. Take a look at the NFT icon next to the $ icon. Remember that your NFT will be lost from your wallet after you list it on Solsea.
This brings us to the next step: listing your NFT.
Simply go to Wallet, and on the drop-down bar, click on “NFTs In My Wallet.”
Click on “List NFT” and choose the price.
Once you are done, go to My Wallet again and check your NFT.
That’s pretty much it! Remember, you’ll receive a percentage revenue each time that your NFT is sold on the secondary market (which will go directly to your wallet.)
It is easy to mine NFTs on Solana. This is very similar to OpenSea’s process for minting NFTs.
Overall, Solana is a leading blockchain when it comes to NFTs. Anyone who wants to be successful in digital art must be able to use this. However, it’s not without its issues. The network has been experiencing multiple outages and it also slows down tremendously during times of excessive load – much like Ethereum.