Semi-fungible tokens (SFTs) have emerged as a hybrid between fungible tokens and non-fungible tokens (NFTs) on the Solana blockchain. These tokens offer unique characteristics and are widely utilized in gaming and metaverse applications, with vast potential for future applications. This guide will provide a step-by-step walkthrough on how to engage in SFT transactions effectively on Magic Eden.
Understanding Semi-Fungible Tokens (SFTs)
Semi-fungible tokens (SFTs) are a recent innovation on the Solana blockchain, combining the characteristics of both fungible and non-fungible tokens. While SFTs share certain properties with fungible tokens, they also possess unique attributes that set them apart. Primarily utilized in gaming and metaverse applications, SFTs are rapidly expanding their potential uses beyond these domains.
Note:
It's important to be aware that SFT activity does not currently appear in your user profile on Magic Eden.
Connecting Your Wallet
Before engaging in SFT transactions, it is crucial to connect your wallet securely to the Magic Eden platform. This connection enables smooth interactions with your SFTs and ensures a seamless transaction experience.
Browsing SFT Collections
Begin your SFT journey by navigating to the collection page of the desired SFT. As an example, let's explore the Genopets Terraform Seeds collection.
Buying an SFT
Select the specific type of SFT you wish to purchase, such as the Grade 1 Terraform Seed.
Once you land on the item details page of the SFT, ensure that the "Buy" tab is active. This will display the necessary controls to proceed with your SFT purchase.
Selling an SFT
To list an SFT for sale, activate the "List" tab. In case your wallet is empty, the UI will indicate the quantity as "0 available." Remember to enter the correct amount of SOL (the cryptocurrency used on the platform) before listing your SFT for sale.
Delisting an SFT
To delist a listed SFT, navigate to the item-details page of the SFT and you will find "My Listings" under the image. Proceed to select 'Cancel' under actions, and upon confirming the transaction, your SFT will be successfully delisted.
Collecting Proceeds
After successfully selling an SFT, you need to collect the proceeds from the sale. Activate the "Collect" tab, where you can collect the SOL once a buyer has purchased your SFT. Keep an eye on the upper right corner of the tab for a pink dot, indicating the availability of proceeds to collect.
Semi-fungible tokens (SFTs) have revolutionized Solana blockchain transactions, offering a unique blend of characteristics from fungible and non-fungible tokens. By following the steps outlined in this comprehensive guide, you can confidently navigate the world of SFT transactions on Magic Eden.
Experience the future of Solana blockchain and immerse yourself in the exciting opportunities presented by SFTs. Embark on your SFT journey today on Magic Eden!