May 17, 2022
blockchain

Before we discuss the type of blockchain best for NFTs, let’s pull back a little and talk about blockchain itself. It is a term that has shifted loyalties. Due to uneven resource distribution, many industries have suffered a great deal. The pandemic was a fine example of how primitive work methods have been rendered useless. 

The latest working methods came into existence after the world was forced into a digital realm. This called for additional security measures, especially in FinTech. Hence, came the revolution of blockchain, a database that is immune to interference, changes or hacking. The data is stored in the form of blocks, hence the name. 

NFT and blockchain

NFT has suddenly imploded on the scene. It took the entire blockchain-cryptocurrency industry by storm. It is one of the major contributors to the industry. The market cap has reached $19 billion, which has increased more than 150%. The reason people are turning towards NFTs is their uniqueness and scarcity. 

NFTs can be purchased from various marketplaces, but not every marketplace, though. We need to keep in mind when starting out investment, you need to carefully research the platform you have and not to forget crypto-wallet”. 

So now turn to the original question of what blockchain is best for running an NFT gig or just running NFT. 

Which blockchain is best for running NFT?

The vital question for running NFTs is what blockchain best suits this. Since there are so many blockchains, the decision could be really hard, so here is a list of probable options for you to run seamless NFTs. 

Ethereum 

No NFT discussion can ever be complete without Ethereum, so what makes Ethereum an option for running NFTs? This particular blockchain was established in 2015. It has a vast community of developers, so there are seldom any bugs that need to be fixed. If they are required to fix it is done with extreme prejudice. Ethereum currently hosts more than 460,000 token contracts that are predicted on its ERC-20 Token standards. Some leading crypto projects include Tether (USDT), Basic Attention Token (BAT), USD Coin (USDC), ChainLink (LINK), and Dai (DAI).

blockchain

Flow

Created by the ever-so-famous crypto-kitties, Flow was launched in 2020 and is referred to as a good alternative for Ethereum by several blockchain enthusiasts. Their official community dictates: “Flow’s on track to bring blockchain technology to billions and put a blockchain wallet into everyone’s pocket.”

It is safe to say that flow is well on track to evolve and become better than ever. It is also backed by a powerful IP merged with a complete and well-rounded public blockchain. These attributes are a few of the reasons that one can be sure of that flow is going to be a preference for many NFT creators to consider. It is not only the scarcity of the NFT but also what blockchain it is using, as it also plays an essential part in determining the value of NFT in the future. 

Solana 

Solana blockchain is the second most used and popular blockchain after Ethereum. Only last February, Solana was valued at around $149 million, with each transaction averaging around $469. Although Solana faced a few hiccups, but the number of individual buyers and sellers has had an inclined trajectory. Solana currently hosts 400 projects, including DeFi and NFT’s, taking their market cap to around $65,155,587,432. 

The Solana blockchain is based upon a rare combination of Proof-of-History and Proof-of-stake. This is built specifically to reduce the transaction speed, including the verification process. Transaction speed has been a major cause of Solana being able to fill up the market gap. Check a Solana based project here.

Avalanche

Got serious attention recently in December 2021 and aggressively gained market cap of around $70 million. Avalanche is also at the forefront of introducing new games after already creating a name for itself in the “Play To Earn” game, the most famous of which is known as Carbada. Other P2E games with their own NFTs like DeFi Kingdoms, which has been popular on the Harmony blockchain, are in the early stages of launching on Avalanche as well. It is certainly a reputable name upcoming in the NFT space, for buyers looking to buy NFT off the Avalanche, they can check out the Metamask marketplace. It is to point out that Avalanche’s total market value as of this moment is actually dominated by Carbada. However, having said that, there are certainly good signs for avalanches in the near future.

WAX 

Wax was created in 2017 and stands for Worldwide Asset exchange. One of the features of wax is that it is a carbon-neutral blockchain and is capable of running the 8000 transitions per second. Considering the noise around climate change and increased carbon footprint, WAX is referred to as a green blockchain as it consumes 125,000x less energy as compared to Ethereum. The total number of WAX users as reported on November 1 has been around 508.94K, and the total number of transactions reached 14.6 million. It was, however, attested that WAX is going to impose a 2 percent transaction fees for NFT marketplaces. WAX in 2021 also launched its eco-friendly NFTs that can be bought directly from WAX.

There are many options when it comes to finalizing one blockchain for your NFT collection. Though, it determines the type of blockchain best suited for your NFT.