NFT Tools On Solana | Every Trader Must Have

With its many advantages over Ethereum, the Solana network has come up as a leading Ethereum competitor. And with it, Solana NFT collections are also becoming increasingly popular. Indeed, Solana’s lower gas fees, energy efficiency, and faster transactions are attracting many collectors.

Highlights of Solana

While the majority of the NFT projects are hosted on the Ethereum blockchain, it has several drawbacks. This includes slow transaction speeds, low scalability, and of course, the major issue nagging collectors and creators alike: the high gas fees. As a result, users are moving to other blockchains such as Solana, which has emerged as a leading competitor to Ethereum. There are a couple of reasons for this.

First, Solana can perform more transactions per unit of time than Ethereum. While Solana performs 65,000 TPS (transactions per second), for Ethereum, it’s just 13 TPS. Furthermore, the former has significantly lower gas fees—the average cost per transaction is just $0.00025. 

Solana NFT Marketplaces

MagicEden

Magic Eden is a new NFT platform made for the Solana Network that facilitates the buying, selling, and minting of NFTs. 

As a solution, Magic Eden has dealt with these limitations by simplifying the minting process and bringing down the cost of transaction fees, making non-fungible token (NFT) ventures affordable and simple for everyone. Since Magic Eden runs on the Solana blockchain, all fees involved are basically negligible thanks to the network’s high throughput.

Magic Eden offers its users a wide range of features, such as:

• Upcoming Launches
• Popular Collections
• Launchpad
• Attributes Filter
• Stats
• Auction
• Community

SolSea

SolSea is another NFT marketplace, with much less volume as compared to MagicEden. And deservedly so, I feel that SolSea is a poor marketplace choice to do NFT trading on, because of their “listing fee” which never gets refunded. (unlike ME)

The only reason for recommending SolSea in this piece is their art presence in the Solana ecosystem. Despite being a poor Solana NFT tool for trading, SolSea is still my go-to for finding awesome blockchain art to buy for art patronage.

Finding great art, the truly well-drawn 1/1’s, is pretty difficult on MagicEden and other platforms. But SolSea helps you find them through their filter feature (filter by art/PFP), and gives you an acceptable range of great art to discover.

But as far as NFT trading goes, stick with MagicEden as your Solana NFT tool of choice.

Solana NFT Blockchain Explorers

Solscan

Solscan is a blockchain analysis tool that allows users to track and visualize the activity of addresses on the Solana network. In addition to providing analytical data, Solscan also aims to help users understand the basics of how the Solana network works. The platform offers educational resources such as tutorials and guides.

• Solscan has its own RPC with all of the historical ledger data, and it helps users by giving them rapid access to the transaction they just completed.
• Making transactions is made simple If you have Solana Token ( SOL ) in your wallet that mint any Address in SOL wallet to do a transaction.
• your token information will be automatically updated on Solscan.io: so it’s easy to access. 
• It supports making more wallets under your radar by adding accounts to your Watchlist.
• Adding a feature that can be used to revoke an address function is a possibility that is being considered soon.

SolanaFloor

SolanaFloor is an NFT data analytics platform on Solana. SolanaFloor displays statistics about various NFT projects, including listing prices, current owners, rarities, ranking and the price distribution, all important data that NFT enthusiasts want to know.

With the analytics dashboard launched by SolanaFloor, users now have more visibility over the statistics of the Solana Name Service. On the dashboard of the Solana Name Service, users can read transactions and volume in the past 1h and 24h, total domains registered and total volume, as well as current bids. Additionally, price range and transaction distribution are visually represented by charts on the dashboard.

Solana NFT Rarity Checker

MoonRank & HowRare.is

MoonRank and HowRare.is are two different ranking systems, but I’ve grouped them together because you should use them hand-in-hand. You know, one to cross-check with the other, in case there are some technical errors on either side.

Both MoonRank and HowRare.is are able to determine your NFT’s rarity ranking. Simply navigate to their website, choose your collection, and input your NFT id in the search bar.

For more established NFT collections, MagicEden would already have integrated both rarity rankings of MoonRank and HowRare.is, saving you the hassle of checking it on their sites.

SolRarity

SolRarity is another Solana NFT tool for rarity checking, but this one is a little different. While they have a website, SolRarity has its rarity checking services done on a Discord server.

To check your NFT rarity ranking on SolRarity, head to their Discord server, and find the appropriate channels titled “Rarity-checker”. The next steps would be finding your collection’s tag, and inputting your NFT id beside it before hitting “send”.

Eh, you’ll get it when you enter the Discord! I find it incredibly useful since I’m on Discord most of the time, and it eliminates the confusion between MoonRank and HowRare.is having different

Verdict

So that’s all the Solana NFT tools we have for today! As a beginner in the Solana NFT trading space, having access to these tools will be helpful; in more ways than you can imagine.

Of course, these tools all have their limitations. For example, Solscan may just stop functioning properly at times, and MagicEden has had its fair share of site crashes and bugs.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures