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October 5, 2022

Is There a Best Blockchain for NFTs? The Ones to Consider

NFTs have to be built on blockchain technology, and there are plenty of options out there to choose from. There are different consensus models and various blockchains to choose from. Your choice will affect gas fees among other things that could impact the price of your NFT projects. How do you pick the best blockchain for NFT development? We’ll find out.

The Top Blockchains for NFTs

There are various blockchains for NFT development out there, but we’re only going to cover the tried and true largest chains that are dependable.

Minting on Ethereum

We start of with the Ethereum blockchain, which is the largest and most popular as of now for NFT collections. Once you decide to go with this blockchain network, you can rest assured that everything is secure from beginning to end and the chain is very decentralized.

Not only is Ethereum excellent for NFT production, but many top NFT marketplaces also call the Ethereum blockchain home such as OpenSea, and tons of very famous and expensive NFT collections such as CryptoPunks and Bored Apes.

However, if there are positive aspects, you can be sure that there are negative ones too. Ethereum is very expensive in terms of gas fees because it uses a LOT of energy. It is a proof-of-work (POW) blockchain that requires an insurmountable amount of energy, which therefore affects transaction and NFT prices.

Pros

  • Largest and most popular blockchain in the NFT market
  • Trusted and secure
  • More traffic and exposure for NFT minting
  • Highly decentralized

Cons

  • Expensive gas fees
  • Higher transaction prices

• Polygon

The Polygon blockchain ecosystem falls under the Ethereum network because it is a layer 2 solution. Lots of notable NFT projects are created on Polygon such as Chumbi Valley and it is a faster and cheaper solution compared to Ethereum. This is because it is a different consensus, proof-of-stake (POS), which doesn’t require as much energy consumption.

Many NFT marketplaces that support Ethereum will support Polygon, but it is still a good bet to double-check. 

Read more: Polygon vs Ethereum OpenSea

Pros

  • A cheaper solution to Ethereum

Cons

• More unknown

• Immutable X

Immutable X is another layer 2 solution on top of the Ethereum blockchain. What this specific chain rectifies on Ethereum is the minting process. Immutable X is a decentralized system and doesn’t take any fees from peer-to-peer transactions. This chain also bypasses network congestion since it is a scalable solution, like Polygon.

Pros

  • A faster and cheaper solution to Ethereum

Cons

• Lesser known

Cardano

Cardano prides itself in being a green blockchain full of innovators and visionaries. Cardano has ties to Ethereum through Charles Hoskinson, who is one of the founders of Ethereum. Cardano is no small fish in the NFT space because they are the 7th largest blockchain and one of the most popular for NFTs. Lots of Cardano-supporting websites will also have NFT calendars for the latest NFT drops, helping you get ahead of the game.

Also working with the proof-of-stake consensus, Cardano transaction fees are lower and the transaction speed is higher. Even though it is already pretty speedy, Cardano still has a layer 2 solution, Hydra, which can scale its transactions even further.

Cardano is home to lots of famous projects such as Boss Cat Rocket Club and Crypto Knitties.

Pros

  • Scalable
  • Environmentally friendly
  • Peer reviewed tech
  • Low fees
  • Smart contract execution

Cons

  • It needs more marketing and exposure

Speaking of green chains, Algorand is another excellent alternative to Ethereum or even Cardano. The solution 1 of Algorand is already very scalable and it has dedicated features for NFT minting that doesn’t require learning other apps in the NFT market.

You can build your NFT project within Algorand simply, and choose between two frameworks to build. Either framework works well and is mutually exclusive and NFT developers can launch their projects on both.

Pros

  • Fast and scalable already
  • Simple minting
  • Green and eco-friendly chain

Cons

  • Adoption is lower than in some other chains.
Flow

The Flow blockchain is one of the best choices for maximum scalability and low transaction fees. One of the most notable projects that are on flow is NFT Top Shot, a platform where NFT enthusiasts can collect priceless NFT moments.

Of course, to be fast and remain on the cheap side of things, Flow also adopts the proof-of-stake consensus. Flow is on the rise with many projects opting to transition to its ecosystem.

Pros

  • POS consensus
  • Fast and scalable
  • Many projects are transitioning to FLOW

Cons

  • Not as large as some other blockchains

 

Binance Smart Chain

Yes, Binance may be an exchange, but it also has its own blockchain. Binance Smart Chain (BSC), has trustable performance and low transaction fees. More and more NFT creators and NFT artists within the crypto space are paying attention to the fees, which is what’s encouraging them to look at other suitable blockchain options like Binance Smart Chain rather than Ethereum.

You can also find NFT marketplaces directly on the Binance Smart Chain NFT platform making it easy not only to create and mint NFTs but also to list them for sale and NFT trading.

Pros

  • Has its own NFT marketplace
  • Easy to acquire and sell digital assets
  • Low fees
  • Cross-chain compatibility 
  • Proof-of-Staked authority

Cons

  • Not the most innovative chain

The Avalanche blockchain, or AVAX, emerged fast and furious and is now gaining traction in the NFT world. One of the largest projects on AVAX is the play-to-earn game Crabada, and it can be said that the fuel behind AVAX is these P2E games. Other types of NFTs that are big hits on other blockchains don’t have as much popularity on Avalanche, but the future is bright.

Pros

  • Home of popular play-to-earn NFTs
  • Easy to make NFT sales and trade NFTs
  • Relatively low fees

Cons

  • Not as popular for non-P2E NFTs
Tezos

On the other hand, the Tezos blockchain focuses on P2P deals. It is a decentralized blockchain with low transaction fees and a very solid foundation for minting NFTs. So, if you’re looking to get your NFT projects running smoothly, Tezos is definitely a top contender.

You are able to trade NFTs on popular NFT marketplaces such as Hic et Nunc and Kalamint. Choosing a blockchain can be tough, but Tezos is definitely one of the best blockchains for NFTs

Pros

  • Excellent for P2P transactions
  • Strong foundation
  • NFT transactions on popular marketplaces

Cons

  • Not as widely adopted as some other blockchains
Tron

As you can see, TRON is big on decentralization. It is a fully decentralized blockchain that is open-source and works with dAPPs, smart contracts, and a variety of digital assets such as NFTs. TRON supports can trade their NFTs and the most recognized NFT campaign on TRON is TPunks, which also happens to be the first project minted on the blockchain.

The blockchain is looking to expand into P2E projects in the near future.

Pros

  • Fully decentralized and open-source
  • Expanding into P2E projects within the next 3 years

Cons

  • Not as well-known as the others on the list
Minting on Solana

The Solana blockchain is one of the biggest players, and it’s up there with Cardano and Ethereum. It is home to a lot of famous NFT projects and has a few dedicated NFT marketplaces in its ecosystem.

It has a unique consensus of POS plus POH (proof-of-history) and is one of the fastest growing systems. Although we have to mention that there have been a few crashes in the past where the system shuts down. It hasn’t happened to a lot of other main chains and this is a reason why there are some supporters that feel Solana is not as reliable.

Pros

  • Hybrid consensus
  • Has dedicated NFT marketplaces
  • Fast growing

Cons

  • Has shut down in the past

World Asset Exchange, or WAX, is one of the most popular platforms for digital and physical assets. Not only can you sell, but you can also create, buy and trade within the platform. Tons of renowned individuals and projects have changed hands with the help of WAX.

WAX is most definitely one of the most innovative blockchains with plenty of integrations and future prospects. 

Pros

  • vIRL NFTs
  • Plenty of transactions supported
  • Innovative chain

Cons

  • Needs more exposure

What to Look For in the Best NFT Blockchain

Speed

In a world where we prize instant satisfaction, it’s no wonder that the speed of the blockchain matters a lot. You need the blockchain you pick to be able to handle a lot of transactions at once without fail. How many transactions can it carry out per second? The blockchain must be efficient to carry out the needs of your project, especially those that have thousands of tokens. 

Cost

How much is the transaction fee? It is usually a percentage of the total cost of the transaction. You will want to find an ecosystem that makes sense. Who wants to pay a large fee on cheap NFTs that will cost you a huge chunk of your profit?

The cost will tie into the speed of the blockchain, and the cost will be higher during peak hours.

Smart Contracts

Does the blockchain support smart contracts? NFT blockchains have it, but it doesn’t hurt to check. Smart contracts are automated and carry out the processes of a transaction when the terms are met. They are necessary for security and functionality.  

Security

Speaking of security, even secure blockchains have the potential of getting hacked. The security of blockchains is constantly being updated and upgraded, but we’d suggest picking one that has a strong foundation.

Consensus Model

The consensus mechanism, which most commonly is either POS or POW, will impact the cost and speed of your blockchain and transactions as well as the environment. POS is more environmentally friendly, faster, and less costly while POW is the opposite. If you had to pick one, we suggest going with POS.

Conclusion

Choosing the best blockchain for your NFT project is no easy feat, but the ones we introduced are trustworthy and secure. Yes, there may have been some hiccups in the past but that only makes a chain beef up security and become even stronger. Any of the options are a great choice, but we strongly suggest going ahead with POS chains for the cheaper transaction fees, faster speeds, and smaller carbon footprint.  

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NFT Drops Zone is an online calendar platform that keeps you updated on the new and latest Non-Fungible Token (NFT) projects. We publish upcoming events and releases from open-source blockchains like Solana, Ethereum, Polygon, and Cardano.

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