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Oxalus Insights

5 Best Blockchains For NFTs of 2022

Guides Nov 3 2022

The world of NFTs (Non-Fungible Tokens) is up-and-coming as well as confusing for people. NFTs are not simply digital art; there’s a lot to understand before you start investing in them.

NFTs are digital assets, including digital art, images, videos, GIFs, and so much more. On top of that, NFTs are so much advanced that you can even tokenize real-world assets like real estate to turn them into NFTs.

A major benefit of NFTs is that you can gain digital ownership of those items and everything is securely recorded on the blockchain network. Plenty of investors out there buy and sell NFTs to gain profits as the price increases.

Now, you might be wondering how you can start buying and selling NFTs. Well, there’s a lot you can do with several platforms available online to make it possible for you. Let us look through some worthy platforms so that you can choose the best blockchain for NFTs to begin with buying and selling.

Top NFT Blockchains to Buy and Sell 2022

Ethereum

Pros

  •  Highly decentralized platform
  •  House of some of the most popular NFT projects
  •  Easier for the developers to build smart contracts on the platform

Cons

  • Outrageous gas fees
  • Utilizes a complicated programming language where your code is expensive to run as compared to traditional hosting. The main issue is that if the code fails first time, then you can’t make any changes again.

Ethereum wasn’t really the 1st platform to host NFTs, but still, it played a major role in popularizing NFTs in the market. Even though there are plenty of platforms in the competition, Ethereum is still the best blockchain for NFTs

Currently, Ethereum also houses some popular NFT marketplaces like OpenSea. On top of that, Ethereum is the home of various popular NFT projects like CryptoPunks, CryptoKitties, and Bored Ape Yacht Club, which are powered by ERC-721 and ERC-1155 token standards. 

Ethereum began with the ERC-721 standard to allow the minting of NFT tokens, while the ERC-1155 standard allows you to mint even semi-fungible tokens. Other than that, Ethereum also came up with the EIB-2309 standard to allow users to mint multiple NFTs in a single transaction.

Earlier, Ethereum used to work on a Proof-of-Work (PoW) consensus mechanism that demanded an intense amount of energy to operate. This is why Ethereum decided to switch to the Proof-of-Stake (PoS) mechanism on September 15, 2022, under an event called “The Merge.” This resulted in less energy consumption by up to 99.5% than the previous mechanism on Ethereum.

Compared to the older PoW model of Ethereum, which was able to handle up to 25 transactions per second, the latest PoS model can sustain up to 100,000 transactions per second. This gave a significant boost to the platform.

Solana

Pros

  • Incredibly cheap transaction costs 
  • Hybrid consensus model allows for lower validation times 
  • Allows up to 65,000 transactions per second 

Cons

  • Substantially lower trading volume 
  • Fewer NFT marketplaces

Solana became famous in the blockchain world as one of the fastest blockchains. The platform uses a unique consensus mechanism that made itself extremely popular in the NFT world. The main reason behind its popularity in the NFT world is the lower carbon costs compared to Ethereum.

Currently, Solana is the 2nd largest blockchain for NFTs. There are plenty of users that consider it to be the best blockchain for NFTs because of the low price of the SOL token as compared to the ETH token. If you are considering purchasing your first NFT, you can consider Solana because of the low gas fees. 

Solana is hosted on a hybrid PoS (Proof-of-Stake) and PoH (Proof-of-History) model that allows the blockchain to execute up to 65,000 transactions per second at very low gas fees. Due to this hybrid consensus model, there is no requirement for complex cryptographic puzzles that were required in the PoW model. 

In order to purchase a Solana NFT, you will need access to a Solana wallet like Phantom. Even though there is less movement on the Solana platform regarding NFTs, you can still find some major NFT collections like Degods, AbarakaDabra, SolPunks, Sollamas, Degenerate Ape Academy, Bold Baggers, and Frakt. 

Avalanche

Pros

  • One of the fastest smart contracts platforms. 
  • Incredibly low gas fees and very small carbon footprint
  • Quick transaction speed 

Cons

  • Very few NFT collections due to less popularity yet 
  • Extremely expensive to become an Avalanche Validator

If you are looking for a platform that’s developing in the NFT world, then Avalanche (AVAX) is the one. Due to its market cap in 2021, it was able to gain its place among the top 10 blockchains. With its increase in the market cap, Avalanche also noticed a significant boost on the NFT side.

The main reason behind the NFT sales on the Avalanche blockchain network is because of Crabada, the Play-to-Earn (P2E) game. Another P2E game, DeFi Kingdoms, which is popular on the Harmony blockchain, has launched on the Avalanche blockchain with its own NFTs. 

In order to purchase NFTs on Avalanche, you will have to connect your Oxalus wallet. You can expect low gas fees and accurate transaction speeds because of the PoS protocol on AVAX. The platform allows you to mint NFTs even for prices less than a dollar. 

Avalanche blockchain is extremely popular because of its P2E NFTs collection. Besides that, it has not been able to grab the audience’s attention yet. The platform is consistently gaining momentum and trying to scale up with new NFT projects coming up.

>>>Join us on Oxalus Wallet App to receive more NFTs news, helpful hints, and hidden gems.

BNB Smart Chain

Pros

  • Easy availability to port Ethereum projects to BSC
  • Relatively low transaction fees 
  • Supports a wide array of tools and DApps 

Cons

  • Only 21 active validators working every day on the network as it is largely centralized blockchain network
  • Minimum requirements for node operators are extremely high 

Don’t confuse Binanace Smart Chain (BSC) with the BNB chain. They both are different from each other. The BNB Smart Chain operates uninterruptedly by allowing throughput on the Binance Chain. On top of that, it is also introducing the functionality of smart contracts in the ecosystem.

BSC operates using the BEP-721 token standard that allows the creation of NFTs. The consensus model of BSC is Proof-of-Staked-Authority (PoSA). This model enables low gas fees and also a shorter block time. The best thing about BSC is that it is an Ethereum Virtual Machine (EVM), which means that Ethereum developers can easily port their NFT projects from Ethereum to BSC.

The trading of NFTs experienced a significant rise by the end of 2021 and the beginning of 2022 on BSC. Some of the most famous NFT projects on BSC are in the gaming and marketplace sectors. These projects require low gas fees and higher transaction rates. This is where the BNB Smart Chain can help them.

If you are looking for a fast, secure, and affordable blockchain platform to buy and sell NFTs, then you can definitely consider BSC to be the one for you because of its high volumes for NFT trading.

Polygon

Pros

  • In comparison to the Ethereum network, there are lower gas fees for Polygon.
  • Transactions are finalized at a faster speed 
  • Compatibility with EVM 

Cons

  • Less secure network 
  • Does not support an auction mechanism for NFTs 

Polygon (previously known as Matic Network) is a successful Layer 2 solution for Ethereum. The platform has been used to create plenty of NFT projects that sold pretty well on OpenSea and other famous NFT marketplaces. Some of the most famous NFT collections on the Polygon blockchain are Genesis Kosmos, ZED Run, The Martians, Chumbi Valley Official, and more.

The developers can create scalable solutions on Polygon with the help of smart contracts. Another significant advantage of Polygon is that it is compatible with EVM, allowing lower gas fees and faster transactions. 

Currently, Polygon is providing interoperability only with Ethereum. There are certain future prospects for Polygon to include other base chains. This will allow interoperability with several other blockchains and provide fast and scalable solutions.

The best thing about the Polygon network is that the minting of NFTs takes place outside the Ethereum network. This is why the high gas fees are avoided. Being a Layer 2 blockchain, it also helps reduce the burden of Layer 1 chains by tackling scalability issues. 

The Bottom Line

Currently, NFTs have become a huge part of the blockchain ecosystem. This is because NFT artists and developers have really adopted this new trend well to create revenue opportunities. This is where different blockchains had to work towards developing a fast, secure, and cheap blockchain network for NFTs. By going through this list, you will be able to determine the best blockchain for NFTs as per your requirements.


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