The crypto market has seen exponential growth during the last decade. Bitcoin has fascinated a lot of people around the world. There are just as many people who are afraid of cryptocurrency, and that comes mostly from seeing several opinions on social media. The volatile market doesn’t help either. However, the popularity of Bitcoin has resulted in pushing NFTs into the limelight. NFTs are Non Fungible Tokens that, unlike money, cannot be interchanged. NFTs have fixed and unique properties that cannot be replaced by another.
For example, you can a $100 note for smaller denominations and add them up. You can give away one bitcoin and get another in return, and it’ll still be valid. But you cannot do the same with NFTs. An NFT is a digital ledger and doesn’t have to be limited to a coin. These are also built and traded on the blockchain. There are several NFTs in the market developed by different companies. These are traded on specific platforms, most of them being Ethereum-based. Ethereum blockchain is slightly different and supports the additional storage of information necessary to trade NFTs. That said, any blockchain can develop its own NFT.
Forbes reported that the NFT market has grown a whopping 17954% in 2021. The crypto firms are now focusing on NFTs to increase their market share. New entrepreneurs are looking at NFT as a viable way to achieve success and make money. These developments bring forth an important question- What are the different platforms to develop NFTs? Among the various NFT development platforms, WAX, Flow, Ethereum, Matic, and Tezos are leading in the market. Let’s look at each platform briefly.
World Asset eXchange™ is a leading decentralized video game and entertainment network. The company claims to be around 125,000x more efficient than Ethereum by being one of the easiest platforms to create and trade NFTs in the market.
WAX blockchain is also termed the Green NFT Blockchain as the company follows environment-friendly practices. Though the company’s main focus is on the video game and entertainment industry, the WAX blockchain is becoming one of the widely used platforms. Similar to other NFT development platforms, WAX offers Cloud Wallet, Bloks, and dApps. While keeping up with the latest changes in the market, WAX also allows you to integrate NFTs and DeFi to increase the monetization of the tokens.
Flow is a secure, fast, and user-friendly blockchain development platform that aims to help power the next-gen tokens and digital assets. The platform can help build and deploy NFTs and NFT marketplaces in the Cadance programming language. The platform was conceived by the same team (Dapper Labs) that developed CryptoKitties, a blockchain game on Ethereum that lead to the mass adoption of NFTs. Flow offers built-in logging support to help maintain the quality of the NFTs while increasing the speed of development. The smart contracts built on Flow can be securely upgraded.
We’ve already talked about the role of Ethereum in popularizing NFTs and being the most prominent platform to develop countless non-fungible tokens. Ethereum is secure, transparent, and will always stay live, thus ensuring that the tokens can also be bought or sold. Ethereum products share a common backend. This means that the tokens also can be shared across the products. Identifying and validating the ownership of tokens on the Ethereum blockchain is an easy task. The metadata is shared with the members of the platform to increase transparency.
Matic is a layer-2 trustworthy network that was created to provide suitable solutions to the Ethereum network’s drawbacks. Its major advantage is scalability and that is where it overcomes Ethereum blockchain. This further allows the transactions of NFTs at a lower cost and improvised speed. Marketplace developed in matic allows user to sale, purchase, trade or hold the NFTs dynamically. Matic Layer-2 is considered as an effective network for raising the performance of NFTs at much reasonable prices. This therefore allows the users to gain amazing benefits all over the world. Here are some of the features of Matic-based NFT marketplace:
Smooth user experience
Tezos is an open-source blockchain platform that allows you to build assets and apps. The company focuses on security and durability. The three main target areas of TEzos are-
Enhancing the safety of smart contracts
Upgradability in the long-term
Tezos is backed by validators, researchers, and builders from around the world. The company has a modular architecture that allows a seamless building and upgrade of the assets. Developers can write the smart contract in Python, Pascal, OCaml, ReasonML, Haskell, Domain-Specific, etc.
NFTs can be used in several ways, and it’s no surprise that we’ll see more non-fungible tokens entering the market in the coming days. The time is ripe for entrepreneurs to invest in developing NFTs and releasing them into the market. Make sure to choose a development platform that values privacy, security, and speed. Join the global community and become a part of the NFT revolution.