Non-fungible tokens (NFTs) made headlines throughout 2021 with projects such as CryptoPunks and Bored Ape Yacht Club (BAYC) selling for over 100k per NFT. These headlines resulted in a boom throughout the NFT community, with hundreds of projects looking to capitalize on the hype.
Most NFT projects are created on the Ethereum network as ERC-721 tokens; Ethereum historically has a monopoly on the NFT market. However, NFT enthusiasts quickly noticed several problems resonating from a lack of efficiency in transactions. Not only were transaction fees extremely high, but they also took a long time to process due to network congestion.
The Solsea explore page
As a result, alternative Layer-1s like Solana were created with the purpose of developing cheaper, faster solutionsSolana provides users with the chance to create NFTs that are both easier and cheaper to transfer. In this guide, we’ll break down how you can mint NFTs on Solana’s Solsea, the network’s largest NFT marketplace.
How to Mint Your Own NFTs on Solsea
Solsea is the most popular NFT marketplace on Solana. It’s compatible with several cryptocurrency wallets, however, for the purpose of this guide we’ll be using a Phantom wallet (don’t worry, we’ll walk you through how to install it.)
Here’s a step-by-step guide on how you can mint your own NFT on Solsea.
Create And Fund A Phantom Wallet
To mint an NFT on Solsea, you’ll need your own wallet. You can install wallets from your browser, with the most popular crypto browser being Brave. In the future, it’s expected that most wallets will be compatible with non-crypto browsers such as Chrome and Firefox.
Start by going to Phantom.app and downloading the browser extension. Once the download is complete, the Phantom icon will appear in your Extension Button. Click the icon and the installation will begin.
Create Your Wallet
When finished, a new page will open. Use this page to create a “New Wallet.” Upon creation, you’ll receive a recovery phrase. This can be used to recover your account. Make sure to write it down in several places and keep them safe. If you lose this phrase, you could lose access to your account!
Once your wallet has been created Phantom will automatically be added to your Browser.
Add Funds To Your Wallet
To mint an NFT on Solsea you’ll need Solana’s native cryptocurrency, SOL. Head over to a crypto exchange (Coinbase Pro is the most popular) and buy SOL. Transfer your SOL to your Phantom Wallet by scanning the QR code or by copying and pasting the wallet address. This transaction may take a few minutes. Once complete you can start minting on Solsea.
Create A Solsea Account
Connect Your Wallet
Your next step to mint an NFT on Solasea is to create an account. To begin, head over to Solsea and connect your wallet using the “Connect Wallet Option.” Your Phantom extension will pop up on your screen asking for permission to connect.
Create Your Account Details
After connecting your account, a Solsea sign-in page will pop up. Enter your primary email and a password of your choice. You’ll need to agree to the terms and conditions to register. Once registered, Solasea will send you an email and your wallet will automatically connect to Solsea.
After this stage, you’re ready to mint your collection!
Mint Your Collection
Step 1: Fill Out Your Collection Details
Go to the “Create” tab and click on “Collection.” Here you can choose the name of your collection and a personalized description.
After choosing a name, upload an icon image and a header. You can also link your website and social media pages to help engage with your audience.
Step 2: Create Your Collection
Once you’re happy with the details, click “Create Collection.” You’ll need to sign the transactions to mint the collection. Wait for the collection to complete. If you’re unsure whether or not it was successful, you can check your wallet to review your transaction history.
Step 3: Mint Your First NFT
When the transaction is finished, head to your Wallet and click “My Collection” to confirm your details are correct.
Head over to the “Create” tab and choose “NFT.” Here you can upload your NFT file. Solsea currently accepts the following formats: JPEG, GIF, PNG, MOV, and MP4. Make sure your file format is supported.
Once uploaded, choose a title for your NFT and complete a small description.
How to Set Royalty Payments on Solsea
As an NFT creator, you want to be able to make a profit from your collection. This is where royalty payments come into play. Royalty payments determine how much you’ll earn from an NFT each time it’s resold.
The % to choose from ranges from 0% to 50% and can be based on your collection plans.
Step 5: Set Additional Details
After royalty payments, you’ll see several additional fields such as an external link to your artwork page. Complete these details and choose the right tag for your file type. This tag will determine where your collection shows up on searches.
Licenses:Solsea allows creators to embed licenses on NFTs. These licenses are a great way to specify what comes with your NFT. For example, access to a community, weekly reports or NFT mutations down the line. Add them to build trust amongst your buyers by letting them know exactly what they’re buying.
Step 6: Add Traits
You’re almost there now! All you need to do is add your traits to your collection. These can be anything from colors and facial expressions to poses and unique accessories. Make sure you get them right, as you can’t change them once they’re minted.
After adding your traits click on “Mint NFT”. You’ll need to sign all transactions to complete this process.
Once signed, you’re ready to go! Click “See Your Mint” to take a look at your first NFT!
Step 7: Add Your NFT To Your Wallet
Your NFT will automatically be added to your Phantom Wallet. You can keep it there for personal use or you can list it. Once listed, your NFT will be removed from your wallet.
Step 8: List Your NFT
Head over to your Wallet and click on “NFTs in My Wallet.” From here click “List NFT” and choose the price you want to list it for. Complete the listing and your NFT will now show in the “My Wallet” tab.
And just like that, you’ll have created and listed your first ever NFT! Based on the royalty rate you set, you’ll receive additional funding once an NFT is sold from one holder to another.
Use Solsea To List As Many Collections As You Want
Creating and selling NFTs on Solana is relatively easy compared to many alternative marketplaces. It requires no special coding knowledge and is, therefore, a great place to get started for new NFT creators.
Once you get used to the platform you can use it to list as many collections as you want, creating and selling a range of NFT collections for people to enjoy.
Today, Tulip Protocol made the announcement that they have integrated Chainlink Price Feeds in order to better secure their yield aggregating platform that is running on the Solana mainnet. The team had previously stated their intention to integrate Chainlink Price Feeds, and at this point, the connection has been completely put into action. Chainlink is the premier decentralized oracle network in the world, safeguarding tens of billions of dollars in smart contracts. It has diversified its offerings across other blockchains, notably Solana, Fantom, Polygon, BNB Chain, and others.
In a recent blog post, the team behind the Tulip Protocol explained that they had integrated Chainlink to provide users with more confidence that leveraged positions will be liquidated equitably using extremely accurate price data and that the protocol will continue to be completely collateralized at all times.
According to Tomasz Wojewoda, Head of Global Sales at Chainlink Labs:
“We’re pleased that Tulip Protocol has integrated Chainlink Price Feeds on Solana, helping secure its yield aggregation protocol with highly robust, decentralized market data. With the high-throughput performance of Solana and the strong security guarantees of the Chainlink Network, Tulip Protocol is able to empower users with a performant and secure platform.”
Tulip Protocol Seeks To Take Advantage Of Solana
Tulip Protocol brings together lenders who receive a return on their deposits and borrowers who are interested in gaining access to leverage. Users who initiate leverage positions are responsible for maintaining a loan-to-value (LTV) ratio that has been previously established. The Tulip Protocol then uses the asset price data that is provided by Chainlink Price Feeds to verify that this ratio is accurate. If the value of the collateral falls below the threshold that was established by the protocol, then their position will be immediately liquidated to assist in guaranteeing that the lenders will be repaid.
Tulip Protocol intends to capitalize on Solana by giving users the ability to more regularly reinvest their income and grow their assets without having to pay exorbitant amounts of gas expenses. Chainlink oracles can now be natively integrated on Solana, making it possible for Solana-based applications to benefit from enhanced levels of security and transparency. Yesterday, OpenOcean made the announcement that they would be integrating Chainlink Price Feeds in order to help secure the limited order functionality on many chains. These chains include Avalanche, Ethereum, Polygon, Fantom, and BNB Chain.
According to Senx, Co-Founder of Tulip Protocol:
“We’re excited to be using Chainlink Price Feeds on Solana to help secure our yield aggregation platform. By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data, and the protocol will maintain a healthy loan-to-value ratio through all market conditions.”
Allowing Stakers To Benefit From Higher APYs
Natives of the blockchain as well as newcomers to the technology are beginning to understand that decentralization does not necessarily equate to a secure platform. Given that Web3 services are currently disclosing their susceptibilities to attacks from both within and outside the network, further initiatives should be undertaken to improve the safety of user assets. Fortunately, a growing number of blockchain businesses are beginning to add various levels of security to their services in order to solidify the trust of their existing customers and attract additional investors in the near and distant future.
Tulip Protocol is the very first yield aggregation platform to be built on Solana, and it features auto-compounding vault techniques. The dApp was developed to make use of Solana’s blockchain, which has a low cost and high efficiency, hence enabling the vault techniques to compound frequently. Stakeholders are able to reap the benefits of greater APYs as a result, without the need for active management.
On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack.
To kick things off, we broke down the latest news in the markets this week:
Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K?
Circle freezes blacklisted Tornado Cash smart contract addresses, Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Could this mark the end for Tornado Cash or is there a way they can redeem themselves?
Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Have some funds ready to buy further downturns.
Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.
After Marcel’s market analysis, our resident experts discuss whether your SOL is safe and the latest updates on the Solana hack. We also discuss why the network has been victim to so many hacks and downtimes. What exactly do these exploits mean for the Solana platform and if you should be worried.
Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Radicle’s RAD and DigiByte’s DGB.
Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a 1 month free subscription to markets Pro worth $100!
The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
Singapore, Singapore , Aug. 09, 2022 (GLOBE NEWSWIRE) — Today, the ZepetoX team (ZTX, ZepetoX.io) announced its foray into the web3 space, sharing its vision to build an open world that empowers creators and communities to build, play and earn.
ZepetoX is the crypto metaverse initiative jointly incubated by ZEPETO – Asia’s largest metaverse platform with over 320 million registered users – alongside leading global blockchain organizations including Jump Crypto.
As the sole blockchain project comprehensively backed by ZEPETO, ZepetoX will have exclusive ties to ZEPETO in terms of IP including technological, design, and content assets as well as bridges to facilitate user onboarding between the two platforms. ZepetoX’s blockchain development efforts will be advised by Jump.
“ZepetoX is our official venture into the blockchain industry. We feel that web3 opportunities should be advanced through a crypto-native approach, which is why we are excited to have Jump as a contributor to developing a new platform that would have exclusive connections to ZEPETO. Overall, we believe that ZepetoX can build the ideal web3 platform to not only bring blockchain to our existing users but also to expand our footprint in the blockchain space through various disruptive initiatives,” said Daewook Kim, CEO of Naver Z – the operating entity of ZEPETO.
“We are excited to support ZepetoX’s efforts aimed at onboarding new audiences into the rapidly growing crypto space. ZEPETO’s expertise and technological know-hows accumulated over the past years from building an immersive social platform will serve as a springboard for ZepetoX,” said Saurabh Sharma, Partner at Jump Crypto.
Building on the Solana network, ZepetoX will offer a web-based 3D open world with varying levels of gamification integrated as well as opportunities for users to monetize via ownership of digital assets and social interaction. Ultimately, ZepetoX aims to empower self-expression through customizable avatars and lands that can be equipped with NFTs from a rich collection of assets created by diverse creators, DAOs, or communities.
“I am thrilled to see IP powerhouses like ZepetoX choosing to build their metaverse on Solana,” said Anatoly Yakovenko, Co-Founder of Solana. “Projects like ZepetoX create new pathways for onboarding millions of users to web3.”
“Our global team brings a depth of crypto native experiences and our goal is to build on the foundation of ZEPETO to spearhead the adoption of blockchain among metaverse users, developers, and creators,” said co-CEO of ZepetoX, Chris Chang.
In the coming months, ZepetoX will launch its first land sale. The lands will be tradable on the ZepetoX marketplace, which will feature a variety of different NFTs as the open world project evolves. Further details on the sale will be available on the ZepetoX website in the coming weeks.
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About ZepetoX: ZepetoX (ZTX) is a web3 company building an immersive content-driven platform for users to create, trade digital assets and enjoy social interaction. Founded in 2022, ZepetoX is the blockchain initiative of ZEPETO, widely regarded as the largest Asia-based metaverse platform boasting over 320 million lifetime users with over 2.5 billion virtual fashion items sold.