Magic Eden is the latest marketplace for NFTs on the Solana platform.
For the newbies around, NFTs, which stand for non-fungible tokens, are digital assets. The digital assets may include art or music and real estate, stored as JPEG or MP3 or GIF. The Ethereum blockchain commonly secures these assets.
While Solana is a blockchain platform/ network that supports the creation and transaction of projects such as the NFTs project, other projects on this platform include DeFi and Web3. The SOL blockchain currently provides support to over 400 projects making it the fastest-growing ecosystem. It also provides proof of history.
This article will explain how the Magic Eden marketplace works, setting up a wallet that’s compatible with Solana, and where to purchase Solana NFTs.
Marketplace
Magic Eden will allow you to buy or sell or mint NFTs on the Solana Network. The first step for creating an NFT will involve applying for a launchpad where you get in touch with the creators to develop a platform for your idea. Next, you will sell your work and identify how you’ll want to sell your idea. Thirdly, with the use of customized tools on Magic Eden, you will mint and launch your idea. Finally, you get to use the marketplace and provide the community with access to your vision.
With this marketplace, you can enjoy low fees, and fast transaction speeds as gas will be paid using SOL tokens. New NFT collections are added almost every day and that is what makes Magic Eden be so convenient
The marketplace is also convenient for many users as new NFT collections are added almost every day.
Setting up a Wallet
The most recommended and widely used wallet is Phantom. To obtain a wallet, you will navigate to the phantom website and download the browser extension. “ Create New Wallet” and note down the secret phrase. Create a password, and you will receive a wallet address.