What You Need to Know About Solana’s NFT Marketplace SolSea

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Solana’s NFT marketplace SolSea overrides OpenSea for cheaper minting and purchases

Thanks to Solana addressing common Web3 challenges—like eliminating congestion issues, thus gas fees, entirely—Solana’s NFT marketplace SolSea becomes all the more appealing.

But how can we benefit from using Solsea the most? And what else makes this marketplace unique?

Here are reasons why SolSea may be ideal for you—for happier minting, buying, selling and trading of NFTs!

WHAT IS AN NFT MARKETPLACE?

First and foremost, it’s essential to understand the need for secondary NFT marketplaces. Similarly to art exhibitions in the physical world, NFT marketplaces work as galleries in the digital sphere. 

Each marketplace is a safe space for crypto collectors and sellers to auction and buy NFTs through cryptocurrencies. The main benefits include creators making money from their digital work directly and collectors owning rare pieces of content only they possess.

The NFTs published on such marketplaces have a variety of use cases at contrasting prices. Whether you are into real estate, music, digital art, or owning something from your favorite icon, you can find different assets and use cases in these digital art galleries.

SOLSEA VS. OPENSEA

While OpenSea is the most widely used secondary marketplace for NFTs around the globe, SolSea has its advantages.

SolSea charges a 2% fee after each successful purchase. OpenSea takes a 2.5% profit once an NFT sells on top of payments during the minting process. Thus, Solana’s marketplace is the cheaper option.

Unlike OpenSea—which allows Ethereum (ETH), Klatyn (KLAY), Solana (SOL) and Polygon (MATIC)—SolSea solely accepts SOL and few FIAT currencies (USDT and USDC) for transactions. Reasons being, to assist towards rolling out 20,000 transactions per second (TPS) and wipe out unwanted gas fees.

Note: Gas fees vary in price on OpenSea due to accepting many currencies. Minting and purchasing NFTs can become very expensive on the secondary marketplace.

OTHER SOLSEA PERKS

Not only does SolSea override OpenSea in terms of cheaper minting and purchases, but it comes with tons of other benefits, such as:

  • NFT airdrops
  • Functionalities to schedule NFT drops ahead of time
  • The ability to incorporate licenses during the NFT minting process
  • Copy-right claims embedded into the NFTs
  • Straightforward interfaces when uploading NFT drops
  • Exclusive purchases due to curators having the ability to list their NFTs for sale privately
  • Each SolSea is verified that highlights rarity ranks and trait statistics

On the plus side, SolSea also handles the royalties of creators—a big industry concern regarding third parties taking a large chunk of proceeds. Curators can set the percentage of royalties they want to receive on SolSea.

BECOME A SOLSEA MEMBER

If Solana’s marketplace sounds like your cup of tea, it’s time to become a member.

To do so, you will need to create a wallet on Phantom. You will not be able to buy, store or trade NFTs on the marketplace without one.

Once having a Phantom wallet, you can deposit your SOL tokens into it. You will need 0.2 worth of SOL in your account for it to be valid.

Now it’s time to create your account using a valid email address and private password. Write down your login information and hide it in a safe space, out of reach of hackers.

SolSea can be a little challenging for crypto novices and those using it for the first time. However, you can easily find trending collections showcased on the home page:

If interested in buying an NFT, click “Buy NFT” shown on the website before confirming the transaction using your Phantom wallet.

You can scope the history of the digital assets, alongside its price before deciding whether or not it’s a good investment.

once finding an NFT you desire, you can check out the history of the digital assets, including its sales history and price, before deciding whether or not it is a good investment or a reasonable sale.

To mint your very own collection, click on the “Create” tab and go to “Collection”. You can then write the name of your collection and a personalized description before uploading your content.

You can link your website and social media pages to further engage with audiences.

Now you have the know-how, you can use SolSea however you wish.

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