In simple terms, an NFT (Non-Fungible Token) is a digital file that contains a one-of-a-kind code and is permanently recorded on a blockchain. Accordingly, an NFT cannot be altered, thus guaranteeing authenticity and provenance.
What is an NFT?
A blockchain is a decentralized, digital record that cannot be forged or counterfeited. Each time a transaction occurs, it is recorded on the blockchain ledger, and is transparent to the public.
No two NFTs are alike, thus providing exclusivity, scarcity, and value in the digital realm.
Why purchase an NFT?
When purchasing an NFT, the buyer is receiving a unique and secure digital asset, such as a piece of digital artwork, with a unique serial number, backed by the blockchain.
Just like buying other collectables – such as coins or baseball cards, you are purchasing a unique asset that may increase or decrease in value, and may be sold or traded.
How do I purchase an NFT?
- Create a Digital Wallet.
- Add Cryptocurrency to your Digital Wallet (in this case, Solana’s SOL or Ethereum ETH)
- Click to buy the NFT.
What is a Digital Wallet?
A Digital Wallet is a secure place to store cryptocurrency and NFTs.
How do I create a Digital Wallet?
If you are new to NFTs, we suggest using the Phantom Digital Wallet (although almost any Digital Wallet compatible with Solana will work).
Go to website and follow the instructions to add Phantom as an extension to your browser.
Be sure to save your wallet address, secret recovery code, and password in a safe place because there is no centralized authority to perform a password reset for you.
Your wallet is only identified by its address, not by your email or phone number, so don’t forget your address, especially if your computer or device is lost or crashes.
What is Solana?
Solana works on a Proof-of-Stake consensus mechanism. It is widely accepted that Proof-of-Stake consensus mechanisms exert much less energy than Proof-of-Work (i.e., Ethereum).
Further, Solana provides a faster experience than other blockchain protocols, and thus, boasts a broad base of users and developers.
How do I add SOL Cryptocurrency to my Digital Wallet?
To exchange owned cryptocurrency
You may incur a small transaction fee for the conversion.
To Purchase SOL with a Credit Card
Yes, you can easily purchase SOL directly with a credit card.
- After you’ve installed the Phantom extension in your web browser, click on the Phantom icon to open your Phantom wallet.
- You can then click on the [Deposit] button to add Solana (abbreviated SOL) to your wallet.
- There are several options, but for amounts under $350, we recommend clicking on [Buy with MoonPay] and following the instructions.
How do I claim my purchased NFT?
After you have paid for an NFT in SOL, you will need to click on the Claim Purchase button in order to transfer your newly purchased NFT to your wallet.
If you still see the Buy now button after a successful purchase, simply refresh the page to reveal the Claim Purchase button.
How can I see my NFTs?
Open your Phantom wallet and click on the ⊞ icon to view your artwork.
How can I gift an NFT to someone else?
One can send their NFT to another, so long as the recipient has a wallet connected to the Solana network. (Be sure to request the recipient’s Solana address (public key).)
NFTs make a great gift; ask the recipient to create their wallet and then send the NFT as a surprise.
How can I resell my NFTs?
Once you have purchased an NFT, you can offer it for resale on any NFT platform connected to Solana, such as SolanArt, by connecting your wallet there.
Note that different platforms may take a percentage of the resale, in addition to the smart contract royalty.
What is a smart contract royalty?
NFTs are designed with a small resale price or transaction fee if you resell them.
You can always send an NFT as a gift without incurring any fee, but if you resell the NFT to a third party on the blockchain, there will be a 10% transaction fee.
What wallets do you support?
We recommend the Phantom wallet.
Do you support Coinbase?
Coinbase is a crypto exchange.
If you build a Solana wallet, you can instantly transfer SOL from your Coinbase account to your wallet to make the NFT purchase.
How do I purchase my NFT with a Credit Card?
While NFTs are purchased with Solana, you can buy the cryptocurrency using a credit card.
The easiest way is via MoonPay with a Phantom wallet.
You can also use a credit or debit card on an exchange such as FTX.us or Coinbase to purchase SOL and transfer SOL from that account to your Phantom wallet.
However, due to government regulations, you may have to submit identity verification documents to the exchange and wait up to 7 days for your SOL to appear in your account.
What internet browser can I use?
We recommend the Phantom wallet, supported by Chrome, Firefox, Brave, and Edge on Mac and Windows PCs. Safari is not currently supported.
At this time, you cannot purchase an NFT directly on a mobile device.
How do I purchase an NFT on mobile?
At this time, you cannot purchase an NFT directly on a mobile device. Please use a Mac or Windows PC running the Brave, Chrome, Firefox, or Edge browser.
How much does an NFT cost?
The SOL ↔ USD exchange rate naturally fluctuates, so 1 SOL may cost slightly more or less depending on when you purchase it.
How long does an NFT take to deliver?
Once you purchase an NFT, it will appear in your wallet in a matter of seconds to a few minutes, depending on the number of concurrent transactions on the Solana blockchain.
If you are adding SOL to your wallet, it may take 20–60 minutes for the SOL to show up in your Phantom wallet if you are using MoonPay, and up to 7 days for your SOL to become available to transfer to your Phantom wallet if you purchase on a cryptocurrency exchange such as Coinbase.
Why is an NFT collectible?
NFT’s are permanently and immutably recorded on the blockchain, thus proving ownership and provenance.
Need more help? please visit our NFT website.