What blockchain is used for NFTs?
While non-fungible tokens (NFTs) have been around since the mid-2010s, their popularity skyrocketed after Beeple’s Everydays NFT collection was sold for $69.3 million in February 2021.
A non-fungible token (NFT) is a unique, non-fungible unit of data stored in a digital ledger (Blockchain). NFTs can be used to represent easily reproducible items such as images, videos, audio, and other types of digital files as unique items (similar to a Certificate of Authenticity), using Blockchain technology to create verifiable, public proof of ownership. Original file copying is not limited to the owner of the NFT, but it can be copied and shared like any file. These tokens are distinguished from other cryptocurrencies such as Bitcoin and Ethereum in that they are non-fungible.
Since then, NFTs have entered the mainstream consciousness and are sold on multiple markets and are supported by a variety of Blockchains. Check out the top things to check before buying an NFT.
Here are some of the most popular NFT-enabled Blockchains.
Released in 2017, Zilliqa is the first public Proof-of-Stake Blockchain network. Zilliqa is designed to improve scalability, which means transaction speed is not affected by network growth. Early Blockchains such as Bitcoin and Ethereum were known for their slow transaction speeds.
Zilliqa community members who own gZIL governance tokens also have the opportunity to shape the direction the Blockchain takes by submitting and voting on proposals.
Besides supporting NFTs, Zilliqa has several projects across the NFT space, including its partnership with NFT Token music platform || Traxx.
Even more exciting is that Zilliqa is actively investing in the creator economy with its $10 million Creator Fund, which supports innovation in the NFT and Metaverse space.
Flow is a proof-of-stake blockchain network specifically designed to support NFTs and other consumer applications. Dapper Labs, the developer behind one of the first NFT-based games, CryptoKitties, created Flow when CryptoKitties transactions flooded into Ethereum in 2017.
Flow’s unique multi-node architecture addresses scalability issues ensuring low-cost and fast transactions. FLOW coin is used for transactions, stacking, and governance voting.
The flow is divided into four types of nodes to achieve significant improvements in speed and throughput:
*. Aggregation nodes increase efficiency.
*. Execution nodes enable speed and scale.
*. Ensure contract validation.
*. Consensus nodes ensure decentralization.
Flow’s purpose-built design targeting consumer applications has attracted high-profile companies to partner with the Flow network to sell their digital assets. Some of these companies include the UFC and the NBA, and even CNN has jumped on board to sell memorable moments from their network. Check out the biggest risks for cryptocurrency investors (both new and experienced).
Tezos is a Blockchain network released in 2018 that relies on smart contracts, in a way not very different from Ethereum. Tezos encourages sharing and collaboration with its users with the aim of continuous innovation and long-term upgradeability.
Tezos emphasizes the improvements it has made over Ethereum, most notably its environmental friendliness, as it uses 2 million times less electricity than Ethereum and less than 1 XTZ for an NFT mint.
Although Tezos is one of the lesser known Blockchains, it is still making its mark in the NFT world with recently announced partnerships such as one with NFT music platform OneOf, NFT Rarible platform and world leading game studio Ubisoft launching the first NFT project on Tezos.
Solana is a decentralized, peer-to-peer currency that aims to revolutionize the traditional financial situation. The Solana crypto protocol provides a faster, user-controlled financial ecosystem that is more cost-efficient than what is currently being done in financial institutions.
One of the most attractive features of Solana is its ability to scale, ensuring that it will always be fast while ensuring that no transaction on the network will exceed $0.01.
New NFT projects are launched frequently on Solana, as well as partnerships with notable companies, such as Opera Browser. Check how to research cryptocurrency details before investing.
Cardano is a public platform for Blockchain. It is open source and decentralized, and works on the principle of proof of stake when consensus is reached. It can facilitate peer-to-peer transactions using the internal cryptocurrency.
Cardano has an impressive team behind it, founded by the co-founder of Ethereum, and is focused on the importance of regulatory compliance and scalability. It also claims to be the most environmentally sustainable blockchain.
Cardano’s ability to scale and low transaction fees make it an attractive option for NFT users. There are a number of notable NFT marketplaces built on top of the Cardano blockchain, including Verlux and CNFT. Check out the best places to stock up on Ethereum.
NFT: Which is the Best Blockchain Network?
With so many different Blockchains that support NFTs available, choosing one can be difficult. Fortunately, there are many different networks out there with a variety of attractive features to choose from.
Whether you want to interact with a sustainable blockchain or low transaction fees are your priority, there are now many Blockchains with these features that support NFTs. You can now see the main factors that affect the value of a cryptocurrency.