Networks a multi-chain NFT marketplace can run on
The NFT industry is higher than ever and it shows no signs of stopping. Every day, we see the NFT industry reach new heights and benefit everyone involved. The growth of the NFT industry means that the need for NFTs increases every day. It is a trending topic and everyone cannot stop talking about NFTs. People want to own NFTs, purchase them or create them and make a fortune. NFT popularity is the result of many NFTs selling for significant prices and benefitting the creators.
However, what would happen if NFT development narrows down to one or two blockchain networks. This approach constrains the NFT and reduces its interoperability. NFTs are interoperable by nature and without that, there are fewer people interested in them. Overcoming this issue means developing a platform where the user can mint NFTs on multiple blockchains. This approach ensures democratization in the NFT market. The approach also ensures that every innovation has a chance to impress the audience.
What is a Multi-chain NFT?
A multi-chain NFT is a digital asset developed to work on multiple platforms and blockchain networks. The multi-chain NFT idea existed to develop an NFT that worked on the major blockchains in the crypto space. That way, the NFTs can exist on multiple platforms rather than limit themselves to a single location.
Understanding a Multi-chain NFT platform
The multi-chain NFT platform is an online space where users can develop and mint NFTs on multiple blockchain technologies. Developing this platform requires a significant amount of resources, time, and capital. The primary objective of the platform is to create NFTs that are compatible with different blockchain technologies. Additionally, the platform must be both responsive and functional.
Blockchain supported by the Multi-chain NFT platform
The combined efforts of several motivated people in the crypto space led to the creation of a multi-chain NFT platform. This platform can function on multiple blockchain networks and develop NFTs for the same. The multi-chain NFT platform is more than a tool and is a concept that benefits the crypto community at large. Presently, the supported blockchain networks are
Ethereum is among the earliest and most preferred blockchain networks in the industry. The network created a significant impact in the crypto sphere and keeps improving every day. The network was the foundation for several successful and innovative projects. Investors, developers, and blockchain enthusiasts rank Ethereum as one of the most stable and trustable networks in the industry.
Additionally, Ethereum has exclusive smart contracts and token standards meant to aid in the NFT minting process. Presently, many of the beneficial attributes made to the blockchain world come from the Ethereum blockchain network.
Binance Smart Chain is a blockchain network operating in parallel to Binance. BSC operating parallel to Binance increases the Binance Chain’s efficiency and provides scalable and fast services to the users. Binance Smart Chain is famous in the industry for being the most affordable network with minimal gas fees. Additionally, the network provides fast transaction processing in the crypto space. BSC also utilizes the proof-of-stake consensus mechanism and smart contracts for validating transactions.
The Polygon network is a layer two protocol of Ethereum. The network is not exactly a blockchain but it does perform the necessary tasks of a typical blockchain network. Polygon also supports decentralized apps built on the Ethereum blockchain. The most notable aspect of Polygon is the protocol scalability. This feature can process thousands of transactions every second. Additionally, the gas fees here are minimal and thus make them accessible to a broader audience.
The multi-chain NFT is a concept with the potential to create NFTs on multiple blockchain networks. This approach overcomes the current issue in the crypto space. A multi-chain NFT can bring a democratization process to the crypto space.