Example of Purchasing Solana NFTs on Magic Eden Marketplace
Solana continues to grow in popularity among crypto OGs and newbies alike. It’s no surprise as transacting on Solana is pure joy when compared to other Layer 1 blockchains like Ethereum and Bitcoin. Fees on Solana are almost zero and transactions are lightning fast. Solana’s NFT ecosystem continues to gain steam and so does the daily sales volume. It’s becoming more of the norm to see $SOL NFT sales surpass Ethereum. Individual Solana projects like Mad Lads are also becoming main stays at the top of the charts on Crypto Slam. It’s clear that Solana NFTs are here to stay and in this tutorial, we’ll walk you through the process of purchasing a BoDoggos SOL NFT on the Magic Eden marketplace. Make sure to scroll to the bottom to see a video example of our BoDoggo buy.
Steps to Buying Solana NFTs on Magic Eden
The top marketplace to trade Solana NFTs is Magic Eden and here are the steps you’ll take to make a purchase. First, connect your Phantom wallet to to Magic Eden and click on the Solana logo. Find the collection you’d like to own a piece of, in this case, we’re going to select the BoDoggos project because we believe in the team. Please do your research carefully and make sure you’re buying into a verified project with the pink checkmark.
Take your time and find the Solana NFT that fits your style. Buying one off the floor is the safest bet but rare tokens typically offer bigger upside if the project rises in value over time. The “Traits Filter” is a great tool for finding the exact SOL NFT that fits your profile. Magic Eden does a good job of showing the exact floor price for specific NFT traits.
In this example, I’m looking for a BoDoggo with the Superman outfit. Therefore, I filter by “Outfit” and select the “Super Doggo” trait so I can see all available for purchase. I notice there are just a couple listed slightly above the current floor price and that the spread goes much higher. That’s a good sign because it indicates the trait is desirable and if the project floor rises, the Super Doggos should trade at a premium.
Once you’ve identified the Solana NFT you’re going to purchase, click on it to see the details. Take a quick look at the “Price History” to see how or if it’s been traded in the past. Also, analyze the Attributes of the NFT closely and make sure you like what you see. In addition to the “List Price”, you’ll need to factor in the “Taker Fee” as well as the “Royalty” which goes back to the founding team.
After doing thorough research, click the “Buy Now” button and your Phantom wallet will pop open. Review the transaction in your wallet (notice how low the Solana Network fees are) and click Confirm.
Magic Eden will display a message at the bottom of the screen that says, “Congrats! Your purchase is fulfilled”. Refresh the screen and the NFT will show as not listed. Click on your profile and go to “My Items” where you’ll see the BoDoggo (or whatever SOL NFT you bought) displayed. Also, open your Phantom wallet, click on the gem icon and you’ll see your newly acquired Solana NFT in there as well.
Watch our video below to see an actual example of buying a Solana NFT (BoDoggos) on the Magic Eden Marketplace:
If you found this tutorial helpful, make sure to check out some of our other tutorials such as “Getting Started in Crypto” and “Guide to Buying Bitcoin Ordinals” Thanks for taking time to read this tutorial on buying Solana NFTs on Magic Eden. Please use the comments section below if you have any questions and we’ll see you on the next tutorial.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
