In March 2021, Christie’s, an auction house, paid $69.3 million for an art NFT made by the American artist Beeple. This became the most expensive NFT ever sold anywhere in the world, and art NFTs became very popular. According to the NFT Market Report, art NFT sales went up by 2% in the second quarter of 2022, and $500 million worth of NFTs were traded on the websites of the NFT Art Marketplace.
At the moment, there are 18 different blockchains that can mint NFTs, and if we look at the numbers closely, we can see that more than 75% of all NFT sales are based on Ethereum. But NFT sales are quickly moving away from NFT chains and toward other chains. Let’s look at the best blockchains for NFT Digital Art Marketplace Development and find out why they are the best.
What should you look for in the Best Blockchain for NFT Development?
When looking for the best blockchain for building an NFT marketplace, there are a number of things to think about. Among these are the following:
Forking PossibilityÂ
NFTs are so valuable because they are one-of-a-kind and hard to find. Hard forks can be a big problem for these things because they can make it hard to trust NFTs if they are copied.
This is about who owns an asset. Plus, the value of NFTs on the “old” chain may lose all of its worth. Because of this, it is important that NFTs and NFT markets are built on blockchains that can’t be split.
Smart, Robust Contracts
When it comes to how secure blockchain development services are as a whole, the strength of its smart contracts is a key factor. Because of this, it is very important to write code that is bug-free, clean, and safe.
Smart contracts need to be tested in a strict and thorough way to make sure they are the most efficient and reliable they can be. Only then can users and developers of the NFT marketplace be sure that there is the least chance of downtime, hacks, and breaches.
Creating Tokens and the Cost of Transactions
In addition to the things we’ve talked about so far, you also need to think about how much it will cost. NFT-based transactions don’t always involve trading art pieces worth millions of dollars, so you need cost-effective solutions.
Instead, a big part of NFT-based transactions can be micro-transactions, which can include things like card games, digital collectibles, and in-game digital assets.
For example, FLOW was made as a blockchain and application platform for games and apps with only one layer. If this is something you want, you can get FLOW on Moonpay.
No one will be willing to pay huge fees for these kinds of transactions, of course. So, you will need to cut costs as much as possible to make sure people will use and adopt your product.
In turn, blockchain development costs need to be cut down, especially when it comes to NFT marketplaces. So, it’s important to think carefully about how the blockchain handles fees for NFTs. There are even some that have no fees at all.
Security
We can’t talk about the different things you need to think about when looking for a blockchain for NFT development without talking about security, which is the most important thing.
Blockchains can be attacked in a number of ways, like with a “man in the middle” attack or a “51 percent” attack.
Proof-of-work consensus mechanisms tend to make platforms much more vulnerable to attacks in which attackers take control of most of the network’s computing power.
Loss of access, data, and money are some of the things that will always happen after an attack like this. In the end, there are problems with decentralization. Because of this, it is important to find a blockchain that has alternative consensus mechanismsÂ
Blockchain Mechanism
NFT creators and traders are putting a lot of focus on moving to blockchains that don’t produce carbon. Blockchains that use the proof of work consensus model need powerful computers and put out a lot of carbon.
With the “The Merge” update, Ethereum switched to a consensus method called “proof of stake,” and its energy use dropped by 99.2%. This is great news for the people who make and trade NFTs, but unless Ethereum fixes its high gas fees and slow transaction speed, “The Great Migration” of NFT projects away from Ethereum and toward cheaper and faster blockchains will continue.
Transaction Speed
Last but not least, you should think about how fast the transaction will go. When it comes to the success of a digital system, speed is one of the most important factors, especially when it comes to the transfer of value and storage.
But speed shouldn’t come at the cost of low security or high costs, which is often the case with many blockchains, so this is something you should keep in mind.
Since blockchains are usually immutable, faster finality means that attackers will have less time to try to change them.
If you can find a blockchain that can do this while still being decentralised, there is no doubt that you have found the best place to develop NFTs.
Which is the best Blockchain for Creating NFTs?
Even though Ethereum is the most popular NFT, NFT Digital Art Marketplace Development is moving toward faster and cheaper blockchains.
Flow
Flow is one of the most popular alternatives to the Ethereum blockchain for building a market for NFTs. It is made by the same people who made CryptoKitties, which is one of the best-known blockchain games. Flow is made to be a blockchain that can last, grow, and be added to. It uses a consensus method called “proof of stake” and can handle 10,000 transactions per minute. Flow has been very popular in the Digital Art and Sports NFTs sector of the NFT Marketplace. It has made projects like NBA’s Top Shot, UFC’s Strike, and NFL’s All Day work.
Solana
Solana is another very popular blockchain that is putting a lot of pressure on the Ethereum NFT ecosystem. Solana uses a mix of Proof of Stake and Proof of History to reach a consensus. The network is set up so that it can handle 65,000 transactions per second.
Solana is one of the most important people in the NFT space. The main selling points are how quickly it works and how cheap transactions are.
Cardano
Charles Hoskinson, who helped start Ethereum, was one of the first people to work on Cardano. Cardano uses a consensus method called “distributed proof of stake,” and it has built a strong ecosystem to help dApp development and Crypto Art NFT Marketplace Development.
Cardano can do 250 TPS right now, but according to its Hydra roadmap, it will be able to do 2 million TPS.
Smart Chain Binance
Binance Smart Chain is based on the Binance Chain and is a centralised blockchain. But BSC will keep running even if Binance Chain stops working. The chain doesn’t have its own token, but NFT marketplaces and dApps built on top of it use BNB to pay transaction fees.
BSC uses Proof of Staked Authority to reach a consensus, and it can send 160 tps at a very low cost per transaction. The chain has its own standard for NFT tokens, which is called BEP-721.
Ethereum
You probably thought Ethereum would be on the list, since it is the most popular and widely used blockchain for NFT development right now. Some of the best places to buy and sell non-fungible tokens (NFTs) use the Ethereum network. These include Decentraland, SuperRare, OpenSea, and Rarible.
One of the great things about Ethereum is that it is very easy to use. Most of the time, all you have to do is upload a file and fill in some information.
Tezos
Tezos, which is a blockchain with an NFT market called TRUESY, is the last option you might want to think about. The main goal of TRUESY is to reduce the amount of carbon emissions.
The platform says that because it has optimized CPU usage, it uses 2,000,000 times less energy than other NFT platforms.
So, if you care about the environment, you might want to think about Tezos as a great partner in your efforts and the eco-friendly way to develop NFTs.
Bottom Line
As you can see, there are a lot of things to think about when trying to find the best blockchain for NFT development.
From security to speed, it’s important to think carefully about all of the things we’ve talked about above so that you can choose a blockchain that will work well and last a long time.
