NFTs’ market capitalization has increased by over 1785 percent in 2021, surpassing $19 billion.
As a result, NFT marketplaces, where you can trade digital assets, are proving to be a lucrative source of money, with unheard-of returns.
However, selecting the best platform to begin minting your NFT is not always an easy process, since there are a plethora of NFT markets that have sprung up to meet the astronomically high needs of this hugely profitable trend.
A viable NFT marketplace entails several critical factors, ranging from security to cost to usefulness. Each of these tasks necessitates a high level of competence and knowledge, lest end-users and project owners become susceptible and vulnerable to hazards.
As a result, for optimal outcomes, an ideal NFT marketplace must be created on the best-suited blockchain. However the search might be overwhelming because there are so many NFT markets to choose from, but which features must you actually be looking for?
Because NFT-based transactions will not necessarily necessitate trading in million-dollar art pieces, cost-effective alternatives are required. Micro-transactions, such as in-game digital assets, digital collectibles, card games, and so on, are becoming more common. No one would willingly pay high fees for these transactions; cost minimization is critical for usability and acceptance.
As a result, improved blockchain development expenses are required, particularly in the context of non-fungible token exchanges. As a result, the cost structure for NFTs on the blockchain is an important factor to consider, with minimum fee being the optimal choice.
The security of blockchain technology is largely dependent on the strength of its smart contracts. This mandates the construction of secure and bug-free programming.
To guarantee the highest degree of dependability and efficiency, smart contracts must undergo thorough testing. Only then can NFT’s seller be confident that there will be no security breaches, hacking, or outages.
NFTs are valued for a variety of reasons, including their rarity and distinctiveness. Hard forks can jeopardize these features by duplicating NFTs, putting their integrity in jeopardy. The ownership of assets is at risk, and NFTs on the ‘old’ chain may lose all value. Given these considerations, it is critical to mint your NFTs on fork-resistant blockchains.
Speed is one of the most important factors in the success of a digital system, especially in areas involving value storage and transmission. However, speed should not be exchanged for exorbitant prices or low security, as some blockchains do. Because blockchains are immutable by design, faster finality means attackers have fewer time frames. Any platform that does this while maintaining decentralization is appropriate for the creation of NFTs.
Based on the above criteria, let’s look at some of the prominent blockchains that support NFT development.
Ethereum is now the most frequently utilized and popular blockchain for the construction of NFT marketplaces.
For starters, generating NFTs on the Ethereum Virtual Machine (EVM) is a breeze. Sometimes all that is required is to upload a file and enter some data. It’s also simple to resolve ownership issues because the transaction history and metadata are easily recognizable. Popular token standards, such as ERC-721 and ERC-1155, promote interoperability, significantly simplifying the creation process.
However, the Ethereum blockchain has significant drawbacks, including high costs and limited scalability. Surges in network traffic suffocate Ethereum, resulting in excessive gas fees, as we all know. As a result, the platform is unsuitable for micro-transactions and day-to-day use.
Binance Smart Chain has established an enviable position in the industry, with widespread acceptance and a developing ecosystem of Decentralized Exchanges (DEXes), yield farms, staking choices, and tools in a relatively short period of time. In essence, BSC has a wide range of protocol dApps. In terms of volume and users, the network has even surpassed Ethereum.
Proof of Staked Authority (PoSA), a combination of Proof of Stake (PoS) and Proof of Authority (PoA), is the consensus model for BSC (PoA). Proof of Authority is recognized for its ability to avoid 51 percent assaults, making it an extremely secure method of securing a blockchain.
A transaction on Binance Smart Chain typically costs a few cents. A transaction on Ethereum, on the other hand, is generally in the dollar range and has even topped $100. In terms of speed, Binance Smart Chain transactions are almost immediate.
Being the youngest of the three, Polygon has rebranded as ‘Ethereum’s internet of blockchains,’ scaling using many parallel chains akin to Polkadot or the scaling mechanism of Cosmos. It was developed from Matic, a layer 2 scaling solution for Ethereum.
Validators in a Proof of Stake (PoS) method gain consensus on the Polygon network.
While transacting on Binance Smart Chain is inexpensive, it is much cheaper on Polygon, costing only a fraction of a cent. Polygon’s transaction timings are likewise near-instantaneous.
As previously said, the rise of NFTs, which are mainly built on the Ethereum blockchain, has brought to light some of the space’s problems and limitations. There is presently no platform that allows you to buy and sell NFTs across more than two blockchains, which makes the process of purchasing and selling them inefficient and time-consuming. Although there are plenty of NFT marketplaces out there that claim to accommodate many chains, not all of them to this date have actually delivered on their promises. That is, until now.
With the mission to tackle the issue of fragmentation and complexity that surrounds NFTs to enable accessibility and stimulate adoption for all, NFTify has chosen a new method and has succeeded in creating a multi-chain platform. NFTify’s core team is comprised of blockchain engineers with a wealth of expertise and a thorough grasp of the obstacles that come with developing a multi-chain platform.
In August, NFTify had announced the additional enhancement of three major blockchain networks: Ethereum, Binance Smart Chain, and Polygon, to its new functionality. As this game-changing feature has gone live, NFTify is now allowing its users to explore the NFT ecosystem without being limited by blockchain or wallet choices.
NFTify believes that a simple-to-use platform that appeals to the ordinary internet user will promote a broad acceptance of non-fungible tokens as the tokenization of goods ranging from collectible art to digital property and everything in between becomes the standard. This is where multi-chain functionality comes in, providing a future-proof solution to the present challenges in the NFT sector.
Not only does NFTify link different blockchains into one unified destination for all your NFT needs, but it also allows anybody to create their own NFT storefront with a single click. With no coding knowledge or money upfront required, a creator can establish up to 3 stores on 3 distinct chains on NFTify. Now, nothing will ever prevent you from creating your own NFT business.
In upcoming releases, NFTify is collaborating with a multitude of other emerging blockchains, like Solana and Tezos. This has also been included in the technical roadmap developed by NFTify’s expert team.
⭐️ Go ahead & open your NFT stores via: https://nftify.network/