Stefan Smiljkovic8 Best Blockchains that Support NFTs
Non-fungible tokens (NFTs) are the hottest digital investments out there today. And people keep investing as the market grows. Of course, NFTs are cryptogenic assets and are only tradable in cryptocurrencies. Hence, they’re only available in a blockchain. Many more blockchain technologies keep supporting NFTs.
But whether or not you’re new to NFTs, our list of blockchains that support NFTs will give you a head start on which is worth your NFT venture. Let’s dive in right away.
1. Ethereum
Ethereum is the earliest blockchain that supports NFTs. Launched in 2015, Ethereum only falls in value behind Bitcoin, the largest blockchain. And it has a market cap of $312 billion. Indeed, we’ve seen many NFTs, like Beeple, Cryptopunk, and more, sell on Eth, reaping millions of dollars for their creators.
Further, it has a wide adoption among NFT traders. And it’s currently the biggest blockchain where people exchange NFTs and other cryptogenic assets. Although Ethereum is reputable, you might find its high gas fee unwelcoming — -this typically happens when more people transact at a time. Indeed, this has forced many NFT creators to opt for alternatives.
Nonetheless, many marketplaces feature NFTs for sales in Eth. Ultimately, as Ethereum has gained ground in the crypto exchange market, its value looks promising for the most part.
Some popular NFT Marketplaces that support Ethereum include, OpenSea, Rarible, Nifty Gateway, SuperRare, and many others. Ethereum Wallets, MetaMask, and Ledger are examples of wallets you can use to transact on the Ethereum blockchain.
Pros
Widely adopted.
Many reputable NFT marketplaces support sales in Eth.
Value is rising.
Impressive market cap and NFT sales history.
The token is more stable and supported than other coins.
Interoperability with other blockchains.
It’s a building block for many blockchains.
Many wallets support Eth.
Cons
The gas fee can be high.
Slow transaction time.
2. Solana
Solana launched in 2019 and has since never stopped gaining ground with NFTs. It’s notable for its faster transaction time and ability to accommodate high transaction volume coupled with low gas fees.
Solana’s growth and adoption are impressive despite its recent launching. In contrast to Ethereum, Solana has a market cap of about $26 billion, and it’s still rising. And the blockchain trades in SOL. Although it still pales behind in comparison to Ethereum, many people take it as an alternative to Ethereum when trading NFTs. Indeed, we can safely accept that it’s a top competitor of Ethereum.
As Solana is still a young blockchain, dedicated NFT marketplaces for the platform keep springing. But you’ll still find a couple of reputable Solana NFT marketplaces to mint your digital assets. To trade NFTs on top of the Solana blockchain, wallets like Phantom, CLV, Slope, Solflare, and Math Wallet come in handy.
Pros
Lower gas fees.
Faster transaction rate.
Impressive growth and community support.
Ideal to start with if you’re still new to NFTs.
Good community support.
Good support for NFTs.
Supported by many wallets.
Cons
- Only a few reputable NFT marketplaces are currently available.
3. Avalanche
Avalance is yet another blockchain that hits hard on the need for a fast transaction speed. Moreover, coupled with low gas fees, Avalanche can run over 4,500 transactions in a second.
Launched in 2020, it’s one of the few recent blockchains with an impressive success record. Avalanche trades in AVAX, and as of mid-March, 2022, the blockchain has attained a market cap of $22 billion. At least, at the time of writing, its exchange value is up to $77 per AVAX.
AvaxApes, AvaxPunks, ParticleCollections, and more are NFT projects that reap the benefit of this blockchain. And if you want to grab some fresh NFT mints on Avalanche, you might want to look at marketplaces like NFTrade, SnowFlakes, YETI SWAP, among others, to sell your NFTs. Avalanche wallet is the primary coin management platform that Avalanche provides for running AVAX-based transactions. However, you can also use wallets like Ledger and Ledger Nano.
Pros
Low transaction cost.
Fast and reliable.
Impressive value growth.
Good valuation and projections.
Interoperable with other blockchains.
Cons
- No slashing protocol to check violations relating to frauds.
4. Binance Smart Chain
Binance holds its reputation as one of the world’s largest crypto exchange platforms. The blockchain was launched in 2020 and has peaked in value up to $390 per BNB. It holds a spectacular market cap of more than $17.7 billion. Further, the Binance Smart Chain is a subsidiary of Binance and runs together with the Binance Chain. It uses Ethereum-supported smart contract protocol to process transactions in BNB (Binance Coins).
If you’re looking for a way to exchange your NFT earnings without breaking into other apps, you might want to stick with BNB NFTs. Despite the high trading volume, transactions on the Binance blockchain are superfast.
In addition to its dedicated NFT marketplace where you can mint and trade your collections, Airnfts is also a notable BNF NFT marketplace. For a choice of a coin wallet, you might want to use MetaMask or Binance Chain Wallet. NFT Projects like BakerySwap and Battle Pets use the Binance Smart Chain to process decentralized transactions.
Pros
Compatible with Ethereum virtual machine (EVM).
You can easily switch between blockchains.
Crypto exchange is easy.
The transaction is fast despite high trading volumes.
Rapidly evolving ecosystem.
Low transaction fees.
Stable BUSD available.
Cons
- Most of its backend functions hang upon Ethereum.
5. Terra
Luna is Terra’s cryptocurrency, and the blockchain comes with a new goal in mind. And that’s to couple Fiat’s stability with the volatility of cryptocurrencies. One would wonder how Terra aims to achieve this, as value fluctuation is one of the many attributes of cryptocurrencies. But its goal result is evident in its immense support for many stable coins like UST.
Notably, there weren’t many activities on Terra between 2018 (when it was launched) and mid-2019. But its market value hit the market towards the end of 2019 when it started recording a market cap of over $150 million. At the time of writing, Terra has a market cap of $31.8 billion.
Undoubtedly, the blockchain has received a wide range of adoption among investors! Of course, many upcoming and existing NFTs are available. Galactic Punks and Luna Bulls are examples of top NFT projects on the Terra blockchain. Marketplaces like Knowhere Art Gallery, Breach.gg, and Luart.io are notable for trading Luna NFTs. Nonetheless, Terra receives support from wallets like Trezor, Ledger, etc.
Pros
Fast transaction rates.
Lower gas fees.
Impressive growth rate and valuation.
Support for several stable coins.
Cons
- Have strict regulations.
6. Cardano (Ada)
The light of Cardano beamed in 2017. And while it supports NFT trading, its value growth hasn’t been spectacular. Further, Analytics Insight projected that the value of 1 Ada might rise to $12.1 by 2026. Given a human look at the volatility of cryptocurrencies, though — we can’t be sure whether Cardano will rise beyond or even fall short of this projection.
But its security reputation and full support for the proof of stake protocol contribute to its projected bright future.
However, Cardano fits the choice if you want to pay lower gas fees and transact faster, as its transaction volume is low. Galaxy of Art, jpg.store, CNFT, and Tokhum are notable marketplaces to mint Cardano-based NFTs.
Pros
Cheap transaction fees.
Low volume of concurrent transactions.
It has credible security.
Support for proof of stake means you can stash your NFTs in the decentralized financial system and keep earning, even without selling.
Cons
Value is still poor.
Not so popularly adopted.
7. NEAR
NEAR is one of the recent blockchains that runs through a non-carbon initiative. Its popularity gained spectacular traction within a short time. Since its launch in 2020, its market cap keeps climbing up the chart and currently flickers between $6 billion and $7 billion-plus. In value, NEAR is even more credible than most launched before it.
Indeed, this track record of wide adoption between investors makes it one of the most targetted potential spots for NFT investment. NFT projects like Mintbase, NFT.HIPHOP, and more are worth mentioning within the NEAR Cryptoverse. Further, Paras and Near NFT Club are popular marketplaces built upon the NEAR blockchain. Here, you can buy and mint NFTs based on NEAR exchange.
Pros
It supports the non-carbon initiative.
Fast and efficient transaction protocol.
Few competitions due to lower transaction volume.
Cons
- A few NFT marketplaces are available.
8. Flow
Flow is another blockchain you can leverage to sell your Non-Fungible Tokens. It’s not surprising that Flow focuses on decentralized games, apps, and assets. Besides, the blockchain was developed by Dappa Labs, the owners of CryptoKitties, a popular NFT-based game collection.
Despite only being launched in 2019, it records a market cap of over $2 billion and exchanges for $5.8 per FLOW at the time of writing. This stat recorded a spike in October last year, though. And the market value went as high as $5.06 billion. With that said, Flow also supports proof of stake protocol, which lets you stash your coin on the blockchain and trade it whenever you wish.
This revolution of Flow’s purpose around NFTs makes it an explicitly valuable tool for trading NFTs. Want to transact your NFTs based on the Flow blockchain? Look up to a marketplace like TopExpo.
Pros
Primarily built for NFTs.
Faster concurrent transaction time.
Intuitive platform.
It provides a framework of development for other decentralized apps and games.
It supports proof of stake protocol.
Cons
- You’ll have to pay a couple of transaction fees.
Conclusion: Invest In a Profitable Blockchain
The need to add more value to the crypto world has brought about technologies like NFTs, Decentraland, and many others. Unfortunately, cryptocurrencies are volatile and keep fluctuating regardless of the blockchain. Although experts might know the trend and invest in promising ones, it’s often futuristic gambling for beginners. Generally, a blockchain’s gas fee might increase with high concurrent transactions. And a lot more determines whether you should use a blockchain for NFTs. However, a blockchain’s market cap, growth history, adoption, gas fees, transaction speed, and more are indicators that it’s worth your investment.
