SPL20 Solana NFT

I'm sure you've seen the SPL20 all over the place. Yes, those NFTs that are making millions of dollars in volume. Do you want to know what they are and why they have this big boom? Don't worry, I'm going to explain everything you need to know in this post.

If you prefer the video version:

WHAT IS SPL20 Solana

We call inscriptions on Solana SPL20. Exactly the same concept as NFT Inscriptions in Bitcoin applied to the Solana blockchain. The only difference is that inscriptions on Solana are tied to an NFT.

That is, SPL20s store their image directly on the Solana blockchain, rather than on a third-party service like the NFTs we already know about on Solana. This allows the images to have a unique address.

This concept has been developed by LibrePlex, a group of independent contributors to the Solana ecosystem. Their argument is that SPL20 NFTs provide a more interactive experience, plus they have a zero-commission policy when minting.

We can use their website to create our own SPL20, we'll see how to do that later in this post.

We also have to keep in mind that you can sell your own low-entry slot if your NFT is mutable and you can transfer the authority of it.

HOW TO BUY SPL20 Solana

We must understand that each inscription is tied to an NFT. Therefore, they can be bought and sold like all NFTs on Solana. You can do this directly in Tensor or Magic Eden.

Of course , they are also minted as regular NFTs. Once minted, the collection authority can enroll them and make them SPL20.

We must emphasize that what gives value in many cases to SPL20 is how soon they have been enrolled. That is, the lower your enrollment number. Here's what FOMO has generated since its launch.

We have several collections that have generated a lot of hype and that have stood out above the rest: Sols, FU, Lamp or lockrons (the first SPL20 NFT collection).

Now that you know how to buy them, let's learn how to create SPL20 NFTs on Solana.

CREATE SPL20 NFT Solana

Now that we have all the concepts we needed to know about SPL20, let's learn how you can create your own SPL20 NFTs.

Keep in mind that you can only register NFTs that you have authority over, i.e. that you have created.

HOW MUCH DOES IT COST TO CREATE AN NFT SPL20

The costs of creating SPL20 NFTs are variable. They depend on how much space you're going to take up on the blockchain.

We can determine an estimated cost of 0.07 SOL per kb.

HOW TO CREATE SPL20 NFT Solana

Without further ado, let's get straight to the step-by-step of how to create an SPL20 NFT on Solana.

1. CREATE NFT Solana

In case you want to create a complete collection you can use LaunchmyNFT or hire Developers like SolKing.tech. For this tutorial we are going to create a single NFT in this tool (https://sol-tools.tonyboyle.io/nft-tools/create-nft).

To use this tool we connect our wallet and we have the different fields to fill in.

Enter all the information and sign the necessary transactions to receive your NFT at wallet.

2. REGISTER NFT AS SPL20

Once we have our NFT ready , we will proceed directly to its registration on-chain. To do this we will use Libreplex.io. We also have other options such as solscribe.io.

Once on the Libreplex website we will click on inscriptions and connect our wallet. If we scroll down we will see 3 buttons. Click on "view your wallet" and we will see our list of NFTs.

To the right of each NFT we see whether we have the authority or not. On those of us who have authority we can create our inscription SPL20.

Click on "Create Inscription" and start the process. We see a pop-up, so we click on "Initialise".

Continue by selecting the image to be resized on-chain. Click on "Resize" and confirm the transaction.

We finish the process by clicking on "Enroll now" and confirming the transaction.

We will see the link to our inscriptions in the libreplex scanner: https://www.libreplex.io/scanner?mintId=6oQjAmXdwmSAsMpCKAJHBCAow6ZSXiaM6QNzcafyrThk&env=mainnet-beta

We can decide whether to make our inscription immutable. By default it will be created mutable.

SPL20 CONCLUSION

The SPL20 is here to stay. Decentralization is the foundation of the blockchain and what better way than to have our NFTs completely on-chain thanks to inscriptions.

We'll look at what challenges SPL20s face in being as efficient as "traditional" NFTs on Solana.

What do you think? Do you think SPL20s are the future of Solana?