All NFT marketplaces are built on smart contracts that are responsible for setting the terms of trade between a buyer and seller. NFTs are a unique gift of blockchain technology. With the help of blockchain technology we are able to validate authenticity of an NFT, thereby allowing us to differentiate between an original and a reproduction, just like real artwork.
NFTs are just a blockchain record that allows collectors to create a digital collection with each item traceable back to the original issuer. Hence, it becomes important to choose well-crafted blockchains that guarantee the entire security of the NFT platform.
It’s also crucial to ensure that the blockchain you choose has a solid and dependable smart contract capability. In this article, we would cover what are the top 10 NFT blockchain platforms.
1. Ethereum
Ethereum was the first blockchain to support the NFT project, giving it a head start in the NFT space. Ethereum is the most extensively utilized blockchain for NFT projects and is now at the forefront of blockchain technology. Non-fungible tokens (NFTs) and semi-fungible tokens are created using Ethereum’s two popular native tokens, ERC-721 and ERC-1155, respectively.
More than 90% of all NFTs have been created as ERC-721 tokens on the Ethereum network with CryptoPunks and BAYC among the most popular ones. Due to its data architecture and highly secure network, it remains the number one preference for NFT creators and traders.
Among all other blockchains, Ethereum gives NFTs maximum exposure to a huge and potential crypto market. Furthermore, Ethereum recently proposed another standard – EIP-2309 for more efficient NFT minting. With this, users will be able to mint as many tokens as they like in a single transaction.
Moreover, the majority of the top NFT marketplaces with the biggest trading volume have been created on the Ethereum blockchain. The most prominent are OpenSea, Nifty Gateway, Rarible, Known Origin, SuperRare, and Decentraland.
2. Solana
Solana has established itself as a serious contender to Ethereum and Cardano as a go to blockchain for NFTs. It has seen a substantial growth in acceptance, with NFT artists flocking to this blockchain to mint NFTs.
Despite being launched not so long ago, Solana already snatched up a slew of impressive NFT projects, the most notable being Degenerate Ape Academy, Solana Monkey, SolPunks, Frakt, Bold Badgers, and Sollamas.
The Solana blockchain has exceptionally low fee rates for minting NFTs. On average, an NFT on Solana costs $1.5. Because of the low rates, almost 5.7 million NFTs have been issued on Solana.
Solana also allows for establishing advanced marketplaces. So far, you can buy and sell NFTs on Solana-powered platforms such as Solanart.io, DigitalEyes.market, Solsea, and Metaplex.
3. Binance Smart Chain (BNB)
In spite of Ethereum dominance in the NFT space, many users and projects are setting their eyes on Binance Smart Chain (BSC) due to its good performance and low fees. BSC has its own token standard called BEP-721 which allows for the creation of NFTs.
Several projects enable users to mint and trade NFTs on Binance Smart Chain, the most popular being BakerySwap, PancakeSwap, and Battle Pets.
Validators can stake BNB and receive transaction fees, which is a significant benefit. With the NFT trading on the rise, recently many blockchain experts have decided to build the marketplace on the Binance Smart Chain platform. Its very low transaction fees, the high processing speed of transactions and interoperability, has set it apart from other blockchains.
As Binance Smart Chain offers cross-chain compatibility features, there is a high hope that it will soon become the go-to blockchain for NFTs in the near future.
4. Tezos
Tezos is a decentralized, open-source blockchain that enables seamless execution of P2P transactions. Tezos with its low transaction fees has made a rock-solid foundation for budding NFT artists who want to mint NFTs effectively.
With the growing trend of NFTs, Tezos blockchain also implemented standards for NFTs. Though Tezos has three token standards, only one of them, the FA2, is designed to mint NFTs.
Right now, Tezos offers to trade NFTs at different marketplaces such as Kalamint, Bazaar Market, Objkt, Hic et Nunc, and OneOf.
Moreover, Tezos blockchain has attracted a bunch of celebrities and famous brands which have employed the blockchain for minting their NFTs including Doja Cat, Redbull, and Grammy Awards. The most expensive NFT sold to date on Tezos blockchain is “Crystal” by DojaCat on OneOfNFT marketplace.
5. WAX
The Worldwide Asset eXchange, or WAX, is the world’s most widely used and transacted blockchain ecosystem for NFTs, dApps, and video games. It is well-known for offering the most convenient and secure means of creating, buying, selling, and trading both virtual and physical items.
WAX is the leading NFT network popular as “The King of NFTs”. It has successfully facilitated the trade of millions of NFTs from partners including Topps, Capcom, Atari, Funko, Sony’s Funimation, and famous films (SAW and Princess Bride), renowned entertainers (Deadmau5, William Shatner, and Weezer), and many more.
Moreover, WAX has innovated vIRL® NFTs which are different from the standard NFTs you see on other blockchains. They feature a host of dynamic functionality including app/video game integrations, V-commerce capabilities, and marketing tools.
It links vIRL® NFTs to a real-world item such that one can transfer ownership without needing to physically ship anything until a collector is ready to claim it as their own.
WAX blockchain is also a viable solution for establishing NFT marketplaces. NeftyBlocks and AtomicHub are among such WAX-powered platforms where you can sell or buy NFTs.
6. Flow
Flow is a blockchain built for large-scale scalability without the use of sharding techniques, allowing for rapid and low-cost transactions in Dapps like NFT markets and crypto-infused video games.
The multi-node architecture of Flow allows for vertical scaling.
CryptoKitties will soon transit to Flow, and with the meteoric rise of Dapper’s NBA Top Shot and a slew of other developers flocking to Flow amid the NFT craze, it could emerge as one of the most popular blockchains for such projects.
Flow employs a proof-of-stake consensus process, which requires validators to stake a specific number of FLOW tokens in order to join the network.
LeBron James “Cosmic” Dunk #29 is the most expensive NFT sold under the FLOW blockchain in February 2021.
7. Avalanche (AVAX)
Avalanche emerged as a leading blockchain, making its place in the top 10 blockchain by market cap in 2021. It recently started seeing serious activity for NFTs over the past few months.
The primary driver of NFT sales on Avalanche blockchain is the play-to-earn game Crabada which gained a lot of hype and fetched $63 million in a month.
In the NFT space, play to earn (P2E) is majorly what’s ruling the Avalanche blockchain. The non-P2E on Avalanche has not reached the same popularity as NFTs on Ethereum or Solana yet, but users can browse and buy them on marketplaces like AVAX NFTs.
AVAX is the Avalanche native token and is utilized in staking, paying fees, and providing a unit of account between the multiple subnetworks created on Avalanche.
8. Algorand
Algorand is a highly secure and scalable layer 1 blockchain that is perfectly suitable for launching and handling NFTs. Unlike Ethereum blockchain, it has elaborate NFT functionality that eliminates the need for NFT projects to design additional apps with complex features.
Algorand offers multiple ways to create an NFT and is often perceived as an environment-friendly blockchain that allows the simple creation and launch of NFTs.
Algorand supports two frameworks for creating NFTs namely ARC03 and ARC69. Well, many budding NFT creators and buyers might become indecisive on which framework to prefer. Though the two standards are mutually exclusive, ARC69 is gaining a lot of ground at the moment and looks to be a preferred option for many digital creators.
9. Cardano
Cardano emerged as the environment friendly and one of the fastest blockchains available. When it comes to the NFT projects running on a Cardano blockchain, the most prominent include Spacebudz, CardanoKidz, Professor Cardano, CryptoMayor, Crypto knitties (Don’t confuse them with the trendy CryptoKitties), and Somint, an art marketplace.
Recently, Cadalabs launched the ‘Cadalabs NFTs and Crypto collectibles Market’, the first Cardano-powered NFT and digital collectibles DeFi platform. Cadalabs seeks to offer its users an opportunity to exclusively mint and brand their digital services and content.
Also, the recent upgrade of Alonzo hard fork, would help anyone to design and deploy their own smart contract. This upgrade will help emerging NFT artists mint their NFTs more readily, as well as promote the creation of new cryptocurrencies on Cardano.
As per its website, the Cardano ecosystem consists of over 120 NFT projects.
After Alonzo Hard Fork, Cardano’s smart contract capability is intended to allow developers to create decentralized applications (DApps) and potentially mint NFTs on the network.
10. TRON
Tron is a fully-fledged decentralized open-source blockchain that enables the development of dApps, smart contracts, and tokens including NFTs. The most recent token standard is TRC-721. This token standard allows users to trade NFTs on the TRON blockchain in addition to the existing TRC-20, so as to explore new possibilities for the blockchain.
TPunks (Tron Punks) was launched shortly after the TRC 721 token was released and was the first NFT project of TRON. The original Crypto Punks were immortalized by TPunks. The “Joker” TPunk (#3442) earned a remarkable $10.5 million. Justin Sun, founder of the Tron Blockchain was the one who made the purchase.
There are several other Tron-powered NFT campaigns including TronMeebits, Kraftly, and NFTOne. Recognizing the importance of NFTs, the Tron Foundation recently launched a $300 million fund named Tom Arcade. The fund will be investing in Play-to-Earn projects over the next three years.
