Ethereum? Solana? How to Select the Right Network for Your NFT Project?
A Guide for Web3 Creators
The fascinating achievements and attributes of NFTs cannot be overstated, Little wonder why it has gained massive traction in a very little period. Due to this, it is important to select the right network to deploy an NFT project as you wouldn’t want your NFT to go crashing down due to a lack of user engagement or interaction with it. Therefore, it is okay to carry out due diligence before selecting the right blockchain network for your NFT.
This article will shed some light on how to select the right and suitable network for your NFT.
The basis you should think of before selecting the right network for your NFT
Adoption Rate:
Considering the fact that NFTs operate on a blockchain, it is therefore a smart move to opt for the blockchain with a higher adoption rate over the one with a low adoption rate. The likelihood of blockchain technology advancing further in the future increases with how widely it is used today.
So when selecting the right network, you should consider looking for the most popular and widely used blockchains.
Security:
The importance of security when selecting the right network for your NFT cannot be overemphasized. I mean, no one would want their NFTs to be susceptible to cyber-attacks. So even after selecting a popular blockchain, you should double-check by also considering the blockchain with a good track record of security.
Scalability:
Another key point to consider when selecting the right network for your NFT is scalability, and this is simply the ability of a blockchain to carry out large transaction throughput. So to avoid getting frustrated due to the high adoption rate which automatically translates to the high transaction, you should consider going for the blockchain which can also handle large transactions per second (TPS).
Smart contract capabilities:
Smart contracts are like the backbone of security checks. There are different functions and orders programmed in a smart contract. So to be certain about the right smart contracts for selecting a good network for your NFT, it needs to be subjected to some tests and also withstand any potential security issues.
It is crucial to pick a blockchain with strong smart contract capability since a well-designed smart contract on a blockchain platform will ensure that the platform is completely secure.
The transaction cost:
Cost-effectiveness is a quality you should take into account in addition to the previously covered factors when deciding on the best blockchain for your NFTs project.
The transaction cost, that is, gas fees can be a major turn-off for most people when transacting an NFT, so to eliminate any form of barrier to entry for your NFT projects, you should consider selecting the blockchain with low-cost fees. Although, a few people are okay with paying high fees as long as the NFTs are worth a fortune, unfortunately, not many people can afford it and would rather buy cheap NFTs with cheap transaction fees.
Some NFT blockchain networks you can choose from
Ethereum:
Ethereum is considered the behemoth of NFTs, and it is a blockchain that has been used since the genesis of NFTs. It has a reliable standard for several types of tokens, although for creating NFTs, ERC-721 and ERC-1155 token standards are mostly deployed as they support interoperability and ease of further developments.
Ethereum has a way of producing NFTs easily through the use of its powerhouse called the Ethereum Virtual Machine (EVM). It uses a proof-of-Work (POW) consensus mechanism. However, it has drawbacks in the sense of the high cost of fees and poor scalability. But it is looking forward to solving these issues by moving from POW to a Proof-Of-Stake consensus mechanism.
Additionally, it houses some of the most well-known NFT initiatives (such as CryptoPunks and the Bored Ape Yacht Club), NFT marketplaces (such as OpenSea), and NFT artists (Pak and Beeple).
Solana:
Solana is one of the most sought-after blockchains for minting NFTs. Why? Well, that’s because it offers a low gas fee (as low as $0.00025) and a throughput of up to 65,000 transactions per second. It uses a combined consensus mechanism of POS and proof of History (POH). POH reduces the workload on the validators which invariably reduces the validation time which makes for its very high throughput.
However, it has a major drawback in the sense of centralization which is against the very core principle of a blockchain.
Polygon:
Polygon has also been gathering a lot of heat lately, as it is a well-known Ethereum Layer 2 blockchain solution. It uses Ethereum’s strong decentralization and security while handling transactions outside of Ethereum (layer 1). Polygon (MATIC) is the biggest EVM on Ethereum with thousands of dApps and swift with fees in cents.
A lot of transactions can be saved at once with Polygon’s EVM compatibility and dApps running on its network thanks to regular communication with Ethereum. This reduces transaction times and gas costs.
Binance smart chain (BSC):
This is a characteristic blockchain of the biggest and most popular crypto exchange Binance. It leverages on a proof of Staked Authority (PoSA) consensus mechanism.
BSC is another excellent choice if you’re seeking for the ideal balance between costs and results. The issue is that decentralization is sacrificed for quick transactions and cheap costs.
Concluding Thoughts on selecting the right network for your NFT
It is with no doubt that NFTs play a vital role in the adoption of Cryptocurrency and blockchain at large, it has its head up to reach even greater heights in advancing the world with its benefits and use cases.
Therefore it is pertinent that one should always consider the best blockchain network to roll out their NFTs. Yes, there are several choices to pick from, but when you carefully analyze your options, you would only be selecting the perfect fit for your NFT.
About IncubateX
IncubateX is the 1st women-led incubator & NFT launchpad on web3. We specialize in helping innovative projects incorporate web3 infrastructure -mainly NFTs- within their ecosystems while focusing solely on mission-driven projects that make a positive impact IRL.
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