Developers and artists use different blockchains to develop non-fungible tokens (NFTs).
Now, why is that? Because each blockchain has its unique set of advantages and disadvantages.
The blockchain upon which an NFT is minted not only determines its technical specifications but also influences its accessibility, security, cost-effectiveness, and potential for long-term viability.
And that’s the reason why it’s very important for creators and developers to choose the blockchain platform.
And here are the top 5 factors to consider, when choosing a platform:
Each blockchain network has its own set of technical specifications, including transaction throughput, confirmation times, and smart contract capabilities.
These factors directly impact the user experience for both creators and buyers of NFTs.
For instance, Ethereum, while pioneering the NFT movement, has faced scalability issues and high gas fees due to network congestion, making it less efficient for minting and trading NFTs compared to newer blockchains designed with scalability in mind.
For example, Ethereum boasts a large and established community of developers, artists, and collectors, resulting in a vibrant ecosystem of NFT marketplaces and projects despite the concerns of high gas fees.
Does that mean, you shouldn’t develop or mint your NFTs on other blockchains?
Of course, no.
Newer blockchains may offer niche communities or targeted audiences, presenting opportunities for creators to tap into specialized markets.
In the end, it depends on the purpose of your NFT collection. But the point is to avoid blockchains that has bad user experience or even bad infrastrucuture.
Transaction fees, also known as gas fees, vary across blockchain networks and can significantly impact the profitability of minting and trading NFTs.
Ethereum’s high gas fees have led many creators to seek alternative blockchains with lower transaction costs, such as Binance Smart Chain (BSC) or Polygon.
Lower fees and faster transaction confirmation times enhance the efficiency of minting and selling NFTs.
Although, the NFTs once minted are immutable (exists forever on the blockchain), they may not necessarily be interoperable.
What does that mean?
Imagine you minted all these NFTs on a blockchain and now you want to build a game that uses these NFTs. Now, what if the transaction costs are high?
In the case of Ethereum, you have alternatives like Polygon, Optimism, and Arbitrum that act as layer 2 solutions. And you can easily bridge the NFTs to L2s easily.
But if your NFTs are on a blockchain that has no scaling solutions, the future of your project ain’t gonna be bright.
Blockchains that can accommodate increasing transaction volumes without compromising performance are better positioned to support the evolving needs of creators and collectors.
Blockchain networks differ in their security features, consensus mechanisms, and governance structures, which directly impact the trustworthiness and integrity of NFT transactions.
Creators should prioritize platforms with proven track records of security and transparency to mitigate the risk of fraud or theft.
Now that we know what factors to consider before choosing the right blockchain for your NFTs, let’s have a look at the top 5 blockchains that supports NFTs.
And of course, starting the list with…
Ethereum is probably the most used NFT blockchain out there, has a huge chunk of market share in terms of hosting NFTs.
Projects like Bored Apes, CryptoPunks, Doodles, DeGods (migrated from Solana to Ethereum) reside on this blockchain.
It is the most decentralized and secure blockchain, which is also why it’s expensive (the scalability trilemma) to host NFTs on this blockchain.
Why choose Ethereum? It supports robust smart contract functionality and interoperability with other Ethereum-based tokens and decentralized applications (DApps).
Solana offers high throughput and low transaction fees, making it attractive for minting and trading NFTs at scale.
When using this blockchain, instead of paying 10s of dollars like Ethereum, you only pay in cents when making a transaction. Now, that’s a big relief, for sure..
Solana can execute 65,000 transactions per second, and the developers claim that when the network expands, Solana’s TPS can reach 700,000.
On the other side, you should know the concerns regarding centralization and network stability due to reliance on a smaller number of validator nodes.
Polygon, also called as Sidechain for Ethereum Blockchain is a Layer 2 solution.
Polygon is designed to take the best properties from Ethereum – Decentralization and Security, while at the same time, make the transaction happen at a very lower cost.
Also, it’s seamless integration with existing Ethereum wallets and infrastructure simplifies the transition for creators and users.
Designed specifically for NFTs and DApps, Flow offers high throughput and scalability without sacrificing decentralization.
Flow’s unique architecture enables innovative features like cadence smart contracts and non-custodial user experiences.
Backed by prominent investors and partnerships, including NBA Top Shot, driving mainstream adoption of NFTs on the platform.
But note that it’s a very small eco-system, and that means, not much infrastructure is developed.
Limited tooling and developer resources compared to more established blockchains may pose challenges for creators seeking to build.
Cardano aims to provide scalability, sustainability, and interoperability, offering a promising foundation for NFTs and decentralized applications.
But their development progress and ecosystem maturity lag behind established blockchains like Ethereum, leading to fewer available tools and resources for NFT creators.
Ethereum remains a popular choice for its widespread adoption and liquidity, but newer blockchains like Solana, Polygon, Flow, and Cardano offer compelling alternatives with unique advantages and trade-offs.
Depending on specific needs and priorities, creators can evaluate these options to find the most suitable blockchain for their NFT projects.