The technological revolution of the twenty-first century is beyond what humanity has ever witnessed. In years humanity has achieved what it hadn’t achieved in millennia. The credit for this innovation goes to the first industrial revolution and the creation of the steam engine.
The steam engine shifted large distances into small ones and reduced the transit time of the transport of commodities. This revolution led to the creation of another great culture in human civilization and that is the culture of consumerism.
Consumerism resulted in the development of a culture of mass production, consumption, and line assembly. This laid the basis for the modern financial system. Banks came into existence and took over global finance. The transactions made under these banks became a part of international trade.
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The banks provided access to finance and ensured liquidity over trade and as a result, international trade flourished and the banking system strengthened.
However, due to some structural flaws, the world witnessed huge economic turmoil. The global economic crunch of 2008 proved that the modern banking system has failed to provide sustainable economic growth to the prevalent international trade and commerce. The international economic meltdown paved the way for the modern development of the financial system and that is cryptocurrencies.
One of the main issues with the banking sector is the centralization of transactions. Every transaction that is made goes through the channel of the bank and the bank holds considerable sway over that transaction.
In this way, it can be deduced that the modern financial system is a refugee to the international banking system. This was the main motivation behind the development of cryptocurrencies as a direct contender to the modern banking system.
The cryptocurrencies were designed to be decentralized as opposed to their counterparts. In these currencies, common people hold sway over the financial market.
These currencies are decentralized which means that they don’t require a third party to validate their transactions. People can directly exchange money without depending upon banks. This way the financial system could get rid of the menace of banks.
This novel idea became the basis of cryptocurrencies. These currencies gained rapid popularity among the masses and the demand for these currencies grew on a global scale. The underlying technology that is used in these currencies is the main reason for their success.
This technology is called blockchain technology. The idea of blockchain technology proved to be a fatal blow to the prevalent economic system.
According to famous economists, cryptocurrencies are the currency of the future. This is why most people in the world are vying to get their hands on such a delicate matter because they want to earn a maximum profit when the price of these currencies rises. The main factor that drives the success of these currencies is blockchain technology.
Moreover, innovation has been the single most important factor in the development of digital assets. These assets are based on the innovation of the financial sector.
Developers from all over the world are putting their best to introduce new and better ways of trading and making sure that the international financial system stays beneficial for the common man. The invention of blockchain technology is the latest development in this regard.
Blockchain technology is often misunderstood. It is often considered to be just a manifestation of holding and maintaining crypto. However, the role of blockchain is much more than that.
If you think that blockchain is only meant for crypto then it is like you think that android phones are just for making calls. Surely, blockchain technology is used in the development and maintenance of crypto, but its true application is far diverse.
Blockchain can be thought of as a metaphysical universe that has laws that are separate from the physical universe. Blockchain is a revolutionary technology. It enables long and tedious calculations to be solved in a matter of seconds. The underlying technology of blockchain will enable it to rule the world of science in the future.
One such use of blockchain is that it can develop and hold cryptocurrencies and other digital assets. It is pertinent to mention here that digital assets have also become very famous over time. Cryptocurrencies are a type of digital asset but the complete concept of digital assets is far more complex to understand.
The term digital asset means any asset that is not physical and is based on the virtual world. It means that anything that a person possesses in the digital world can be thought of as a digital asset.
Digital assets have gained popularity in the last few years. Cryptocurrencies are a type of digital asset and that is why more people are trying to acquire as many digital assets as they can because the demand for these assets keeps on increasing.
The idea of digital assets is a unique one. These assets can range from cryptocurrencies to holding a unique piece for a video game. These assets have value and they are traded like physical commodities. You can purchase or sell these assets like the original ones. Video gamers from around the world trade different assets from the games that they possess. They also use these assets for trading purposes as well.
These assets can be used in the growing concept of the metaverse. Since we all know that Facebook has changed its name to Meta and they are investing heavily in the metaverse.
Therefore, one must have some digital assets because they will help in the days to come. These assets can be used, bought, or sold in the metaverse easily. Therefore, the possession of these assets will not go in vain.
One of the advantages of digital assets is that they are extremely profitable. The price of these assets usually varies within seconds. The price fluctuation of these assets has made them popular among crypto traders. Most traders buy these assets at a lower rate, hold them for a while and then sell them at a profit.
This way the traders make money from the digital assets. Moreover, earning profits through such deals attracts more investors from around the world and this has transformed the trading of digital assets into one of the most lucrative businesses.
Non Fungible Tokens (NFTs)
NFTs are the latest installment in digital assets. NFTs or Non-Fungible Tokens are the latest innovation in the arena of digital assets. These assets can also be traded like other digital assets, the only difference is that the owner of these assets is unique.
You can understand the concept of NFTs by a single example. Imagine if you have a unique coin in the whole world and only you have it. This means that you can sell this coin for whatever price you like because there is no other coin like yours.
Similarly, the concept of NFTs is like that coin but only in the digital world. The NFTs are usually made once and only one person can have their possession. This makes the price of NFTs extremely high. Therefore, the trade of NFTs is also very lucrative.
NFTs are of various types. NFTs are based on blockchain technology and they can be anything. They can range from game items to digital art, from a car to a piece of land. Anything available on the internet can be thought of as part of NFTs. Moreover, the NFTs are immutable, transparent, and unique.
People collect NFTs for various reasons. This may include value speculation, art collection, and just for fun. NFTs are also collected so that they could be used in games.
Various games are based on blockchain technology. NFTs are used in such games as well. These games include Crytptokitties and Decentraland among others. Therefore, there are almost endless possibilities for the types of NFTs.
There are various marketplaces where you can find and trade NFTs like OpenSea. One such platform is Solana SolSea. Solana SolSea is a platform where you can create, buy and sell your NFTs. It is a great alternative to the already well-established OpenSea platform.
One of the main reasons that Solana SolSea is more appealing to the customers than OpeanSea is that in OpenSea, there are high costs associated with the creation, buying, and selling of NFTs. This is not the case with Solana SolSea.
Solana SolSea is more appealing to NFT creators, especially because it offers the creation of NFTs at a low cost. Moreover, the interface of Solana SolSea is friendlier compared to OpenSea and the speed of the platform is also higher than its competitor.
People purchase NFTs for different reasons. The increasing popularity of NFTs has resulted in various networks vying for their control. The Ethereum network has been successful in this regard. Thanks to the ERC-721 token, the Ethereum network has become the most famous network for NFT trading.
The traffic of the ether network has been tremendous and due to this tremendous traffic, the network has slowed down. Moreover, it is also charging high rates to NFT creators. The fees are also very high and the transaction time has increased.
Due to these reasons, various other blockchain networks have begun to offer NFTs on their blockchains. Various blockchain networks are working day and night to develop a viable solution for NFTs on their network so that the customers would have a better choice when trading on the platform.
Solana blockchain is one such network. Solana has made sure that the needs of the NFT creators are always met. The developers have made sure that the Solana blockchain is ready to cater to the needs of the creators as well as the traders. The Solana blockchain is capable of handling thousands of transactions per second.
For this purpose, Solana has launched its NFT standard. It is called Solana SolSea. Solana SolSea allows the quick and easy creation of NFTs. Moreover, it also offers greater benefits for traders as well. The trades carried out through SolSea are fast, secure, and reliable. This allows SolSea to take a step further into the NFT marketplace.
What is NFT minting and how does it work?
NFT minting is the process by which any sort of digital data is converted into a virtual collectible that is based on blockchain technology. This means that any digital file can be converted into an NFT. This includes files of JPG, GIF, MP3, or WAV nature. Any file that is present on your computer or your mobile can be converted into an NFT and you can sell these files as well.
The process of adding a new item to the blockchain is called minting. This process is the same as creating a new coin in real life. The only difference is that the asset is formed in the virtual world based on the blockchain.
The digital products or files created are stored in a distributed ledger and they cannot be updated, modified, or deleted. This means that once you own an NFT, it is yours forever unless you decide to sell it or trade it with another one.
Guide to minting On Solana SolSea
Mining with Solana SolSea is very easy. The interface of the network is very easy to understand and the costs associated with the network are also very low compared to the Ethereum-based blockchain. The Detail step by step of minting NFTs by using SolSea is as follows:
- Install Phantom
The first step of minting by using SolSea is to install Phantom. Phantom is a browser extension and a non-custodial cryptocurrency wallet. You need to go to the Phantom app, download it and then install it in your browser.
You can also enable the extension of Phantom in your browser to have a better experience. This app is usually referred to as the MetaMask of SolSea because of its functionality and features.
- Create a new wallet
After installing Phantom, the next step is the installation of a new wallet. The icon of Phantom will appear on your screen in the extension bar. Click on it and create a new wallet. Next, you will be given a secret recovery phrase.
This is useful when you need to open your account on a different device or when you have lost your password. This phrase must be carefully written somewhere and saved properly, because if you lose this phrase then you won’t be able to log in to your wallet account.
- Fund your wallet
You need to purchase the Solana cryptocurrency if you want to create NFTs on the Solana network. This can be done in two different ways. First, you can stake other cryptocurrencies like Bitcoin or Ethereum and earn Solana as a reward.
The Second way is that you can trade Solana with other currencies. You can use your local currency to buy USDT and then use USDT to purchase Solana. After you have purchased the Solana, you can now fund your wallet and move towards creating NFTs on Solana Blockchain.
- Create a new account on Solana
The next step is to create your new account on SolSea and link your wallet with the account. SolSea will ask for your permission to connect the wallet and once the wallet is connected, the network will be able to add or withdraw funds from it.
After this, you will be taken to the Solana sign-in page, where you can enter your valid email and password. After the creation of an account, SolSea will send an email to your provided account and you will need to verify that so that your account could become active.
- Create NFT Collection
Now, you can create your NFT collection. Go to the “Create” tab to create a new collection. Then select a title and description of your NFT. Then you will need to upload the header image and icon of your NFT. Then, you can also add social media links to your NFT for marketing purposes.
Lastly, click on “Create Collection” to publish your NFT. If you want to be sure, view the SOL transaction history and if the minting transaction is present there, it means that your NFT has been created.
- Minting a SolSea NFT
The process for minting SolSea NFT is the same as discussed above. You can follow the above directions to mint on SolSea. The accepted formats for minting are MP4, JPG, PNG, MOV, and 3GP.
You can use these formats while uploading your file. Then you can set your royalty payments. These are the payments that the creator will receive when the NFT is resold. This percentage can vary from 0% to 50%. You can choose the percentage that suits you the most.
The new NFT will be added to your Phantom wallet automatically. You can view this next to the $ icon. Moreover, you also need to make sure that the attributes of the NFT are correct because once you have entered these details and the NFT is published then you can never change them. When you are done with all of these processes, the last step is to market your NFT and earn profit.
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