Title: "An Intro to Solana NFTs"
Author: William M. Peaster
Translated by: Luccy, BlockBeats
Editor's Note: Author William M. Peaster introduces the Solana NFT standard and ecosystem, stating that when it comes to the largest NFT ecosystem in the crypto economy, Solana has joined the ranks of Ethereum and Bitcoin.
William M. Peaster points out that while Ethereum will continue to dominate the NFT field in the coming years, Solana's NFT ecosystem seems to have reached escape velocity, and as time goes on, it will also become deeper and broader. The original article has been translated by BlockBeats as follows:
A few months ago, I wrote an article about how the NFT scenes of Ethereum, Bitcoin, and Solana are expected to develop by 2024.
While I've written extensively about the NFT ecosystems of Ethereum and Bitcoin, I haven't yet provided an introduction to the Solana NFT space.
So, here's a quick beginner's guide to get you started with the basics of understanding Solana NFT standards, top collections, and how to get started.
Introduction to Solana
Overview: Like Ethereum, Solana is a smart contract blockchain that facilitates general applications ranging from DeFi to NFT use cases. The fundamental difference between Ethereum and Solana lies in their design philosophies.
Monolithic Approach: Ethereum adopts a "modular" approach, balancing its decentralization, security, and scalability needs through external DA and L2 scaling solutions. In contrast, Solana uses a "monolithic" approach to handle all of its execution, data, and security requirements. Both approaches require trade-offs, with Solana's main distinction being how it optimizes speed within a single shared global state.
Mature NFTs: Due to Solana's architectural choices, the chain is designed to support 1,000 transactions per second (TPS). Additionally, Solana transactions do not have "gas prices" as the network has not yet introduced usage-based pricing, so the current fixed cost for each Solana transaction is 0.000005 SOL. This speed and affordability have nurtured a fertile ground for the continuously rising NFT scene on the network.
Understanding Solana NFT Standards
Similar to how Ethereum has ERC-721 and ERC-1155 standards, and Bitcoin has ordinals, Solana also has its own unique NFT standards. For a deeper understanding, I recommend Andrew Hong's "Starter Guide to Solana Data Analysis" series, particularly Part 3, which covers the basics:
•Legacy: Solana's original NFT standard was developed by the creator studio platform Metaplex and built as an extension of the Solana SPL standard, which is roughly analogous to Ethereum's fungible ERC-20 standard. Examples include Claynosaurz.
•pNFT: Programmable NFT, also developed by the Metaplex team, is a token standard that introduces mandatory royalties, rules, and more for Solana NFTs. Examples include Solana Monkey Business.
•cNFT: Compressed NFTs utilize Solana's state compression upgrade to efficiently compress large amounts of data into on-chain storage. This feature allows projects to save significant minting costs. For example, minting 2 million cNFTs currently requires 1 SOL. Examples include Tensorians.
•xNFT: Executable NFTs are not a token standard themselves, but they do allow projects to attach applications to their collections. For instance, the Backpack team uses the xNFT system to offer a Mad Lads staking program within the Backpack wallet.
Solana NFT Ecosystem
NFT Mainstream: Currently, over 192 million NFTs have been minted on Solana, making it the second-largest NFT creator by total NFTs minted, only behind Polygon and Ethereum.
As of February 2024, Solana has also facilitated approximately $5 billion in NFT trading volume, making it the second most active NFT trading chain, second only to Ethereum.
Top Collections: While Solana currently does not have as many major NFT collections as Ethereum, it does have its own giants.
The largest collection on the network today is the Mad Lads project by Backpack, with a floor price of approximately 206 SOL (around $22,000), currently ranking as the fourth-largest NFT collection by market value, trailing only CryptoPunks, Bored Apes, and Pudgy Penguins on Ethereum. In reaching this level, Mad Lads holders have now become airdrop targets for new multi-chain projects on Cosmos, alongside Pudgy Penguins and Bad Kids.
Other Top Series: While Mad Lads may be out of reach for many, there are many other series on Solana with lower floor prices that have also gained significant traction. Some current notable series include:
• Tensorians (floor price 80.5 SOL)
• Claynosaurz (floor price 34.4 SOL)
• Degen Ape Academy (floor price 14.4 SOL)
• Saga Monkes (floor price 3.9 SOL)
• Froganas (floor price 3.7 SOL)
Getting Started with Solana NFTs
Collecting NFTs
To purchase Solana NFTs, you'll need to set up a Solana wallet and acquire some SOL, similar to how you need ETH to buy Ethereum NFTs. The easiest way to obtain SOL is to purchase it from a cryptocurrency exchange of your choice, such as Coinbase, and then transfer it to your personal wallet.
As for wallet choices, Phantom, Magic Eden Wallet, and Backpack are all good options. Both Phantom and Magic Eden offer multi-chain support, including Ethereum and Polygon wallets, while Backpack is optimized for an interactive xNFT experience. 
Once you have SOL, you can start minting directly from NFTs, for example on Metaplex, and explore the Solana NFT marketplace. The most popular markets today are Tensor and Magic Eden. Here, the purchasing experience will be similar to Ethereum: select the NFT you want, click "Buy," and then approve the transaction with your wallet.
Additionally, Solana also offers free minting, allowing users to collect NFTs for free, apart from transaction fees and any related platform fees. For example, an early popular platform, DRiP, allows users to collect limited edition works for free from their favorite creators every week.
Listing NFTs
If you want to sell or continue using Solana NFTs, you can list the NFTs for sale using Tensor or Magic Eden. Again, this experience will be similar to what you're used to in the Ethereum market. Select the NFT you want to sell, click "List," input the desired selling parameters, and then approve the transaction with your wallet. 
Creating NFTs
If you're interested in creating your own NFTs, consider checking out Metaplex Studio, which allows for the release of 1/1, open editions, and collections on Solana. Unlike Zora, Manifold, and Highlight on Ethereum, I personally haven't tried Metaplex on the creator side, but it's undoubtedly a leading choice in today's Solana NFT scene. 
Summary
When it comes to the largest NFT ecosystems in the crypto economy, Solana has joined the ranks of Ethereum and Bitcoin. It's certain that Ethereum's NFT scene is deeper and broader, especially when considering L2, and has a more diverse and rich niche market ranging from conceptual art to real-world assets. However, Solana's NFT ecosystem seems to have reached escape velocity, and as time goes on, it will also become deeper and broader.
So, what's next? In my view, the most likely scenario in the coming years is that Ethereum will continue to dominate the NFT space, but all major currencies, including Bitcoin, Solana, and even Cosmos, will experience significant growth in the NFT space simultaneously. In other words, I believe it's worth trying out all of these networks now to prepare for what's to come!
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