When we are talking about NFT, the first thing that pops into our head is Ethereum Blockchain as it is the best and most well known of it all. It is said by the community that Ethereum is the one-stop shop for NFTs. Throughout time of NFTs now and over the years Ethereum is the most talked about and the most visited one in Blockchain existence.
Numerous other blockchains also have become popular throughout the years. Because of the high transactional cost and environmental impact ETH presents, Artists of crypto have slowly sought to use other blockchains to mint their NFT and trade on them.
But for someone to mint the platform, there are many that we need to first think through and consider under which blockchain should be minted on? There are a lot of considerations, just to list a few, like network size, creator cost, consumer spending habits, security as well as community input. These are some to consider before jumping into conclusion on which blockchain. We are then going to talk about the fast-paced world of Wed3 tech and maybe help to clarify a little.
Which Blockchain Supports NFT?
The most famous among all the NFT Blockchain is definitely Ethereum or ETH. It is highly decentralised and all the financial and legal services typically need approval. It also houses some of the very well known NFT Marketplace like OpenSea, NFT Projects like CryptoPunk as well as Bored Ape Yacht Club or BAYC and as well as NFT artists like Pak and Beeple.
However, there will never be only positives and sadly to say, Ethereum is very expensive and it is very much energy hungry. Because it uses something called Proof-of-Work mechanism, hence requires computers to compete with one another to solve a puzzle and to create blockchain and store it hence it is very energy intensive, but it is this that makes it so much more secure, decentralisation, and ease of use, but don’t let it scare you. You should still consider this blockchain first when deciding to mint.
Solana is one of the fastest and most efficient in the crypto world. Uniquely to Solana, they use Proof-of-History and Proof-of-Stake mechanisms resulting in less complex puzzles to solve hence also reducing cost as well as time.
With PoS or Proof-of-Stake, users stake an amount of their cryptocurrency for the chance to be a validator and once selected as a validator then user will be able to earn SOL and also serves to incentivise users to become stakers and rewards them for it. PoH or Proof-of-History works in tandem with PoS and it will then use Cryptographical methods to verify the passage of time between the two events. Solana uses these methods to ensure the transactions are in the right order and can be found by the lead or validator.
Thanks to Solana’s PoS and PoH, transaction feel and time of transaction are much lower and even as low as it can get. But, it is a big but for NFTs. Solana isn’t that widely used and that means that there are a lot fewer NFT and tradings happening on that blockchain.
If you wish to go for a eco-friendlier alternative, then you can consider Tezos blockchain. A little about Tezos, they rose into popularity towards the beginning of 2021. Hic et Nunc was called the economic alternative because it was cheaper than Ethereum marketplaces until it shut down on Nov 14th of 2021.
Likened to Solana, Tezos uses PoS mechanisms to reduce the work needed to verify blocks and also transactions and because of this method of computation, it was roughly 2 million times less energy intensive than Ethereum and at the same time lower fees than Ethereum.
If you are looking to mint NFTs in batches or in large scale collections then Tezos is the way to go for you. As for now, the most famous marketplace for Tezos is Objkt.
Flow is a high performance blockchain and what that means is that it is specifically built for creating NFTs, games as well as decentralised apps. In contrast to blockchains like Ethereum, Flow is built to scale further and not just general purpose. Meaning that billions of people can interact with NFTs of the blockchain.
When it was launched in 2019, Flow was growing greatly and fast especially because the blockchain partnered with NBA. A product from Dapper labs which is the CryptoKitties was facilitated by Flow and it is the host of NBA Top Shot and because of these, Flow blockchain is an integral component in popularization of NFTs.
Flow likened to Tezos also only uses PoS mechanisms and also to verify the transaction and so the blockchain can handle extremely big numbers. Flow developers are trying to come up with a model that could handle about 10,000 transactions within a second while keeping transaction fees low.
Besides Blocktobay a popular Flow Marketplace, Flow NFTs are also able to be traded on OpenSea, Rarible, Foundation, and many other platforms. Flow is also a place for many sporting NFTs for example, NBA, NFL, UFC and many more run on Flow blockchain. But just like Solana, Flow is not widely used like Ethereum. That also means fewer NFT Marketplaces and fewer people on blockchain.
Worldwide Asset Exchange
Worldwide Asset Exchange or WAX is the king of digital collectibles that are NFTs. It is not like Ethereum because Ethereum houses arts and digital avatars and more but WAX is a place for digitalised collectibles like trading cards, figurines and memorabilias.
Just like other high efficiency blockchain, WAX also has a PoS ecosystem in place while also creating carbon offset NFTs. To further promote sustainability, they also partnered with Climate Care. Like Flow, the transaction fees are also low and as unique incentives to collectors, Network fees are redistributed to WAX Community.
WAX marketplace also hosted various influential collectibles such as Topps, Racing giant Nascar as well as Hot Wheels and even classic films like Godzilla, The Princess Bride and Spiderman.
Binance Smart Chain
Binance Smart Chain or BSC, If you are wanting a sweet spot between fees as well as performance then BSC is good for you. The cost of fees and speed unfortunately is decentralisation. BSC is very much centralised of the options on the list.
BSC uses a model called PoSA which stands for Proof-of-Staked Authority. It can support short block time and low fees. Yet, validators take their turns to produce these blocks. With 21 validators to run switching turns throughout the 24 hours.
Although centralisation is an off to many in the NFT community, the BSC NFT market did not pick up speed until the end of 2021. Even when the ecosystem is not like Ethereum, that robust but marketplace like OpenBiSea, AirNFT and JuggerWorld and more are gaining steady popularity.
For more NFT guides, check out our guide section.