Best Blockchains for NFT Development

A year ago, at the beginning of 2021, only a small group of people on the Internet knew what NFT was. While non-playable tokens have been around since the mid-2010s, it was Christie’s infamous Beeple’s “Everydays: the First 5000 Days” auction that launched the NFT craze.

By the end of last year, $41 billion had been spent on NFTs, and now all the media, social media, talk shows and everyday conversations are talking about it. Crypto investors and enthusiasts have quickly flocked to all things NFT related, but now you might be interested in developing your own NFTs or using NFTs in your business. Before doing so, it is worth understanding the various blockchain standards available, how best to compare them in relation to your needs, and what considerations you should keep in mind to make the right choice.

What is blockchain NFT?

Let’s start from the very beginning. Blockchain is a decentralized database that is managed by a network of peer computers. Since the blockchain is decentralized, there is no central authority to mediate transactions or oversee the network. All transactions in the blockchain occur in blocks, which are checked and confirmed, as already mentioned, by a network of computers. Through the use of complex cryptography, each block contains a record of data about previous blocks (or transactions) and a timestamp. Given the architecture of the blockchain, it would be incredibly difficult for anyone to hack it and forge the information contained in the blocks.

This makes blockchain technology a secure way to carry out transactions without the need for an intermediary. NFTs are tokens that are mined (created) on the blockchain. Each NFT has its own unique identifier in the form of a code that is associated with an address within the chain. By using a blockchain system to track and secure information, NFTs can become a trusted form of record of information such as the creation, sale, or resale of a digital good.

What you need to know before choosing a blockchain for NFT?

Thanks to blockchain technology, a wide variety of assets can be tokenized, and there are a huge number of use cases, from entertainment and logistics to ticketing and real estate. Thus, not all blockchains will be suitable for NFT development, which you may have in mind. There are several characteristics to consider when looking for the best platform:

Transaction speed

Ideally, you should be looking for a blockchain that supports a high number of transactions per second, as this could prove to be a critical or decisive factor in the success of your NFT development project. If transactions take a long time to complete, this creates a bottleneck. Users can choose whether to pay additional fees to miners to have their transactions prioritized, or risk a long wait. This creates an opportunity for potential attackers to forge transactions, which you obviously don’t want.

Transaction cost

All transactions on the blockchain cost money. And, let’s be honest, most NFTs are unlikely to sell for hundreds of thousands of dollars. If you want to keep your costs under control when developing an NFT, it is always wise to compare the fees charged for settlement of transactions on the blockchain.

Smart contract functionality

NFTs are implemented and executed using smart contracts that determine the terms of the exchange between the buyer and the seller without the participation of an intermediary. A reliable blockchain must have reliable and error-proof contracts, as the opposite can lead to fraud and scams on the network. To prevent problems with the language of contracts that could lead to the loss of tokens, security measures must be provided on the blockchain.

Safety

Needless to say, a highly secure blockchain is the option you should look for, unless you are willing to risk losing your resources and data. You should look for a blockchain that relies on an alternative consensus mechanism such as proof of stake vs proof of work as the latter is more susceptible to attack.

Forking (Fork or branch is the use of the code base of a software project as a start for another, while the main project can either continue to exist or stop it.)

The attraction of NFTs lies in their uniqueness and rarity, and the last thing you would want to imagine is that the value of your tokens will drop to zero. This can happen as a result of hard forks that result in duplicate NFTs. The possibility of a fork is an important factor to consider, and you will most likely want to look for fork-proof solutions.

In addition to all of the above characteristics, different blockchains have their own integration and market interaction capabilities, as well as their NFT applications. This can be an important consideration when choosing NFT marketplaces, for example, and determining which blockchain suits your long-term needs.

Which blockchains are best suited for NFT development?

Ethereum

Ethereum has so far been winning the race when it comes to cryptocurrencies and NFTs despite fierce competition from other blockchains. As the original NFT blockchain, it remains the most widely used NFT mining blockchain, no doubt due to how easy and convenient it is to use. Another part of its appeal comes from the number of leading NFT marketplaces using the Ethereum network, such as OpenSea, Rarible, and Decentraland, all of which use the ERC721 standard. This Ethereum standard is one of the most trusted when it comes to creating non-fungible tokens. However, this may not be the best network for those who are looking for cheaper gas fees. In Ethereum, the cost of NFT mining is skyrocketing as demand for the Ethereum blockchain increases, which has also led to complaints of congestion and scalability in the past, not to mention controversy surrounding Proof-of-Work, which is an energy-intensive option for NFT mining and settlement of network transactions. .

Binance Smart Chain

As mentioned, Ethereum has experienced numerous issues that have caused users to turn to cheaper and even faster alternatives. Binance Smart Chain is a parallel blockchain platform of the Binance Chain network that specializes in smart contract applications and is compatible with the Ethereum Virtual Machine (EVM) while maintaining high transaction speeds and low gas fees. Given its compatibility with the EVM, this blockchain can support a range of Ethereum DApps and tools, opening up opportunities for both developers and users. Binance Smart Chain supports token standards such as BEP2E token and ERC-20 token (ETH), as well as its native cryptocurrency Binance Coin (BNB).

Polygon

Polygon is a second layer blockchain that has become known as one of the most reliable and affordable blockchains. The world’s largest NFT marketplace, OpenSea, has integrated Polygon’s NFT into its platform, and some of the most popular NFT-based games, such as Aavegotchi and Polychain Monsters, also use Polygon’s scaling technology to provide a more dynamic gaming experience. A feature that attracts users is the “lazy mining” feature, which means there are no upfront costs when creating an NFT. However, there is a fee when selling NFTs. Layer 2 blockchain networks are designed for efficiency, and Polygon is no exception, offering near-zero transaction fees and fast settlement times, as well as being a low power option.

Solana

Even though the Solana blockchain is just a nascent blockchain, it has experienced a huge surge in adoption, amounting to a serious

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