Written by: Rekt Fencer
Compiled by: TechFlow
NFTs are everywhere now, but have you ever wondered which blockchain is the best for NFTs? Let’s take a deep dive into the NFT market on different blockchains.
Starting January 1st, on Ethereum you can see:
• Increase in total NFT sales;
• Increased daily trading volume (mainly due to the Blur airdrop);
• A significant decline in the number of independent traders;
NFTs on Ethereum are the gold standard — blue chips that have stood the test of time and remain in steady demand. But why isn’t Ethereum the perfect NFT blockchain?
Here are some of Ethereum’s disadvantages:
• High transaction fees
• Slow network speed
• High barrier to entry (NFTs on Ethereum are usually more expensive than those on other blockchains, so newcomers cannot afford them).
That’s why other blockchains emerged.
Polygon is a reliable and affordable second layer:
• Almost zero transaction fees;
• NFT creation with no upfront costs;
• Fast transactions;
Some statistics about the Polygon NFT ecosystem:
• $MATIC’s trading volume hits all-time high;
• Opensea is the leading marketplace;
• The number of NFT transactions continues to increase;
Blue Chip NFT Collectibles on Polygon:
• Sandbox – Metaverse Land Platform;
• CollectTrump — Donald Trump’s first NFT;
Polygon is commonly used to mint OAT and POAP. But it is also used by popular NFT games like Aavegotchi and Polychainmon.
The BNB chain is a cheap alternative to ETH, with low gas fees and fast transactions. However, the NFT market on the BNB chain is dead — the total transaction volume last month was less than $200 million.
Solana is an efficient and scalable blockchain. Many NFT enthusiasts like its low fees and high TPS. This is why Solana still has high NFT trading volume despite the FTX crash.
Some blue chip NFTs on Solana:
• DeGodsNFT（4.2M）；
• Y00tsNFT（3.4M）；
• Okaybears（2.9M）；
Although Solana still has some NFT degens, it looks like projects and users are leaving the blockchain. For example, DeGodsNFT and Y00tsNFT will migrate from Solana to Polygon, so Solana will soon lose its largest blue chip NFT, and the NFT field is gradually losing vitality.
Flow is a blockchain designed specifically for NFTs and games:
It was created by Dapperlabs and has gained notoriety for its partnerships with big brands like the NBA, NFL, and Ticketmaster. The most popular NFT projects on Flow include NBATopShot, UFCStrikeNFT, and NFLALLDAY.
Take NBA TopShot as an example:
Its market volume has reached 20 million, with 1.5 million users, total trading volume exceeding US$1 billion, and current daily trading volume is approximately US$100,000.
While NBA Top Shot sales soared in mid-2021, they have since dropped to almost zero.
Flow brought a large number of non-crypto users into its NFT ecosystem, but it couldn’t retain these users by just selling some useless NFT sports collectibles. As a result, it lost most of its users and eventually died.
Currently, the hottest in the industry is Bitcoin NFT, which has received more and more attention from the community. In just one month, the number of Ordinals engravings has exceeded 250,000. Each engraving can contain different content: images, text or MP3.
To be honest, I don’t think this Bitcoin NFT craze will last long. I guess no one will be talking about these Ordinals in a few months, so most Bitcoin NFTs will be worth zero soon.
In conclusion, the NFT ecosystem on most blockchains is either completely dead or dying soon. So my point is: only Ethereum and possibly Polygon NFT ecosystems will develop and thrive in the near future.
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