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In March 2021, Christie’s, an auction house sold an art NFT minted by American artist Beeple for a staggering price of $69.3 million. This became the costliest NFT sold worldwide and the art NFT interest exploded. As per the NFT Market Report, art NFT sales have seen an uptick of 2% in Quarter 2 of 2022, and NFTs worth $500 million were traded on the NFT Art Marketplace websites.
At present 18 competing blockchains enable NFT minting and if we look at the stats closely Ethereum-based NFT sales dominate by more than 75%. However, the NFT sales landscape is now quickly shifting to other chains. Let us look at which are the top blockchains for NFT Digital Art Marketplace Development and why.
What factors should be considered for blockchain selection?
Considering the following factors can help choosing the right blockchain for the NFT Art Marketplace website.
- Blockchain Transaction Speed
For any NFT project or platform, the transaction speed of the blockchain is crucial. If the TPS or transactions per second of a blockchain are low, the NFT minting and transfers will be delayed affecting the liquidity of the NFTs. - Transaction Cost
The transaction speed of a blockchain plays a very crucial role in determining the cost of transacting an NFT on an NFT Art Marketplace website. Even after its latest upgrade “The Merge” Ethereum has not been able to solve the gas fees issues. The first NFT proof-of-stake-based ETH network was minted 17 seconds after “The Merge” upgrade and the transaction fees paid to mint the NFT was 36.8 ETH, which is nearly $60,000 in transaction fees. This is one of the reasons why art NFT traders and creators are looking for Ethereum alternates. - Blockchain Security
Ronin, the blockchain of leading crypto game Axie Infinity was reportedly hacked in July 2022. The hackers drained the Ronin treasury of Ethereum and USDC worth $625 million at the time of the hack. Thus, Crypto Art NFT Marketplace Development must be carried out on a secure blockchain always. - Blockchain Consensus Mechanism
NFT creators and traders are putting a lot of emphasis on moving to carbon-neutral blockchains. Blockchains using the proof of work consensus model use powerful computing devices and generate a lot of carbon footprint.
With “The Merge” upgrade, Ethereum has moved to proof of stake consensus and its energy consumption has reduced by 99.2%. This is highly encouraging for the NFT creators and traders but unless Ethereum solves its gas fees and transaction speed issues, we will continue to see “The Great Migration” of NFT projects from Ethereum to cheaper and faster blockchains.
The Best Blockchain to Develop NFTs
Even though Ethereum is the leader in the NFT space, many faster and cheaper blockchains are attracting NFT Digital Art Marketplace Development.
Flow
Flow is one of the most popular NFT marketplace development alternatives to the Ethereum blockchain. It is developed by the team who developed CryptoKitties, one of the most popular blockchain games. Flow is designed as a sustainable, scalable, and composable blockchain. It uses a proof of stake consensus mechanism and can execute 10,000 transactions per minute. Flow has been very popular in NFT Marketplace Digital Art and sports NFTs sector. It has facilitated NBA’s Top Shot, UFC’s Strike, and NFL’s All Day projects successfully.
Solana
Solana is another very popular blockchain that is giving Ethereum NFT ecosystem a tough fight. Solana uses a hybrid consensus mechanism of Proof of stake and proof of history. The network is building to be able to deliver 65,000 transactions per second.
Solana has been one of the top contributors to the NFT space. The main selling point is its faster speed and cheaper transactions.
Cardano
The foundation of Cardano was laid by Charles Hoskinson, one of the co-founders of Ethereum. Cardano uses a distributed proof of stake consensus mechanism and has developed a robust ecosystem for supporting dApp development and Crypto Art NFT Marketplace Development.
At present Cardano is capable of delivering 250 TPS but according to its Hydra roadmap, Cardano will scale to 2 million TPS.
Binance Smart Chain
Binance Smart Chain is a centralized blockchain that is based on the Binance Chain. However, even if Binance Chain goes down, BSC will continue to operate. The chain has no token of its own but NFT marketplaces or dApps developed on top of it use BNB for payment of transaction fees.
BSC uses the Proof of Staked Authority consensus mechanism and can deliver 160 tps at a very low transaction cost. The chain uses its own NFT token standard known as BEP-721.
Final thoughts
Picking a suitable blockchain is critically important for an NFT Art Marketplace website. If you plan to build an NFT marketplace, make sure you pick a fundamentally strong, sustainable, fast, and cheaper website. Antier has been delivering top-notch NFT solutions over the last 5 years. Our experts can help you build a leading NFT marketplace. Get in touch with our experts now!
