Mar 19, 2022
More Research & Buying Your First NFT
You’re SO close to acquiring your first Solana NFT! We hope you’ve done your due diligence and are ready to enter some high conviction plays. There’s one last level of research that you can do here using data from the marketplaces — but first, let’s introduce you to the Solana marketplaces.
NFT Marketplaces on Solana:
One Last Round of Research
Is the floor price moving fast? What was the average sale price in the last 24 hours? Was it higher or lower than the floor price? Is the team working? These are a few of the questions you can ask yourself before pulling the trigger. Make your hypotheses and see if they play out. People weigh indicators differently. Sometimes indicators can be misleading too, for example wash trades (project founders/devs trading between wallets to make it seem like it’s popular) or when floor price is high, number listed is low, but total trading volume is very low (holders have decided to list at a high floor and no one is undercutting, but there is no demand at that price)
Connect & Bid/Buy
This is it! Time to pull the trigger. Find the NFT you want to get, connect your wallet, and either place a bid or buy now. Most of the time there’s a button on the top-right that says “connect wallet”. Remember that if you place a bid, someone else can come after you and buy now, eliminating your bid. Also, if your bid is accepted, the SOL will leave your wallet and be replaced with the NFT — there isn’t a prompt or warning that the bid has been accepted.
If you’re looking to collect rare NFTs, there are tools that can help you snipe — find the best deals on certain marketplaces with respect to price & rarity. We’ll cover those in later articles
Congratulations! You now own your first Solana NFT. In the next and final article for this series, we’ll clue you in on what to do after you buy your NFT. Most collections these days either have a metaverse component, are part of a P2E (play to earn) game, backed by a strong community of cool people, or stake-able for tokens.
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