NFTs are the talk of the town, and with so many blockchain options available, it can be difficult to decide which one to use. That’s where this guide comes in. We provide a comprehensive overview of the best Web3 blockchains for NFTs, helping you make an informed decision. Whether you’re a seasoned NFT collector or just getting started, this guide has everything you need to know about the top NFT blockchains currently available.
Choosing the Right Blockchain for NFTs
When it comes to NFTs, the Ethereum blockchain is the most popular and widely used platform. However, due to high transaction costs and environmental concerns, many crypto-artists and NFT enthusiasts are seeking new alternatives. Factors to consider when choosing the right blockchain for NFTs include network size, creator costs, consumer spending habits, security, and community input.
Ethereum
Despite growing competition, Ethereum remains the king of NFT blockchains. It provides all the financial and legal services required for transactions without intermediaries, houses many popular NFT marketplaces (such as OpenSea), and hosts popular NFT projects and artists (such as CryptoPunks and Beeple). Additionally, it is highly decentralized, secure, and easy to use.
Recently, Ethereum switched to a proof-of-stake (PoS) consensus mechanism, which reduces its energy consumption by 99.5% and increases its security. Though some debate remains regarding the new PoS system, Ethereum is still considered a safe blockchain to use.
Solana
Solana was built to solve high costs and slow transaction speeds common in blockchains like Ethereum and Bitcoin. As a result, it offers scalability and boasts one of the fastest programmable blockchains in the crypto space. Its unique combination of proof-of-history (PoH) and PoS consensus mechanisms enables validators to earn its native token, SOL. While its transaction fees are low and TPS rival that of Mastercard’s, there are fewer marketplaces and activities on the blockchain compared to Ethereum.
Tezos
One of Tezos’ unique features is self-amendment; it can improve itself over time via a formalized protocol upgrade process. It incentivizes developers to build decentralized apps and enables the creation of smart contracts. XTZ, Tezos’ native token, ranks around 40th in terms of market cap and has lower transaction fees than Ethereum (but not as low as Solana’s). While it may be a good place to start for those looking to mint batches of NFTs or large-scale collections, there are fewer marketplaces on the blockchain.
Flow
Flow is a high-performance blockchain designed specifically for creating NFTs, games, and decentralized apps (dApps). It is built with scalability in mind and can handle significantly more than 100 TPS. Flow rose to prominence as the blockchain partner of the NBA and is home to several top blockchain games. Similar to Solana, there are fewer NFT marketplaces and activities on the blockchain compared to Ethereum.
WAX
WAX has built a reputation for being a home for Web3 gaming and is a network of choice for digital collectibles and virtual items. Its users have access to thousands of dApps and a range of NFT marketplaces. Top blockchain games such as Alien Worlds, Farmer’s World, and Prospectors exist on the blockchain. Its transaction fees are significantly low, and network fees on WAX are redistributed to the WAX community. However, similar to Flow and Solana, there are fewer NFT marketplaces on the WAX blockchain.
Conclusion
Choosing the right blockchain for NFTs depends on several factors, including network size, creator costs, consumer spending habits, security, and community input. While Ethereum remains the king of NFT blockchains, several other blockchains such as Solana, Tezos, Flow, and WAX provide alternatives with unique features and advantages. Ultimately, it’s essential to weigh the pros and cons of each blockchain to find the one that best suits your needs.