Every business owner has been eyeing non-fungible tokens (NFTs), which have gained popularity in the technology sector, as a lucrative way to expand their businesses. Creators and artists have made extensive use of technology to publish their creations as digital assets in a lot of marketplaces. Several NFT markets have emerged: OpenSea, Binance, Rarible, and Decentraland. Because of this tremendous NFT development, many artists and innovators are interested in launching their own NFT projects. When it comes to launching an NFT project, it is critical that they choose the right blockchain. We have compiled the top 5 Blockchain to assist you in determining which blockchain is suitable for NFT development.
Key Points to Consider for NFT Development
The following are some key points you must keep in mind while considering a blockchain for NFT development:
The transaction speed of blockchain is critical to the success of your NFT project. A good quality and strong blockchain is one that is capable of processing several transactions at once. The blockchain network’s efficiency has a direct impact on the functionality of your project.
For example, Ethereum Classic is the slowest blockchain transaction time of 9,360 minutes. Solana is the fastest blockchain, with speeds of up to 50,000 transactions per second. This is thousands of times quicker than Bitcoin and Ethereum, which can only achieve 7 and 20 percent of this speed.
Different works of art are priced differently. Some are quite expensive, while others are extremely cheap. It is not reasonable to pay a large charge and lose a significant amount of your revenue. It is best to select a blockchain that is reasonably priced and accessible to the common user to bring more people to the NFT platform.
Smart contracts are used by all NFT platforms and are in charge of establishing the terms and conditions of transactions between a purchaser and a seller. Well-designed smart contracts enable transactions without the involvement of a third party and assure the platform’s full security and functionality.
Additionally, developers should be familiar with the programming language used to create these smart contracts. If not, it will be challenging to find developers for your NFT development.
The consensus model employed by a blockchain is possibly the most important component that all NFT developers must keep in mind. Blockchains that use the Proof of Work consensus model waste a lot of energy and require expensive computing equipment to validating a transaction. Blockchains that use PoW generate a significant quantity of greenhouse gas emissions.
As a result, it is suggested that only blockchain ecosystems that use Proof of Stake or other greener consensus models be employed. Proof-of-stake (PoS) blockchains are less susceptible to problems than proof-of-work (PoW) blockchains.
Top Blockchain for NFT Development
When it comes to non-fungible token (NFT) initiatives that leverage smart contracts, Ethereum, launched by Vitalik Buterin in 2015, is the most popular blockchain. Along with advanced features, Ethereum comes with lots of technical project documentation that developers can greatly benefit from the extensive technical project documentation.
Ethereum’s two most prominent token standards are ERC-721, which is used to create non-fungible tokens, and ERC-1155, which is used to create new semi-fungible tokens. The bulk of NFTs currently in use is built on these two standards.
To build smart contracts, Ethereum makes use of Solidity, an entity programming language implemented by the Ethereum Virtual Machine (EVM). The cryptocurrency of the Ethereum blockchain is called Ether (ETH). Since September 2022, Ethereum has migrated from the PoW consensus mechanism to the PoS consensus mechanism, enabling the blockchain to slash its energy consumption by around 99%.
The more recent PoS Ethereum blockchain can process 100,000 transactions as opposed to the earlier model’s 15â€“25 transactions per second maximum. The Ethereum network is the foundation for practically all well-known NFT marketplaces, including OpenSea, Rarible, SuperRare, and Decentraland.
Flow was developed by Dapper Labs the Canadian-based company that brought CryptoKitties in 2019 and is regarded as being on par with the Ethereum blockchain by many crypto enthusiasts.
With improved scalability, interoperability, and top user experience, Flow blockchain makes it the best platform for consumer applications. Although Flow is a relatively new blockchain but has already gained market traction and provided a variety of possibilities for the development of blockchain-based games, NFTs, and dApps.
Two well-known NFT markets developed on the Flow blockchain are BlocktoBay and Xtingles. The blockchain has a multi-node and multi-role design that is integral to the core transaction operations, which are consensus, execution, collection, and verification. Additionally, Flow features a set of APIs and offers comprehensive instructions on how to use them.
Binance Smart Chain
Binance Smart Chain is a one-of-a-kind blockchain built on the Binance Chain. Despite the fact that it is neither a Layer 2 scalability protocol nor an off-chain solution, it will remain operational even if the Binance Chain collapses.
BSC is a centralized blockchain that authorizes and stores transactions using the PoSA (Proof of Staked Authority) consensus paradigm. One of the best parts of this blockchain it that it can carry out transactions for a very minimal cost.
Due to BSC’s interoperability with the EVM, a large range of BSC tools and applications are supported, making it simple for developers to migrate their applications from the Ethereum blockchain to BSC.
Solana is famous as one of the fastest blockchains and a competitor to the Ethereum ecosystem. Solana can carry out 65,000 transactions per second at a negligible cost. Solana, launched by Anatoly Yakovenko, is a leading contributor to the NFT, DeFi, and Web 3.0 spaces.
Some notable NFT collections or projects on Solana include Degenerate Ape Academy, Solana Monkey Business, and SolPunks. Furthermore, the blockchain’s hybrid consensus model: The combined PoS and PoH methods offer much faster transaction and smart contract verification times.
The token of Solana is called SOL. Solana acquired popularity in early 2021, causing the value of its native token, SOL, to skyrocket to an astounding $13.91 billion. Unfortunately, SOL, like other tokens, had many changes and swings, and its value fluctuated from as little as $11 to $38 towards the end of 2022.
Cardano, founded by Charles Hoskinson, a co-founder of Ethereum, is one of the most notable blockchain platforms. It is now positioned as the seventh-largest blockchain in the world with a whopping market value of $16.6 billion.
Cardano is built on the PoS consensus mechanism and aims to build a strong platform for the development of decentralized applications and NFTs. The blockchain is divided into two parts: The Cardano Settlement Layer (CSL) and the Cardano Computation Layer (CCL). CSL handles and records the transactions of ADA which is the native token of Cardona, meanwhile, CCL is in charge of implementing smart contracts.
Spacebudz, CardanoKidz, Professor Cardano, CryptoMayor, and Crypto Kitties are some of the most successful NFT projects running on Cardano. Cardano is capable of processing over 250 transactions per second.
Hydra which is Cardanoâ€™s Layer 2 scaling protocol has the ability to accelerate Cardanoâ€™s performance while also allowing it to grow up to 1 million TPS with 2000 staking pools. Cardano happens to be the first one to have introduced non-fungible tokens of appreciation (or NFTAs), which are minted in compliance with the Cardano CIP-721 metadata standard.
Despite being in its initial stages, NFT is making inroads into a variety of industries. Nevertheless, it’s strongly advised to take a moment and carefully consider the blockchain that your NFT campaign will be running on in order to ascertain the success of your NFT project. If you have a vision for your NFT project and want it to gain fruition, Monkhub is the right place. Being the leading NFT development Company, our skilled blockchain developers will assist you in providing top-notch NFT marketplace development services to make your NFT project a success. Contact us to have fun yet lucrative NFT experiences.