Selecting a Blockchain for your NFT Project
So many artists are catching wind of Non Fungible Tokens (NFTs) but these artists are passing up opportunities to mint their art as an NFT. Whether this is because they don’t understand the value of NFTs, or they’re scared of the gas fees associated with minting. NFTs just hit the mainstream a few months ago, now is the time to put your work out there, and an important part of that is selecting which blockchain to mint your work on.
What is a blockchain?
Simply put a blockchain is a ledger that hosts information on a peer to peer network, meaning anyone has access to said information. Because of the decentralized nature of blockchains it is very difficult to tamper with the information in the blockchain. Blockchains are a great place to store valuable information because of how difficult it is to change information on a blockchain. Several cryptocurrencies are stored on blockchains such as bitcoin. Each bitcoin transaction is verified to make sure there are no duplicate coins on the blockchain. Blockchains are also host to NFTs to make sure each NFT is unique.
Choosing a Blockchain
The most popular NFT hosting website is OpenSea. OpenSea hosts NFTs on two different blockchains. The Ethereum blockchain, and the Polymath blockchain. The Ethereum blockchain is the more popular of the two. The majority of NFTs are minted using Ethereum and so minting your art on Ethereum grants a higher chance of selling your NFT. The downside of choosing Ethereum is the high gas fees associated with minting an NFT on this blockchain. I’ve seen fees as high as $300 to mint a file.
The other option is Polymath. The Polymath blockchain is not quite as popular to mint NFTs on however there are no gas fees to mint on Polymath. Because there is no cost of entry the Polymath blockchain is becoming increasingly popular.
Choosing a blockchain really depends on your goals as an NFT artist. If you’re just getting started and you don’t have much of a budget you should mint on Polymath and market your NFTs on Twitter, Discord, and Instagram to get your work out there and get eyes on your artwork.
Choosing Ethereum has its own benefits. Though the cost of entry is much higher, gas fees fluctuate constantly, and though they can be expensive selling your NFTs will be much quicker, and you can charge a higher price for them because it’s a more popular blockchain and people are willing to pay high prices for quality NFTs because the investment opportunities are very attractive.
Get your Art out There!
Minting an NFT is simple and easy. The potential for an artist to make great money selling NFTs is astounding and there is no reason for talented digital artists not to break into this new and interesting market. I’ve minted 12 NFTs so far and I couldn’t be happier with my project so far. I highly encourage other artists to take this route to maximise visibility, and profits on their artwork.
