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The NFT Market Has Collapsed, Oh No.

Does anyone remember March 2021, when some techbros and artists were convinced that NFTs (Non-Fungible Tokens) were going to change the world ? Well hi, it’s now June 2021 and the bubble has burst. I know, I am surprised as you are.

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Despite clear evidence that the entire thing was «at best a scam and at worst an impending environmental disaster, » some folks were just too seduced by the promise of something new/making money, and for the briefest time literally hundreds of millions of dollars were sloshing around the world in exchange for videos people didn’t own , or certificates of authenticity for jpgs and gifs.

That golden age is now over, though, as we can see in this comprehensive study of recent sales data by Protos . It covers a lot of bases, but the most important figures are:

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The overall NFT market has suffered a «near-90% collapse» since its peak. That peak, May 3, saw $100 million in «crypto-collectible» sales in just one day. There has been just $19.4 million in sales in the past week . NFT art sales are even lower, plunging from single days with millions in sales to just $3 million in sales globally for the past week, and that’s including both primary and secondary sales. The number of active NFT wallets—the accounts being used to purchase the tokens—has fallen from over 12,000 to 3,900.

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If you’d like to see that visually, here’s what the crypto art market looks like as of this week:

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Now, interest NFT projects this isn’t to say any of the companies involved, or NFT the major figures partaking in NFT sales, are going to disappear . There’s a very good chance those most devoted to the idea, those with the greatest belief that this stuff is genuinely the future, will be in this for the long haul. The team behind NBA Top Shots, for example, have lived through one NFT crash already .

But for cryptocurrency now? The bubble has burst, and this hopefully spells the end of breathless and unquestioning mainstream media coverage of the concept, and the deeply questionable gold rush that saw formerly sane artists and fans hurl themselves on the pyre in pursuit of a quick buck.

Which Blockchain to Choose for Your NFT Project?

Remember getting lost amidst the variety of chocolate bars on the supermarket shelves? You’ll experience the same when choosing a blockchain for your NFT project. But put panic aside — we have you covered.

Non-fungible tokens (NFTs) have been the talk of the town, and it seems that everyone has at least basic knowledge of the current trend. In 2021, the NFT art auction took off, and we’ve become witnesses to enormously expensive NFT purchases, with Beeple’s First 5000 Days currently being in the lead. On top of this, you’ve probably heard about other popular NFTs such as CryptoKitties, CryptoPunks, Jack Dorsey’s first tweet, Doge NFT — and what not.

Admittedly, several NFT marketplaces have now been created, including OpenSea, NBA Top Shot, and Decentraland. They allow traders and artists to smoothly execute trades and benefit from win-win deals. Based on what we’ve seen so far, it’s safe to say that the NFT market looks set to keep on flourishing and amazing us with even more extraordinary and unbelievable NFT projects.

If you’ve become enthusiastic about NFTs too and wish to kickstart your own campaign, it’s essential to consider which blockchain your project will be running on. Therefore, we propose to delve into some technicalities and look into the most popular blockchains used for NFT token and marketplace development, namely Ethereum, Flow, interest NFT projects Binance Smart Chain, Cardano, Solana, EOS, WAX, Algorand, Tezos, and Tron.

Moreover, if you are eager to find out more about the core technical aspects of non-fungible tokens as well as the specifics of their minting process, make sure to watch this informative video guide.

Aspects to consider.

Given the variety of blockchains these days, it’s getting harder to choose the one that will best serve as a base for your NFT campaign.

However, there are certain criteria that you are advised to take into account before venturing into developing an NFT or NFT platform. They comprise transaction cost, smart contract functionality, consensus mechanism, and transaction speed.

Transaction speed.

Blockchain’s transaction speed plays a huge role in the overall success of your NFT campaign. Some blockchains have higher transaction speeds, which means that they’re capable of performing a bigger number of transactions per second, while others tend to be a bit slower.

Additionally, transaction speed has a huge impact on transaction costs. If a blockchain has a low throughput, users have to pay higher fees imposed by miners to make sure that their transaction will be prioritized over others.

Transaction cost.

Not all NFT art pieces are sold at exorbitant prices. On the contrary, the overwhelming majority of available NFTs (in-game items and digital collectibles) are relatively affordable and can be bought by an average user.

If an art object doesn’t cost much, why pay high transaction fees? Relatively low transaction costs are crucial to the wider adoption of NFTs. Preferably, invest in nft the selected blockchain should have a feeless structure to draw more users to the NFT platform.

Smart contract functionality.

All NFT platforms rely on smart contracts that are responsible for setting the terms of trade between a buyer and seller.

In general, sophisticated and well-crafted smart contracts guarantee the entire security of the platform. That’s why it’s important to make sure that the chosen blockchain possesses a robust and reliable smart contract functionality.

Furthermore, inform yourself about the blockchain’s smart contract programming language . For example, if you opt for Ethereum which employs Solidity, it may take a long time to find professional Solidity developers since this programming language is a rather rare specialization. Yet, in the case of another more widespread language like C++ finding high-profile specialists is not that difficult.

Consensus mechanism.

Sometimes blockchain may be prone to attacks. Platforms that operate using proof-of-work (PoW) consensus mechanisms normally have to deal with more issues than those relying on the proof-of-stake (PoS) consensus. Because of this, it may be wiser to give priority to PoS or its related types such as DPoS and LPoS as well as other options available, namely proof-of-history (PoH) and proof-of-staked-authority (PoSA).

Be aware that the chosen blockchain, its consensus to be exact, can have an impact on the environment: so, for instance, blockchains that use PoW cause high amounts of greenhouse gas emissions. To compare, those that employ PoS are considered to be more energy-efficient since miners do not have to solve complicated puzzles to prove their work on PoS blockchains — consequently, the required processing power is considerably lower.

Now that you know which criteria are necessary to attend to when choosing a blockchain for NFT development, we can get down to looking into the most popular blockchains and find out more about their capabilities.

Ethereum.

Launched in 2015 by Vitalik Buterin, Ethereum is at the head of the curve and is currently the most widely used blockchain for NFT projects. It has a large community of developers which is a considerable advantage since any occurring bugs can be effectively fixed and new and advanced features are implemented on a regular basis. In addition, Ethereum comes with lots of technical documentation that is enormously helpful for developers when they are building dApps or smart contracts.

Ethereum is the driving force behind the two popular token standards, namely ERC-721 (used for the creation of non-fungible tokens) and ERC-1155 (used for the creation of new semi-fungible tokens). So far, these two standards have formed the foundations for the majority of existing NFTs and it’s likely that the trend will continue. Notably, the ERC-20 token is another crucial standard used for developing and issuing smart contracts on the Ethereum blockchain.

To implement smart contracts, Ethereum makes use of Solidity, an object-oriented programming language created by the Ethereum team and compiled by the Ethereum Virtual Machine (EVM). The blockchain also features its own crypto called Ether (or ETH). As well as this, Ethereum hosts more than 703,000 token contracts that are predicated on its ERC-20 token standard.

The Ethereum blockchain is able to execute around 12-15 transactions per second on average. Its transaction fee depends on the network congestion, and as of November 2022, it charged from approximately $2 to $7 per transaction.

An important aspect to highlight is that on September 15, 2022, Ethereum finally transitioned from PoW to the PoS consensus mechanism, which allowed the blockchain to reduce its energy consumption by approximately 99.95%. This event is commonly referred to as the Merge and is considered to be an important milestone for Ethereum.

The majority of the top NFT marketplaces with the biggest trading volumes have been created on Ethereum, the most prominent being OpenSea, Rarible, Nifty Gateway, KnownOrigin, SuperRare, and Decentraland.

If you need information about Ethereum API, you can find it at the Ethereum official website.

Flow.

Launched as early as 2020, Flow has drawn the attention of numerous crypto enthusiasts and is frequently referred to as a good alternative to Ethereum. Flow’s developers are set to make it the best platform for consumer applications with enhanced scalability, composability, and, importantly, top user experience.

As the Flow community states » Flow’s on track to bring blockchain technology to billions and put a blockchain wallet into everyone’s pocket «. It’s safe to say, therefore, that the Flow blockchain will continue to evolve further and is likely to bring about many more opportunities for NFT enthusiasts.

Flow is the brainchild of Dapper Labs, the Canadian-based company that introduced the world to CryptoKitties. This PoS-based blockchain is capable of powering entire ecosystems of applications, particularly those connected with games and digital collectibles.

With upgradeable smart contracts powered by Cadence (the programming language developed by Flow developers) at its core, Flow seeks to ensure greater scalability. The blockchain possesses multi-node and multi-role architecture that is part and parcel of the key transaction processes, namely consensus, execution, collection, and verification.

Notably, one of the greatest features of the Flow blockchain is its high performance: it’s capable of executing 10,000+ transactions per second. As for its fee structure, Flow applies two fees to transactions: one is for creating an account, which starts at 0.001 FLOW (the platform’s native token), and the other is a transaction fee that starts at 0.000001 FLOW.

When it comes to the marketplaces established on Flow, NBA Top Shot is by far one of the most successful examples. In May 2022, it was reported that the marketplace surpassed $1 billion in all-time sales. Some other Flow-powered projects include TuneGO, BloctoBay, and crypto wallet may make money xtingles.

Flow also comes with its own set of APIs and provides all-encompassing guidelines on how to use them.

Binance Smart Chain.

Binance Smart Chain (BSC) is a blockchain that runs in tune with the Binance Chain. Yet, compared to the latter, it possesses an advanced smart contract functionality (supported by Solidity and Vyper) that is possible thanks to its compatibility with the Ethereum Virtual Machine (EVM). This logic has been implemented with the purpose of leaving the high throughput on the Binance Chain unchanged while introducing robust smart contract functionality into the ecosystem. Essentially, BSC isn’t either a Layer 2 or off-chain scalability solution — it’s a totally independent blockchain able to function even if Binance Chain goes down.

BNB is the native utility token of the entire Binance ecosystem. It’s used for both BSC and Binance Chain. The BNB token is used for running smart contracts on BSC and paying transaction fees on the Binance Chain and Binance DEX.

Binance Smart Chain is dependent on a system of 21 validators. It runs on the proof-of-staked-authority (PoSA) consensus mechanism that supports short block time and grants lower fees. Because BSC is compatible with the EVM, it enables developers to smoothly port their projects over from the Ethereum blockchain, which consequently grants support for a wealth of BSC tools and dApps. From the user perspective, this means that apps such as MetaMask can be effortlessly customized to operate with BSC.

In spite of the ubiquity and popularity of Ethereum in the NFT space, thousands of users and projects are now setting their sights on Binance Smart Chain due to its good performance and low fees: BSC is said to perform 55 to 60 transactions per second and it charges about 0.005 BNB (around $3) for creating an NFT.

Notably, BSC has its own token standard called BEP-721, which allows for the creation of non-fungible tokens.

BakerySwap is regarded as the most popular BSC project running on an all-in-one DeFi platform and the first AMM + NFT exchange. Back in June 2021, it managed to hit the 500,000 NFT transactions milestone, with its Food Combos becoming one of the top transactions of the month and even outperforming some of the famous CryptoPunks. BakerySwap also enables the creation of NFT Bakery Combos which are snack-based NFTs used as tools for farming BAKE, the platform’s native token.

Other outstanding projects include Battle Pets (gaming NFTs), and PancakeSwap (financial NFTs).

If you need to find out about BSC APIs, you can easily get all the relevant info on the official website.

Cardano.

Launched by Ethereum co-founder Charles Hoskinson, Cardano is a sophisticated, distributed proof-of-stake-powered blockchain. Its key objectives consist in enabling transactions in its native crypto (called ADA) and creating a convenient environment for developers to design highly scalable and robust Cardano-powered applications.

The Cardano blockchain has two layers, namely the Cardano Settlement Layer (CSL) used for transferring ADA between accounts and recording transactions, and the Cardano Computation Layer (CCL) which comes with the smart contract logic leveraged by developers to move funds. Cardano is predicated upon Haskell which is the foundation for Plutus, Cardano’s smart contract programming language. Haskell is also responsible for powering Marlowe, the domain-specific language used for creating financial smart contracts.

Cardano boasts a high performance: it’s currently capable of processing over 250 transactions per second. Noteworthy is that its Layer 2 scaling protocol, called Hydra, is expected to boost Cardano’s performance and enable it to scale up to 1 million TPS with 2000 staking pools. As for Cardano’s transaction cost, it reaches about 0.16-0.17 ADA, which is equivalent to approximately a penny or two.

When it comes to the NFT projects running on the Cardano blockchain, the most successful include Spacebudz (which is said to be the first million-dollar NFT sale on Cardano), CardanoKidz (a series of collectible cards), CryptoMayor (a collectible game), ADA Ninjaz (NFT project focusing on manga), Crypto Knitties (a collection of 10,000 knitted characters — don’t confuse them with the trendy CryptoKitties), and Somint (an art marketplace).

In addition, Cardano has pioneered the concept of non-fungible tokens of appreciation (or NFTAs) which are minted in accordance with the Cardano CIP-721 metadata standard.

If you wish to start working with Cardano, you can find its APIs offered as a free community service Cardano tools.

Solana.

The brainchild of Anatoly Yakovenko, Solana is commonly referred to as one of the fastest programmable blockchains in the crypto space, fiercely competing with Ethereum and Cardano. Solana currently boasts more than 350 projects spanning DeFi, NFTs, and Web3.

The Solana blockchain is based on the unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms. The logic behind PoH allows validators to be in control of their own clock and reduce the transaction verification process, as the nodes aren’t required to use processing power before they can validate different timestamps.

Delving into technicalities, it’s worth admitting that Solana’s smart contracts (called programs) are deployed on-chain via the Rust, C, and C++ programming languages. Its transaction fee is relatively low and amounts to approximately $0.00025.

Admittedly, the most outstanding feature of Solana, which has paved the way for its wider adoption, is its blazing fast transaction speed. Currently, Solana is capable of executing 50,000 transactions per second. In addition to this, the blockchain’s hybrid protocol allows for substantially reduced validation times for both transaction and smart contract execution.

Just like other blockchains, Solana has its native coin, called SOL. In October 2021, prices for SOL hit a record high during early US trading hours and Solana’s total value locked (TVL) reached an all-time high of approximately $13.91 billion. However, in 2022, SOL, just like many other tokens, experienced lots of ups and downs, and as of November 2022, its price ranged from as low as $11 to $38.

Solana already boasts a number of impressive NFT projects, the most notable being Degenerate Ape Academy (an NFT collection consisting of 10,000 smoothest brained apes), Solana Monkey Business (a bluechip NFT collection of 5,000 unique generative art monkey NFTs), SolPunks (Solana’s version of CryptoPunks), Frakt (an NFT collection consisting of randomly generated design patterns), Bold Badgers (a collection of 10,000 unique Bold Badgers), and Sollamas (a collection of 8,888 uniquely generated llamas with about 165 rare attributes).

Solana also allows for establishing advanced marketplaces. So far, you can buy and sell NFTs on Solana-powered platforms such as Solanart.io (which allows users to manage and trade Solana-based NFTs), DigitalEyes.market (the first open Solana marketplace for NFTs), Solsea (an NFT marketplace enabling creators to choose and embed licenses when they mint NFTs), and Metaplex (which empowers artists and creators to launch their own self-hosted storefront for NFTs and execute online auctions).

Moreover, Solana comes with the SPL token program — a token standard on the Solana blockchain. Just like Ethereum-based ERC-20 tokens, SPL tokens are specifically designed for DeFi apps. Solana has even developed a cross-chain bridge named Wormhole that enables users to lock ERC-20 tokens in an Ethereum smart contract and then mint the corresponding SPL tokens on the Solana blockchain.

Check out the Solana documentation website to see all of its available APIs.

EOS.

EOS is a blockchain that enables the frictionless development of decentralized applications and smart contracts. EOS native tokens were originally ERC-20 tokens, meaning that they were created on top of the Ethereum blockchain. This blockchain is best known for holding probably the largest initial coin offering (ICO) ever, which managed to raise about $4 billion by selling a billion EOS tokens over the year.

EOS makes use of the delegated proof-of-stake (DPoS) consensus algorithm. C++ is the key programming language that enables the blockchain to launch high-performing smart contracts. However, noteworthy is that EOS can actually support any language that compiles into WebAssembly (WASM).

When it comes to performance metrics, EOS is able to conduct around 10,000 transactions per second with an average confirmation time of 0.5 seconds. As for the fee structure, technically EOS doesn’t charge any gas or transaction fees. However, users are required to deposit some EOS coins to register their wallets on the blockchain and keep those coins staked.

Among the most prominent NFT projects on the EOS blockchain, you can find AtomicMarket (a shared liquidity NFT market smart contract), Upland (the earth’s metaverse mapped to the real world and accessible via web, iOS, and Android), Crypto Dynasty (an RPG&PvP dApp game), and Blockchain Cuties (a collectible crypto game with adventures).

The EOS API documentation can be accessed in EOS Documentation.

WAX.

Created in 2017, WAX, which stands for the Worldwide Asset eXchange, is a carbon-neutral blockchain running on the delegated proof-of-stake (DPoS) consensus mechanism and cryptocurrency performing about 8,000 transactions per second. According to DappRadar, as of November 2022, the total number of transactions reached 19.68 million.

The developers refer to WAX as a green NFT minting machine, since it consumes about 125,000x less energy per transaction compared to Ethereum.

The WAX platform doesn’t have any custom programming languages. Its smart contracts are written in C++, though it’s advisable to get the hang of the WAX C/C++ API library before starting to deploy contracts. WAX’s native utility token is called WAXP. It is used for paying transaction fees, governance, and staking.

Back in January 2021, it was announced that WAX was going to implement a 2% network fee on all NFT secondary market transactions executed on the WAX blockchain. This implies that every time a non-fungible token is purchased/sold on a WAX-based marketplace, 2% of that transaction will be collected as a network fee and paid out to the WAX community through the WAX DeFi system on Ethereum.

WAX is by rights considered to be the most eco-friendly and environmentally-conscious blockchain: in August 2021 WAX released its own series of Carbon Offset vIRL NFTs which can be purchased directly from WAX. The logic behind this concept lies in the fact that an NFT holder can compost an NFT when they wish to offset their carbon footprint. By doing so, one tree sapling per $1 spent will be planted by the National Forest Foundation. Sounds cool and wise, right?

WAX has served as a solid foundation for several NFT projects, including Alien Worlds (an NFT Metaverse where you can play with unique digital items), R-Planet (a revolutionary NFT-staking and game system which allows users to benefit from their unused NFTs), and Farmers World (the first farming game functioning on the NFT platform).

WAX has proven to be a viable blockchain solution for establishing NFT marketplaces. To date, you can sell and/or buy NFTs on the following WAX-powered platforms: NeftyBlocks (a user-friendly marketplace allowing users to effortlessly buy, distribute and manage NFT collections) and AtomicHub (a one-stop solution for creating and trading NFTs).

The WAX blockchain also comes with useful guidelines and APIs that can assist developers in building fully-fledged and sophisticated WAX-powered solutions.

Algorand.

Algorand is a highly secure and scalable Layer 1 blockchain that is perfectly suitable for launching and handling NFTs. The Algorand team sincerely believes in the importance of the NFT market, which is why it has provided elaborate NFT functionality that eliminates the need for NFT projects to design additional apps with complex features.

The Algorand blockchain makes use of the pure proof-of-stake (PPoS) consensus which randomly and secretly selects block validators from its token holders. This consensus mechanism guarantees a high degree of decentralization and prevents any blockchain forks. In this way, Algorand-powered NFT assets are provided with top levels of protection.

Its smart contracts are written in the Transaction Execution Approval Language (TEAL), an assembly-like language that is interpreted by the Algorand Virtual Machine (AVM), and are created either by hand or with the help of Python using the PyTEAL compiler.

Algorand is also striving to be a totally green and carbon-negative blockchain. It has recently partnered with ClimateTrade, a leading company dealing with CO2 emissions transparency and traceability with the help of blockchain-powered solutions. Algorand and ClimateTrade are planning to achieve their sustainability goals together by offsetting CO2 emissions and making the planet a better place.

Algorand’s native token (called ALGO) enables its holders to take part in the decision-making process.

In addition, Algorand has the capacity to perform about 1,200 transactions per second, and it’s expected to scale up soon to 6,000 tps. As for its transaction fee, it’s relatively low and pegged at 0,001 ALGOs.

Algorand has facilitated the development of several NFT projects, including ANote Music (an NFT marketplace connecting musicians with their audience), ALGOeggs (a hybrid NFT project consisting of 2D and 3D art pieces), Dahai (a tokenized fine art market and DEX), Australia Zoo’s NFT Collection, and Opulous (a platform for launching music copyright NFTs).

Should you ever need Algorand APIs, check out the related documentation on the developer’s portal.

Tezos.

Tezos is a decentralized, open-source blockchain that enables the effortless execution of P2P transactions and serves as a sophisticated platform for deploying smart contracts.

One of the most outstanding features of Tezos is the self-amending function that empowers it to implement an open-chain mechanism to do away with a hard fork when proposing, selecting, testing, and activating protocol upgrades.

Currently, the Tezos blockchain runs on the unique liquid proof-of-stake (LPoS) consensus mechanism, where a validator is called a «baker» or cryptocurrency an «endorser». In contrast to DPoS, in LPoS any user has the ability to become a validator provided that they have enough coins. If they fail to meet this requirement, they can choose to delegate. The idea that stands behind this extraordinary concept is to increase inclusion and focus more on governance liquidity rather than the network’s scalability.

The Tezos blockchain executes about 40 transactions per second, and its transaction fee is around 10 cents. However, it was reported that Tezos was set to reach 1,000 tps with its upcoming Octez v13 release.

Tezos has both a domain-specific smart contract language called Michelson and widely-supported languages used for writing Tezos smart contracts such as SmartPy and LIGO.

Apart from that, Tezos has its native utility token and cryptocurrency called XTZ. It’s used as a medium of exchange and allows users to take part in the platform’s on-chain governance functions.

Importantly, Tezos comes with the FA2 token standard that has been specifically designed for non-fungible tokens. It assigns a unique token ID to each individual token and pegs it to the token owner address.

The Tezos blockchain has served as a rock-solid foundation for different NFT marketplaces such as Kalamint (a curated community-owned public NFT marketplace), OneOf (a music NFT platform), and Objkt (the biggest FA2 marketplace on Tezos).

Moreover, Tezos has attracted the attention of a number of celebrities and famous brands which have employed the blockchain for minting their NFTs. The list includes Doja Cat, Redbull, and the Grammy Awards.

All of the Tezos API resources are publicly available.

Tron.

Before migrating to its own independent network in 2018, Tron used to be an Ethereum-based ERC-20 token. These days, Tron is a fully-fledged decentralized open-source blockchain that facilitates the development of dApps, smart contracts, and tokens.

Tron has its native token standards. In 2020, it introduced a new NFT standard called TRC-721 (which is fully compatible with ERC-721) in addition to the existing TRC-20, so as to explore new prospects for the blockchain.

The Tron blockchain adopts the delegated proof-of-stake consensus (DPoS) with 27 rotating super representatives. Its smart contracts are developed in the Solidity programming language that is used for deploying contracts on different blockchains. The Tron Virtual Machine (TVM) is fully compatible with the EVM environments and allows developers to create, debug, and execute smart contracts in a mixed environment with Solidity.

Tron also has its own native currency called Tronix, or TRX for short. It is used for directly paying content creators to access applications. As for its transaction performance, the Tron blockchain claims to be able to conduct around 2,000 transactions per second and charges a fraction of a penny per transaction.

Convinced of the importance of NFTs and GameFi, the Tron Foundation recently launched a $300 million fund, named Tron Arcade, that will be investing in play-to-earn projects over the next three years.

To date, you can come across several Tron-powered NFT campaigns, including TPunks (similar to CryptoPunks but developed on Tron), Kraftly (an NFT marketplace for buying and selling exclusive digital assets), and NFTOne (the first Tron-based NFT marketplace).

Additionally, the Tron network offers a variety of API calls that enable users to effectively interact with the blockchain.

Closing thoughts.

A big shout-out to those who have made this journey with us across ten popular blockchains for NFT development right to the end!

Undoubtedly, non-fungible tokens have become the next big thing, penetrating both small-scale and large-scale businesses that are keen to kickstart their trailblazing NFT campaigns and generate revenue. However, to ensure that your project will be a long-term roaring success, it’s highly advisable to pause and carefully choose the blockchain that your NFT campaign will be running on. Therefore, you should think over which blockchain characteristics offer the greatest value to you and study the options available on the market.

Based on the above insights, we can draw the following conclusions: if you’re looking for a blockchain with low transaction fees and high transaction throughput , then you should consider Flow or Solana. If you wish to popularize your project , it’s wise to give priority to Ethereum since the most prominent tokens, dApps, and swaps are predicated on the good old Ethereum which foresees a major upgrade very soon. However, if sustainability is your primary concern, you should definitely opt for a «green» blockchain. Currently, the most eco-friendly options available are Algorand and WAX, though other blockchains running on the PoS, LPoS, PoSA, or DPoS consensus mechanisms (like Ethereum, Tron, EOS, Tezos, Binance Smart Chain, and Cardano) prove to emit less CO2 into the atmosphere than PoW-powered alternatives.

If you find it difficult to properly assess the crucial characteristics and select the most suitable blockchain for your project, drop a line to our professional blockchain consultants who will do in-depth research and come up with the best solution especially for you.

Or, if you already have a nascent idea about your NFT-project-to-be, our professional blockchain developers will help you bring it to fruition. We at PixelPlex do it up brown every time: we are well-versed in developing NFTs as well as NFT marketplaces, wallets, data services, launchpads, and lending platforms on a range of blockchains and have a proven track record of successfully delivered NFT projects. We can also help implement two blockchains within one project via the ZK rollup functionality, for example, Ethereum for issuing tokens and Solana for storing business logic.

Your idea + our development = spectacular result. Let’s collaborate to enjoy rewarding experiences and open up new opportunities!

Top Ten Blockchains Comparison Table.

Still don’t know which blockchain to choose for your NFT project? Check out this table to get a quick yet detailed overview of 10 blockchains commonly used in NFT development. Download Now Kira Belova Copywriter Follow us on Facebook and LinkedIn to keep abreast of our latest news and articles.Blockchain facebook twitter linkedin.

Bored Ape Owner Burns NFT on Ethereum, Moves It to Bitcoin.

Bitcoin added NFT support, and now it has a Bored Ape on the network after Bored Ape #1626 was burned on Ethereum and transferred it to Bitcoin.

Ryan Taylor.

Feb 15, 2023 • 2 min read.

Bitcoin’s first Bored Ape.

Bitcoin recently added NFT support, NFT and now it has a Bored Ape on the network too. The owner of Bored Ape #1626 «burned» his NFT on Ethereum and transferred it to the Bitcoin network using a new protocol called Teleburn, which allows NFTs to be burned on one blockchain and inserted into Bitcoin as Ordinals – Bitcoin’s new version of an NFT.

The Bored Ape was originally purchased for 108 ETH (~$430k at the time of purchase) and was worth about $170k when it was burned. Now its value is hard to place, since it’s the first Bored Ape NFT on Bitcoin, invest in nft there’s no major exchange for Bitcoin NFTs, and it’s not clear if Bitcoin investors even care about NFTs.

The Teleburn function allows users to send an NFT to an address on a different blockchain by burning it on the original blockchain and minting it on the new blockchain with the same metadata and owner information. But the NFT still technically exists on the old blockchain too, so I don’t really see the point.

You can’t «burn» an on-chain asset–that’s the whole point of the blockchain. Instead, the process of burning is simply sending the NFT to a «burn» address that no one controls. You can still see Bored Ape #1626 on Ethereum, but its old owner can’t do anything with it anymore.

As you may remember, Bored Ape holders also hold the intellectual property rights to their Ape’s appearance. Seth Green starred in a TV show using his Ape, cryptocurrency and invest in nft other investors have used their Apes to sell merchandise and even fast food. According to Bored Ape parent company Yuga Labs, once you move your ape to a burn address, you lose the rights to the Ape.

So now Bored Ape #1626 is just. gone? Sure it’s on Bitcoin, which has massive liquidity, but there isn’t much liquidity for NFTs on Bitcoin yet. Also, invest in nft Bitcoin is a terrible blockchain for If you have any inquiries pertaining to in which and how to use crypto wallet, you can speak to us at our own page. NFTs anyway. Bitcoin is slow, and it’s not made to store smart contract data on-chain. Add in that Bitcoin holders are basically gold hoarders with computer skills and there’s some serious resistance to mainstream Bitcoin NFT adoption.

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Binance Outflows Top $800M in a Day on Bad BUSD News.

Binance saw over $800M in net outflows over the last 24 hours following US regulatory action against stablecoin issuer Paxos for minting BUSD.

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The SEC and the NYDFS are coming after Paxos after Circle allegedly snitched to the regulators.

Top 7 NFT Tools to Make You a Profitable Trader.

Since the beginning of the year, the crypto markets have been in a correction mode, showing a strong correlation with the global equity markets. Due to macro uncertainties and rising inflation, the prices of top cryptocurrencies like Bitcoin and Ethereum took a big hit of up to 30%. And the rest of the pack (altcoins) are down anywhere between 50 and 75%.

So things are not looking great for the crypto markets, irrespective of the incredible growth we see in the industry in all directions. This brings us to the question: which market is currently positioned to succeed and overcome high correlation? We believe it is the NFT market.

The parabolic growth of NFTs, from 74 million to 41 billion in trading volume since August last year, shows us that NFTs have become much more than art and digital collectibles. They now represent a market-expanding technology that can provide so much utility and economic upside to the investor. But times have changed, for the better or worse.

In early 2021, there were very few projects compared to what we’re seeing now in the NFT market. So, it was relatively simple to assess a project and decide to invest or not. But we can’t say that now. The market conditions have changed so much that we see dozens of projects launching every day, with unique artworks, skilled teams, and promising roadmaps.

So it’s exponentially harder to track a project, find a rare NFT, and enter at the right floor price. The solution? NFT tools. Similar to how equity traders use indicator and screener tools to increase their probability of success, you can leverage NFT tools to value a collection purely based on data.

You are at an advantage when you have access to real-time data and rare traits of an NFT collection. You can snipe undervalued NFTs based on rarity and make wise buy/sell decisions when the volume is starting to go up. Now, the question becomes: NFT which NFT tool should I choose? Don’t worry; we’ve got you covered!

In this article, we will be listing the top 7 NFT tools you should check out to get ahead in the NFT market and improve your returns with every trade. Let’s get started.

Beyond Rarity.

Most of the tools we see emerging right now take only raw statistics. But we all know when it comes to NFTs, data is not enough to catch an impulse move in the markets. We also need to calculate human sentiment, meaning how the NFT community feels about a particular collection or trait.

To fill that gap, the team at Wall St Fam NFT collection developed VibeRater. It is a one-of-a-kind NFT tool that considers trait weighting and element combinations aka «vibes» of a collection to accurately determine whether it’s undervalued or overvalued. VibeRater also compellingly showcases the data with a Master View that shows the deviation from the expected price based on rankings.

For a nuanced analysis, VibeRater adds «creator-specific» traits into its algorithm. They include vibe boost and confidence score. If an NFT has a vibe score and a high base score, it will likely sell for higher prices. Along with algorithmic factors, the tool also has a deal notification feature, which allows you to set alerts and get in early on deals. You can customize them based on rankings, price, and deviation from expected price.

Outside of technical aspects, there is something more that makes VibeRater the go-to NFT platform for making educated purchases. It is the community-first approach and first-hand experience of the team building an actual NFT collection. Wall St Fam is a noteworthy NFT project that continues to add value to its holders. The team is soon going to launch their next collection with Classic Moms which are required to access VibeRater’s premium features. You can register for the whitelist here.

Icy Tools.

Icy Tools is one of the most advanced and reliable NFT analytics platforms in the market. It provides real-time data of secondary markets and live minting NFT collections. Icy Tools managed to scale quickly because they collect as much data as possible directly from the underlying blockchain. It uses QuickNode to help process large amounts of transaction data.

Along with its ability to scale, Icy Tools brings a plethora of trading features that makes buying NFTs a blissful experience. They include wallet analysis, token breakdown, custom alerts, smart labels, and curated feeds. Further, it allows you to track the wallets of large collectors, making your job easier to find the right entries and exits. If you wish to make the most of these features but don’t know where to start, you can check out the demo video below.

To access the platform, you can do two things: buy a lifetime membership NFT to Icy Founders Club or a monthly plan at $75. There will be no auto-renewals or lock-ins. You can simply pay with your metamask account or debit/credit card.

Trait Sniper.

Another OG in the NFT analytics department is Trait Sniper. It is regarded as one of the most complete trading platforms, with advanced features and a full-fledged ecosystem for NFT holders.

Trait Sniper has a proven track record of improving one’s profitability. So far, it helped over 100K NFTs get sniped and saw over 65K in ETH volume. And over a million users leverage Trait Sniper to get the best NFT deals every month.

Some of the notable features of Traity Sniper are custom listing alerts, reveal calendar, wallet watcher, chrome extension, customizable gas settings, and whitelists from ecosystem partners. It is also important to note that features vary based on the type of NFT. Traity Sniper launched two NFT collections: Genesis and Alpha. Genesis holders get extra features, such as auto-buy, mass bid mode, instant rarity upon reveals, and access to the genesis group.

Trait Sniper also has a social feeds feature to update you on the most trending NFT collections. And it features a sniper dashboard, showcasing skilled NFT traders. You can check their wallet history to learn how they do it.

Overall, Trait Sniper is an excellent NFT analytics tool. And the thing that makes it so valuable is its connections with communities like Neo Tokyo and Metroverse. Those partnerships can likely give you pre-mint access to future NFT drops.

NFT Bank.

The most common problem faced by NFT investors and traders is asset valuation. NFTs are subjective, so it is hard to value them accurately according to the actual market price. So you need a tool that factors in different components that go into price tracking and real-time valuation. And among the ones available, NFT Bank is the go-to platform for portfolio management and price discovery.

Tracking portfolios is not limited to only understanding the real-time valuations of your NFTs. It’s so much more. NFT Bank provides you with customized emails and signals indicating changes in your portfolio. If that’s not enough, it also added a tax-filing feature to make it easier to gather all transactions across chains and calculate the estimated profit and loss.

Nansen.

Nansen is arguably the best on-chain tracker for crypto and NFT markets. It may not have a few out-of-the-box features like some of the aforementioned tools, but it is slowly building one of the most robust NFT analytics platform. It has recently added many things to the NFT platform, including a wash-trade filter, NFT indexes, and ERC155 support.

Integrating NFT indexes is another smart move by Nansen, as indexes help investors deploy capital to track a particular segment of an asset class. Nansen releases six main indexes, covering gaming, metaverse, and social NFTs.

NFT Nerds.

Timing is crucial in the NFT space. When a new collection launches, many holders will try to sell their NFTs without gaining any knowledge of their rankings. This is where you can take advantage by immediately buying their underpriced NFTs. But to do that, you need to be fast because thousands of other NFT traders are looking at the same collection. To help you with the fast execution of trades, NFT Nerds introduces live NFT sales and listings.

With the help of Firehouse, buyers can create custom alerts with traits and a pricing range. When the buy alert is triggered, NFT Nerds automatically approves your transaction in under four seconds. If you want to use these features with real-time data, you need to buy premium plans, costing anywhere between 0.15 ETH and 0.5 ETH.

WGMI.

WMGI.io is a portfolio tracker and account valuation tool created by NFTommo, a member of the Proof Collective community. WMGI has many sophisticated data points like floor gaps and the number of listings to snipe effectively and find projects ready for a supply squeeze, respectively.

To access the premium features of WMGI, you need to either buy an NFT card or pay for a subscription. The membership NFT costs roughly 0.15 ETH for a lifetime, whereas an annual premium+ plan costs $1000.

Closing Thoughts.

It is true and proven that NFT tools can upgrade your trading experience. But at the same time, it’s important to remember that NFTs can go upside down at any time. So it would help if you tried to use these tools to identify price gaps and take advantage of them in the short term. You can make a quick flip or NFT find rare NFTs, but it’s still early to use on-chain data to make long-term NFT investments. All in all, you should still check out different NFT tools, be it free or paid, and see if you can find some alpha.

Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.

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Some artists found a lifeline selling NFTs. Others worry it’s a trap.

Artists are jumping into a market that will pay thousands for their work. But they’re running into scams, environmental concerns, and crypto hype.

March 25, 2021.

Anna Podedworna first heard about NFTs a month or so ago, when a fellow artist sent her an Instagram message trying to convince her to get on board. She found it really off-putting, like a pitch for a pyramid scheme. He had the best of intentions, she thought: NFTs, or non-fungible tokens, are basically just a way of selling and buying anything digital, including art, that’s supported by cryptocurrency. Since she’s a concept artist and illustrator, it would make sense for Podedworna to have some interest in them. «He just phrased it in the most unfortunate way possible,» she says.

Most of Podedworna’s income comes from the video game companies that hire her to work on their projects, but she makes her own art on the side. So despite her initial reaction to NFTs, she started researching whether they might provide some alternative income.

She’s still on the fence, but last week someone attempted to make the decision for her. Marble Cards, an NFT marketplace that sells URLs to pretty much any spot on the web as if they were digital trading cards, suddenly started showing listings for invest in nft links to her work. NFTs like these aren’t necessarily attempting to sell the art itself, but the entries prominently featured her work and her name, giving the impression that she had authorized them. She tweeted about it and they were, rather promptly, taken down.

NFTs have become an unavoidable subject for anyone earning a living as a creative person online, prompting a rush to understand a concept that is deeply mired in the jargon of cryptocurrency and blockchain technology. Some promise that NFTs are part of a digital revolution that will democratize fame and give creators control over their destinies. Others point to the environmental impact of crypto and worry about unrealistic expectations set by, say, the news that digital artist Beeple had sold a JPG of his collected works for $69 million in a Christie’s auction.

Just as the trend is shuffling the deck on what is considered «valuable» digital art, however, it’s also re-creating some of the same problems that have plagued artists for ages: confusing hype, the whims of rich collectors, and theft. Digital artists already battle scammers who steal artwork and sell it as merchandise on user-generated T-shirt shops, for instance. NFTs are now simply another thing artists have to check.

Newcomers must untangle practical, logistical, and ethical conundrums if they want to enter the fray before the current wave of interest passes. And as some artists turn their digital creations into profitable offerings for a new audience of friendly, enthusiastic buyers, there’s a question lingering in the background: Is the NFT craze benefiting digital artists, or are artists helping to make wealthy cryptocurrency holders even richer?

«That feeling … is amazing»

Ellie Pritts, a photographer and animator crypto wallet may make money from Los Angeles, learned about NFTs after talking to Foundation, an invite-only NFT marketplace, several months ago. Another artist recruited her for the site’s digital print business, but then she spoke with Kayvon Tehranian, the founder of Foundation, who mentioned its NFT sales.

«I was like, I don’t understand this. But it seems really interesting,» she says. «And there wasn’t a lot of information about it, but I was intrigued. He was actually the person who taught me about it.»

Non-fungible tokens are unique pieces of data that are part of a blockchain, bought and sold with the currency that blockchain supports. The ones you’re hearing about are pretty much all supported by Ethereum.

If you haven’t heard of Ethereum, you’ve probably heard of Bitcoin. Same idea; different blockchain. And while Bitcoin is primarily about exchanging money, Ethereum is better for exchanging assets. Any blockchain can in theory support NFTs, invest in nft but this one was designed for them. NFTs are sold on any of various online marketplaces, where users can «mint,» or create, one for anything digital.

An NFT doesn’t mean that you own the piece of art itself. Instead, you’re basically buying metadata that grants you bragging rights—or, more often, the opportunity to sell that NFT later for even more money.

«The people who bought my pieces were doing a lot of research. They decided to invest in me because they had looked into me and thought that I was promising.»

It’s a lot to take in, and sounds a bit strange. Pritts was skeptical until she minted and cryptocurrency sold her first NFT in February. It was a short video piece she’d made for herself, without the expectation of getting paid: it sold for about a thousand dollars. Animation is time-consuming and expensive to create and has, historically, been difficult to sell for a fair price online. Maybe NFTs would let her do that, she thought. Mainly, though, selling just felt good. «That feeling that something that I made just because I love it has value is amazing,» she says. «The people who bought my pieces were doing a lot of research. They weren’t people that I knew. They decided to invest in me because they had looked into me and thought that I was promising.»

Tiffany Zhong, the founder of Islands, a creator platform that focuses on revenue streams, says that buyers aren’t necessarily supporting artists just as «cash grabs.» Instead, she thinks NFTs could become a different way for creators to build a fan base. Buying in early to an artist’s work comes with a sense of ownership, like having seen a now famous band at its very first gig. «If you’re an early supporter of a creator,» she says, «you’re betting on them.»

Pritts now feels like part of a community: she’s working on half a dozen collaborations with other artists who also mint NFTs, people she would never have met before jumping in a month ago. And, she says, she’s doubled her monthly income—in theory. The money is all in Ether rather than dollars, and she hasn’t cashed out yet.

«You have to put the legwork into it»

One of the difficult things about understanding NFTs is the jargon barrier; all the terms that explain how it works are really only familiar to people who already get crypto. As a result, a lot of the information on NFTs comes from its biggest evangelists: the marketplaces that sell them, the people who invest in them, and the artists who create them. To everyone else, it’s a bamboozle.

Amid the sudden rush of interest in this new avenue for their work, though, many artists have turned into guides for others.

Pinguino Kolb, an artist and longtime cryptocurrency advocate, has been flooded with questions from other artists about NFTs over the past month. «I get a lot of questions on why people are excited about it. That’s even from some of my programmer friends that know the crypto space,» she says. «They don’t understand why people are buying it.»

Related Story.

Art has been brutalized by tech’s giants. How can it survive?

The rise of monopolistic technology companies has made it harder for artists to do their best work. The underlying problems go way beyond art, but they can be fixed with bold action, says William Deresiewicz in this excerpt from his book, «The Death of the Artist».

Her answer, essentially, is that it’s fun. «I think it broke a lot of the monotony of the pandemic. Because we’re not going to events or anything. We’re not going to art shows,» she says. «All of a sudden in the past month, my whole Twitter feed is just filled with artwork, and that wasn’t the case before.»

In mid-March Kolb held a Zoom seminar where she explained the whole thing to artists who had never purchased cryptocurrency. She hopes the information will help people figure out whether getting involved makes sense for them, she says. But it won’t for everyone.

«If you’re telling an already busy artist to drop everything they’re doing and jump on this train because they’re going to lose out,» she says, «I don’t think that’s something they should do.»

«You can’t just make an NFT, release it into the wild, and automatically somebody is going to buy it,» she adds. «You have to promote it. You have to put the legwork into it. You know, a lot of times you have to become more involved with that community. All that takes time. And if that’s not your core audience, it probably doesn’t make sense for you to do.»

«It instantly became morally indefensible»

Canadian concept artist Kimberly Parker first started hearing about NFTs a couple of years ago, when an artist she follows began to sell his work.

«I checked in on some of the top artists and was pretty shocked by the amount of money they were making from these sales, since most of it was just 2D images, JPGs, the kind of work that a lot of my peers and I were selling for pennies by comparison, if at all,» she says.

Even more confusing was that the art varied widely in quality: bad meme art was doing well right alongside beautiful, time-intensive animations, sometimes purchased by the same investor. People buy NFTs for many reasons, but one is that they think they can flip it for more money later. This didn’t turn her away from NFTs, though: instead, as she continued her research, what really disturbed her was learning about their environmental impact.

There are a couple of different ways in which blockchains can grow. Ethereum, like Bitcoin, uses a method called «proof of work,» in which computers have to solve complex math problems in order to add anything to the blockchain. That takes a lot of processing power, which is rare and expensive—and part of what gives cryptocurrencies their value. And it’s also why it costs money up front, called a «gas fee,» to mint an NFT.

That processing power requires electricity, which generates emissions. As Ethereum grows, so does its pollution output. According to the energy consumption tracker on the website Digiconomist, Bitcoin has a carbon footprint comparable to that of Switzerland, while Ethereum’s is comparable to Tanzania’s.

«For someone like me, who is very privileged and able to support myself already, it instantly became morally indefensible,» Parker says.

Anna Podedworna knows about the environmental impact of NFTs: it’s part of why she’s hesitant to start minting them. But she has another motivation for considering them seriously.

Podedworna lives in Poland and is concerned about her country’s increasingly right-wing, nationalist government. «Having some alternative income that is based in cryptocurrencies is sounding better and better,» she says. «I mean, I see where things are going in my country, and I have family to worry about.»

Ethereum has long promised to switch to a more energy-efficient system called «proof of stake,» but in the meantime, some creators are purchasing carbon offsets for the NFTs they mint. Ellie Pritts, the photographer and animator, argues that it’s unfair to single out artists for participating in something that produces pollution, given the many more common activities that do as well.

Andres Guadamuz, a senior lecturer in intellectual-property law at the University of Sussex who studies cryptocurrencies and copyright, cautions that even Ethereum’s plans to reduce its carbon footprint may exacerbate the inequality that already exists between rich early investors in the currency and everyone else.

Proof of stake removes the need for enormous processing power by replacing the mining process with one that essentially ties mining power to your financial stake in the cryptocurrency. «It builds in the inequality that is already in the system,» Guadamuz says. «So the people that make all the decisions are the people who are already very rich in the system.»

«That’s a lot to gamble on»

While it may feel as though NFTs are suddenly everywhere, the wave of interest started several years ago. Cryptokitties, a blockchain game based on Ethereum in which people buy and trade digital cats, launched in 2017 and was so popular that the traffic slowed down transactions on the entire network.

But Cryptokitties didn’t generate nearly the same amount of interest that NFTs now have. Essentially, Guadamuz argues, NFTs have evolved alongside ever-growing hype about cryptocurrencies in general: an attention economy inside an attention economy.

«No matter how much money you put in right now, there are people that started this 10 years ago that you will never be able to match.»

And so now NFTs are getting hyped up because Ethereum is getting hyped up because Bitcoin is getting hyped up because . of the pandemic? Low interest rates? Elon Musk’s tweets? Whatever the reason, it’s important to see the connection between those things, Guadamuz says.

While artists are benefiting from NFT sales, he argues, Ethereum stakeholders are benefiting even more. «No matter how much money you put in right now, there are people that started this 10 years ago that you will never be able to match,» he says. All the people getting into the system now are just getting some of the vast amount of cryptocurrency that those people have accumulated over time.

Parker worries about the business model of these marketplaces, and the promises they make to artists. Anyone who lists work typically has to pay a fee to do so—easily about $100. «For small artists, that’s a lot to gamble on,» she says. «Artists are being sold this dream of riches and more control, but they’re just being used to boost the speculative value and prestige of cryptocurrency.»

Pritts says she’s frustrated by the amount of scrutiny that NFT artists are receiving, especially since for her, the work has been both financially and artistically fulfilling.

«It feels like it’s kind of like every other week there’s a new thing that’s trending as a reason to not like what we’re doing,» she says. «Environmental has been the biggest one for sure. But recently, the new one is that this whole thing is a Ponzi scheme or a pyramid scheme.» That is a characterization she strongly disagrees with.

«The way that I view it is essentially a new version of an old thing,» she says. What critics are tapping into when they call the NFT craze a pyramid scheme is that «only the people at the top make it.» But «that’s just being an artist,» she argues. «That’s always been how it is. Unfortunately, we cannot all make it.»

With 11,000 NFTs Minted to Bitcoin, Are Bitcoin Maxis Coming Around?

When Ordinals launched in January, it caused an uproar in the Bitcoin community as enthusiasts, advocates, and developers argued the merits of putting JPEG on the blockchain. While the heated debate continues, the number of Bitcoin inscriptions using Ordinals has already surpassed 11,000 on Tuesday, according to a Dune report.

Ordinals are the latest project aiming to bring NFTs into the Bitcoin ecosystem. The first project, Counterparty, first introduced non-fungible tokens to Bitcoin with the Rare Pepes collection in 2014, with Stack following in 2017. However, the Ordinals project is different because the assets, including JPEGs and even video games, are inscribed directly on satoshis on the Bitcoin blockchain without needing a sidechain or additional token.

The Ordinals project has consumed the Bitcoin community and sparked new debates and questions about the ultimate purpose of the Bitcoin network. For some, Ordinals opened Pandora’s box of threats to the Bitcoin network, including malware attacks and skyrocketing transaction fees.

The Ordinals block explorer should be browsed with caution, IMO. It has auto executing, unvetted pieces of JS code executing in your browser that possibly could be malware. Seems like a minefield you should probably avoid. — Pledditor (@Pledditor) February 7, 2023.

Other responses are not as apocalyptic.

Ordinals Launches NFTs on Bitcoin, Unsurprisingly Sparking Controversy.

Long-time Bitcoiner Dan Held tweeted his support of Ordinals, saying the project is «good for Bitcoin.» Held shared a screenshot from an email by the late Hal Finney, where he wrote about «crypto trading cards.» Held said Finney would like Bitcoin NFTs. Finney, who passed away in 2014, is one of many believed to have been the pseudonymous creator of Bitcoin, Satoshi Nakamoto.

Hal Finney would like Bitcoin NFTs. pic.twitter.com/z4cO468pcA — Dan Held (@danheld) February 6, 2023.

Unlike Ethereum and Solana, Ordinals calls its NFTs «digital artifacts,» with others in the Bitcoin space calling the digital asset simply «inscriptions.» Ordinal inscriptions are possible thanks to a feature introduced by the Bitcoin Taproot upgrade in November 2021 that allows storing arbitrary data to a satoshi’s witness.

Bullish on ordinals increasing the #Bitcoin fee market (even if temporarily). Miners could use a little revenue these days. — Dennis Porter (@Dennis_Porter_) January 30, 2023.

Interest in Ordinals has steadily increased since developer Casey Rodarmor launched the project on January 21, 2023, with some looking to push the limits of what can be inscribed on a satoshi.

Ordinal inscriptions of random JPEGs is boring Ordinal inscriptions of JPEGs containing text of banned books, the Bible, leaked documents from governments, etc is ALOT more interesting — Eric Podwojski 🟠 (@epodrulz) February 7, 2023.

«The Ordinals project is a milestone for bitcoin, demonstrating how innovation on the bitcoin network can give rise to a breadth of new applications beyond its use as sound money,» Lolli co-founder and CEO Alex Adelman told Decrypt in an email, calling Ordinals a homecoming moment for Bitcoin.

Sports Fans Twice as Likely to Buy Bitcoin, Ethereum, NFTs.

Adelman says that while Bitcoin still lags far behind Ethereum in the volume of investment and talent committed to innovating and developing new applications, Bitcoin NFTs will attract a new wave of interest and capital and create new opportunities for developers to build novel solutions to facilitate scalability and efficiency.

If Ordinals can kill Bitcoin, NFT it was never alive in the first place — Spenny (@CryptoLanroc) February 7, NFT 2023.

While the thrill of minting NFTs on the Bitcoin blockchain has drawn new attention from adherents to the OG blockchain, Ordinal inscriptions lack the features many associates with NFTs, like smart contracts, which the Bitcoin blockchain does not natively support.

Satoshibles developer Brian Laughlan believes the limitations of Ordinals will bring more attention to projects like Stacks.

«The reason I am bullish on Stacks even more now is because people will eventually start to feel the limitations of ordinals—high main chain fees, no smart contracts, etc,» Laughlan told Decrypt on Discord. «They will look to L2 solutions, and Stacks is ready to fill that gap.»

Laughlan says backlash from Bitcoin maximalists has made it hard for Stacks to «get its voice heard,» adding that Ordinals is the best thing Stacks could have asked for.

«Now more people are looking at Bitcoin than ever,» he said. «You got ETH Maxis running Bitcoin nodes and Bitcoin Maxis loving jpegs all of a sudden! The world has gone mad.»

As the debate surrounding Ordinals continues, inscriptions on the Bitcoin blockchain are clearly here to stay—whether Bitcoin maxis like it or NFT not.

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Top NFT blockchains in 2022.

Since the introduction of the Colored Coins in 2012, the real-world assets existing on blockchains were introduced to the digital world. Later, the ‘token’ element was added to these assets and non-fungible tokens or NFTs were created.

NFTs are digital assets that represent real-world objects, including art, media, in-game items as well as properties and invest in nft lands. In fact, NFTs make it possible to tokenize all real-world assets.

One of the primary benefits of NFTs is ‘proof of ownership’ of these digital assets. All data regarding NFT ownership is securely recorded on a blockchain that the developer has chosen to deploy their NFTs on. This made NFTs unique assets where not two of them are alike as each NFT has its own special characteristics.

In 2014, Kevin McCoy, the digital artist, minted the first-known NFT ‘Quantum’ on the Namecoin blockchain. This pixelated image got lots of attention and was followed by several successful NFT projects in the following years.

However, NFTs went mainstream mainly in 2021. There was a huge explosion and surge in NFT supply and demand during the year. Along with the hype in the NT world, blockchain technology also showed great progress to support the NFT market and allow the enormous amount of data on NFTs and their transactions. Therefore, some of the best blockchains were introduced to the market to satisfy the requirement of NFT traders and owners.

In this article, we aim to provide a list of the most popular Blockchains for NFTs. We also discuss their strength and weak points and explain why each of the blockchains is the most reliable to trade NFTs.

Table of Contents hide.

Top NFT blockchains.

1. Ethereum (ETH), Top NFT bllockchain.

The most popular blockchain for NFTs is Ethereum. In 2013, Vitalik Buterin, a Canadian developer, designed Ethereum as a new platform that allowed the decentralized applications for online transactions. Later in 2015, Ethereum was launched and 72 million ETH coins were minted. It included Smart Contracts and Dapps to provide greater blockchain possibilities.

Ethereum blockchain made it easy for NFTs to enter the mainstream with the ERC-721 NFT standard. ERC-721 has different properties and values such as accessibility of metadata associated with a token.

Ethereum also was the first to employ ERC-1155 multi-token standard. It allows tokens to behave not only as fungible ERC-20 tokens but also as non-fungible ERC-721 ones. The standards allow the decentralized functioning of the blockchain. Furthermore, this shows that Ethereum blockchain can adapt to market conditions.

Besides, Ethereum has managed to add huge infrastructure and developer tools and apps during the last two years. It ensures the accessibility of more apps and resources to both NFT developers and investors compared to its competitors.

Additionally, Ethereum also ranks high in terms of security. It is one of the most important features to be considered by NFT investors.

However, Ethereum blockchain is one of the most expensive choices in the NFT world. It asks for higher gas fees, especially when the demand for transactions is higher. Ethereum works using Proof-of-Work (PoW) mechanism that uses a lot of energy. PoW makes computers use lots of energy to solve complex puzzles and add blocks and transactions to the blockchain.

Considering its weakness, Ethereum has been the host to thousands of NFT collections such as Bored Ape Yacht Club and CryptoPunks. Besides, several successful NFT markets, such as OpenSea, make use of Ethereum blockchain to run their NFT transactions.

2. Solana.

Solana has proven itself as the fastest programmable blockchain in the NFT world. It is defined as a public blockchain system that is highly decentralized and operates in an open-source manner. Solana takes the advantage of combining Proof-of-history (PoH) and Proof-of Work (PoW) consensus mechanisms to offer faster operations and lower gas fees.

Solana was founded by Anatoly Yakovenko in 2017. He developed proof-of-history technique to help eliminate the problems with scalability and time required to complete transaction orders.

At the time of writing, Solana is considered the second largest blockchain for NFTs due to the lower price of its native token SOL, compared to ETH. Note that Solana does not rely on miners to solve complex puzzles to complete transactions. As the result, it is more energy efficient and faster. These make Solana the best choice for those who look to buy their first NFTs.

Solana also is the house for some of the most successful NFT projects such as Degen Ape Academy, Okay Bears and SolPunks. Solana attracts lots of NFT developers and investors as it is one of the fastest DeFi networks. It is capable of processing around 2,700 transactions per second on average. The processing rate along with Solana’s hybrid consensus model offers lower validation time needed in transactions and smart contract execution. Therefore, the transaction fees significantly decrease and more people intend to choose Solana for their NFT trades.

Considering all the advantages Solana brings to the NFT market, it is still less popular among mainstream media and celebrities. One reason could be that DeFi is not a popularity contest and Solana’s protocol that is lower user based has mainly led the blockchain to be less favorable in NFT marketplaces and, accordingly, receive lower trading volume or liquidity compared to other NFT blockchains.

For another reason, Solana has experienced several occasional slowdowns and network outages in 2022. It is essential for NFT investors and developers to choose a network that is highly reliable so that it can avoid interferences with potential trades. Therefore, such outages can be a major concern to the Blockchain.

3. Binance Smart Chain (BSC)

Binance Chain, also known as BNB smart chain, was first launched by Binance in April 2022. Binance Smart Chain mainly focuses on facilitating fast, decentralized NFT trades. This blockchain runs in parallel to the BNB Beacon Chain; however, BSC boasts smart contracts functionality and compatibility with the Ethereum Virtual Machine (EVM). Being EVM-compatible, BSC launched with support for the rich universe of Ethereum tools and DApps so that NFT developers can not only transfer their projects from Ethereum to BSC but also use various tools and decentralized applications. Therefore, this makes it easy for developers to port their projects over from Ethereum.

BSC employs BEP-721 token standard in the smart contracts which allow NFT creation on the blockchain. Besides, the standard lets many Ethereum-based NFT developers use similar tooling on BSC with few changes.

Binance Smart Chain, operates using Proof-of-Staked Authority (PoSA) consensus model. It enables Ultra-fast trading with lower fees. Although very few popular NFT collections have been released on BSC at the time of writing, the trading volume for NFTs has increased considerably in 2022 which puts BSC among the highest volume chains for NFT trading.

However, since BSC is not adopted as an NFT platform, there has been little chance to turn it into one of the best blockchains. Few successful NFT collections released on BSC causes the blockchain to gain a small share of the market compared to Ethereum or Solana.

On the other hand, Binance Smart Chain is restricted to allow only 20 active validators working daily on the network. These validators are selected randomly by Binance Chain. As the result, a larger number of potential developers are put off. This also leads the market to get a smaller share of the NFT market.

Conclusion.

As we mentioned, Ethereum currently dominates the NFT market followed by Solana blockchain. Some of the important factors which make these blockchains favorable to NFT developers and investors are gas fees and decentralization of the blockchains so that the rather high fees of Ethereum make it unfeasible for some smaller investors. Though, the wide range of tools Ethereum provides for its users helps it lead the market.

We suggest all developers and investors in the NFT landscape consider various aspects of a blockchain before choosing to use them with their NFTs.

He is a freelance writer based in Turkey. He loves NFTs, football, invest in nft film and technology.

With 11,000 NFTs Minted to Bitcoin, Are Bitcoin Maxis Coming Around?

When Ordinals launched in January, it caused an uproar in the Bitcoin community as enthusiasts, advocates, and developers argued the merits of putting JPEG on the blockchain. While the heated debate continues, the number of Bitcoin inscriptions using Ordinals has already surpassed 11,000 on Tuesday, according to a Dune report.

Ordinals are the latest project aiming to bring NFTs into the Bitcoin ecosystem. The first project, cryptocurrency Counterparty, NFT first introduced non-fungible tokens to Bitcoin with the Rare Pepes collection in 2014, with Stack following in 2017. However, the Ordinals project is different because the assets, including JPEGs and To see more regarding cryptocurrency.copy-trade.website take a look at the web page. even video games, are inscribed directly on satoshis on the Bitcoin blockchain without needing a sidechain or additional token.

The Ordinals project has consumed the Bitcoin community and sparked new debates and questions about the ultimate purpose of the Bitcoin network. For some, Ordinals opened Pandora’s box of threats to the Bitcoin network, including malware attacks and skyrocketing transaction fees.

The Ordinals block explorer should be browsed with caution, IMO. It has auto executing, unvetted pieces of JS code executing in your browser that possibly could be malware. Seems like a minefield you should probably avoid. — Pledditor NFT (@Pledditor) February 7, 2023.

Other responses are not as apocalyptic.

Ordinals Launches NFTs on Bitcoin, Unsurprisingly Sparking Controversy.

Long-time Bitcoiner Dan Held tweeted his support of Ordinals, saying the project is «good for Bitcoin.» Held shared a screenshot from an email by the late Hal Finney, where he wrote about «crypto trading cards.» Held said Finney would like Bitcoin NFTs. Finney, who passed away in 2014, is one of many believed to have been the pseudonymous creator of Bitcoin, Satoshi Nakamoto.

Hal Finney would like Bitcoin NFTs. pic.twitter.com/z4cO468pcA — Dan Held (@danheld) February 6, 2023.

Unlike Ethereum and Solana, Ordinals calls its NFTs «digital artifacts,» with others in the Bitcoin space calling the digital asset simply «inscriptions.» Ordinal inscriptions are possible thanks to a feature introduced by the Bitcoin Taproot upgrade in November 2021 that allows storing arbitrary data to a satoshi’s witness.

Bullish on ordinals increasing the #Bitcoin fee market (even if temporarily). Miners could use a little revenue these days. — Dennis Porter (@Dennis_Porter_) January 30, 2023.

Interest in Ordinals has steadily increased since developer Casey Rodarmor launched the project on January 21, 2023, with some looking to push the limits of what can be inscribed on a satoshi.

Ordinal inscriptions of random JPEGs is boring Ordinal inscriptions of JPEGs containing text of banned books, the Bible, leaked documents from governments, etc is ALOT more interesting — Eric Podwojski 🟠 (@epodrulz) February 7, 2023.

«The Ordinals project is a milestone for bitcoin, demonstrating how innovation on the bitcoin network can give rise to a breadth of new applications beyond its use as sound money,» Lolli co-founder and CEO Alex Adelman told Decrypt in an email, calling Ordinals a homecoming moment for Bitcoin.

Sports Fans Twice as Likely to Buy Bitcoin, Ethereum, NFTs.

Adelman says that while Bitcoin still lags far behind Ethereum in the volume of investment and talent committed to innovating and developing new applications, Bitcoin NFTs will attract a new wave of interest and capital and create new opportunities for developers to build novel solutions to facilitate scalability and efficiency.

If Ordinals can kill Bitcoin, it was never alive in the first place — Spenny (@CryptoLanroc) February 7, 2023.

While the thrill of minting NFTs on the Bitcoin blockchain has drawn new attention from adherents to the OG blockchain, Ordinal inscriptions lack the features many associates with NFTs, like smart contracts, which the Bitcoin blockchain does not natively support.

Satoshibles developer Brian Laughlan believes the limitations of Ordinals will bring more attention to projects like Stacks.

«The reason I am bullish on Stacks even more now is because people will eventually start to feel the limitations of ordinals—high main chain fees, no smart contracts, etc,» Laughlan told Decrypt on Discord. «They will look to L2 solutions, and Stacks is ready to fill that gap.»

Laughlan says backlash from Bitcoin maximalists has made it hard for Stacks to «get its voice heard,» adding that Ordinals is the best thing Stacks could have asked for.

«Now more people are looking at Bitcoin than ever,» he said. «You got ETH Maxis running Bitcoin nodes and Bitcoin Maxis loving jpegs all of a sudden! The world has gone mad.»

As the debate surrounding Ordinals continues, inscriptions on the Bitcoin blockchain are clearly here to stay—whether Bitcoin maxis like it or not.