Top 10 Blockchain Networks For NFT Development

With the enhanced scope of trading, NFT or Non-Fungible Tokens are highly in demand. It is because they are the most attractive and developing blockchain technology products. Initially, the NFT market didn’t grow much, but now it has great scope due to easy accessibility and high security.

According to several reports, in 2020 NFT market only had a million-dollar capitalization. However, in 2021, this NFT market has crossed 41 billion dollars in capitalization, showing how many people are interested in it. Furthermore, since 2021, the NFT market has taken over the internet with the support of multiple blockchain networks.

NFTs are great for traders and artists who want to trade or purchase any art piece worldwide. This trading method is best as it is extremely secure because all the assets have unique identification codes. Furthermore, all of these identification codes differ from each other, making it a useful and highly secure platform.

If you are also interested in NFTs and want to start your own blockchain campaign, it is necessary to know about multiple blockchains. Different blockchains offer different services that can develop and boost Non-Fungible Tokens (NFT) market. Ethereum, Polygon, and Binance Smart Chain are popular and most preferred blockchain networks.

However, in this article, you will learn the top 10 blockchain networks for your Non-Fungible Tokens. First, it is important to know the factors while selecting a blockchain network.

Factors for Choosing a Blockchain

Whenever you go to a market, you look at various brands delivering the same product you want. But, you will want to spend on the most suitable product. So, you may buy multiple brands to get the best one.

Similarly, in the case of blockchain, many NFT developers purchase various blockchains to get the best one for their project. Especially if you are new in this line, then you will be extremely confused by multiple blockchain networks.

In this section, you will learn the necessary factors to measure while choosing from multiple blockchain networks.

1. Transaction Speed

With the development of blockchain and NFT, it is important to focus on transaction speed. Initially, decentralization and security were the two most preferred and considerable factors. However, transaction speed was not preferred much when choosing a blockchain network.

But, as blockchain’s usage has grown a lot, it is important that whatever server you are using should have high transaction speed. Transaction speed is the time taken to transfer your Transaction. Different blockchains have different transaction speeds.

Despite transferring your Transaction earlier, transaction speed also encounters your transaction costs. As if a blockchain has slow transaction speed, users need to pay more to be prioritized by the minors for their transactions. So, that’s why choosing a better transaction speed blockchain should be preferred.

2. Transaction Cost

Transaction cost refers to the number of fees a person must pay for their Transaction. Not all NFTs, like in-game items and digital collectables, have to be of high prices. Many NFTs are of very low cost that an average person can purchase.

Blockchain networks mainly consume a high share percentage as a transaction cost. However, many responsible blockchain networks that want to flourish their network have a very low transaction cost. Usually, the computational demand or transaction cost is determined by various consensus mechanisms.

Initially, there were only 2 consensus mechanisms; Proof of Work (PoW) and Proof of Stake (PoS). But these were not satisfactory for many people as they were not energy-efficient and could affect the environment. However, blockchains having PoS means Proof of Stake is preferred as people have to face fewer issues with them.

However, currently, there are around 9 consensus mechanisms that major blockchain networks choose to compute the transaction cost. Furthermore, all of these consensus models have advanced and upgraded computational models. Therefore, looking at the transaction cost while choosing any blockchain network is vital.

3. Smart Contract Functionality

Another important factor to consider is looking at the smart contract functionality of a blockchain network before choosing it. Smart contract functionality means a programmable agreement will be set between the buyer and the seller. In addition, it ensures that the level of security should be maintained while trading.

All Non-Fungible tokens need smart contract compatibility between buyer and seller. Therefore, an efficient blockchain will have good smart contract compatibility. Moreover, it should be able to prevent all types of fraudulent and cyberattack activities. Otherwise, there is a chance that the valuable assets of the buyer and seller can be lost.

4. Security

Security should be one of the main preferences when choosing a blockchain network. Also, all blockchain networks should not compromise security. However, the security of a blockchain network can only be known by researching on your own.

Don’t go for the ones who some cybercrime activities have already attacked. However, PoW (Power of Work) consensus mechanisms are less favourite than PoS (Power of Stoke) because some foolproof activities have attacked them. In short, you need to ensure this factor initially while choosing a blockchain network.

5. Forking

Forking refers to a radical change in blockchain network protocols. It means that any previously invalid block or transactions got valid after some. In NFTs, forking can affect its rarity status, which can be a negative point for many people.

Also, forking can lead to creating a duplicate NFT that can destroy the originality or rarity of an NFT. That’s why it is highly important to look at the forking factor while choosing a blockchain network. It can be extremely unpleasant for anyone’s Non-Fungible Tokens (NFT) campaign.

Top 10 Blockchain Networks for NFT Development

Since you are done with knowing the important factors for choosing a blockchain network, it is time to look at the most popular or particularly the top 10 blockchain networks. These blockchain networks are extremely beneficial for developing Non-Fungible Tokens (NFT).

This section will teach you the best blockchain networks and their capabilities to deal with a specific NFT campaign. So, without further due, let’s jump into the main section.

1. Ethereum

Ethereum is the most preferred and number one blockchain network globally. It was developed in 2015 by VitalikButerin, becoming the first blockchain network for developers and NFT projects. As a result, 90% of the NFT projects are done only on Ethereum, enhancing its users worldwide.

In the last 7 years, surprisingly, Ethereum has managed to maintain its legacy and win the race. It is the most secure and used blockchain network. However, it is because it offers quick networking even after extensive usage by many communities. As a result, Ethereum is the top choice, and most NFTs are created using this blockchain network.

Ethereum offers three token standards, but ERC-1155 and ERC-721 are the most used tokens. These token standards are compatible with NFT, making them the most preferred. However, among them, ERC-721 is used by most of the popular networks like OpenSea and Decentraland.

On the contrary, ERC-1155 is mostly for blockchain gaming projects. It is used for the creation of semi-fungible tokens that are used in various gaming projects. However, the third token is ERC-20 which is not compatible with NFT standards, which is why it is not popular much compared to the other two tokens.

Ethereum network has recently come up with a new token, EIP-2309. Ethereum has ensured that this specific token is more efficient for NFT mining. This token will let the users mint various tokens simultaneously without doing any extra transactions.

Moreover, to meet the highest security level, Ethereum uses unique smart contracts. Therefore, the Ethereum team has designed a unique programming language named Solidity and compiled it in the Ethereum Virtual Machine (EVM). Solidity is an object-oriented programming language developed to enhance the credibility of Ethereum.

In addition, Ethereum also has its native cryptocurrency named Ether or ETH. Ether is the second most used and valued cryptocurrency other than Bitcoin. Moreover, Ethereum is currently hosting approximately 460,000 token contracts with its ERC-20 token standard.

Recently, Ethereum has come up with its upgraded version Ethereum 2.0, which is more efficient and secure than the previous version. It has also been said that this 2.0 version will have more transaction capacity and fewer gas fees than Ethereum. Due to this, Ethereum has been the number one choice and will sustain this position for many coming years.

2. Polygon

Polygon blockchain network has achieved the second position on our list. It is much similar to Ethereum as it is a 2-layer blockchain network based on Ethereum. Polygon is mainly popular for hosting various NFT platforms like OpenSea, the world’s most grown and popular NFT marketplace.

Polygon hosts many famous NFT-based games like Avegotchi and Polychain monster. Therefore, the polygon can be preferred to achieve a more robust dynamic experience. Moreover, the polygon is also designed to get a better scaling solution and a more efficient blockchain networking system.

Polygon was developed when Ethereum was facing some major problems due to Scalability. You can say that it is the secondary blockchain network based on the factors of Ethereum. Polygon was the first blockchain network that introduced the Proof of Stake consensus mechanism.

Also, to cross the level of Ethereum, this blockchain network offered almost near-zero transaction fees. Due to this feature, many communities did transfer to polygon from Ethereum, making it the second most popular blockchain network.

3. Solana

Despite launching recently, Solana has shown remarkable performance. Solana mainly gained popularity when Ethereum struggled due to multiple speed and language problems. Solana is recently having a tough time at Ethereum and is getting involved in many popular NFT projects, like DeFi, NFTs, and Web3.

According to sources, the market capitalization of Solana has reached a remarkable number of$65,155,587,432. Like Ethereum, Solana has some popular token standards used for mining in various NFT projects. Solana has not only been bribed about their performance but also shown through their numbers.

Currently, this extremely efficient blockchain network is executing 65,000 transactions per second. However, the developers of Solana have said that after their new upgrade, they will be able to do 700,000 transactions per second. Not just the speed, but their transaction cost is also remarkably low.

Currently, Solana is charging only 0.01 dollars as transaction costs. On the contrary, other blockchain networks having lower TPS charges more transaction cost. Like Ethereum, Solana also has their native coin named SOL. This native coin has been ranked in the most traded tokens on centralized exchanges.

4. Binance Smart Chain

Binance Smart Chain is a run-off of the previously launched Binance Chain network. However, due to a lack of features, Binance Chain was upgraded to a new version named Binance Smart Chain. It is a more efficient and fast blockchain network with advanced smart contract functionality.

Moreover, the smart contract functionality of Binance Smart Chain is supported by Solidity and Vyper and compatible with the Ethereum Virtual Machine (EVM). It was done so that Binance Smart Chain could run independently even if the previous version of Binance Chain stopped working.

Binance Smart Chain has also developed its own native utility token BNB. This native token is feasible on both blockchain networks; Binance Smart Chain and Binance Chain. BNB can be used to pay the transaction fees on Binance Chain and for many smart contracts on Binance Smart Chain.

Binance Smart Chain works on the consensus mechanism of Proof of Stake Authority (PoSA). Proof of Stake Authority allows this blockchain network for short block time and low transaction fees. According to the developer, Binance Smart Chain can perform 55 to 60 transactions per second by charging only 3 dollars as the transaction fees.

5. Cardano

Cardano was launched by Charles Hoskinson, who is the co-founder of Ethereum. This blockchain network allows developers to make transactions using its native crypto (ADA). In addition, Cardano offers the Proof of Stake Powered consensus mechanism that allows the developers to design Cardano-powered applications in a very convenient environment.

Cardano is a layer-1 blockchain network but has maintained its Transaction per second. According to Cardano developers, their blockchain network can transfer 65,000 transactions per second, making it one of the fastest-growing blockchains.

However, Cardano is soon coming with a 2-layer blockchain network named Hydra. They are sure that this blockchain network will be able to do more than 2 million Transactions per second. As Cardano supports an average TPS, it charges a transaction cost of 2 pennies.

Although, for some people, the transaction cost of Cardano is high, according to their TPS rate it is worth it. In addition, Cardano is running one of the most successful NFT projects, including Spacebudz, Cardanokidz, Professor Cardano, CryptoMayor, Crypto Knitties, and Somnit.

6. EOS

Initially, EOS was created on the Ethereum blockchain network, but later it was developed as an independent blockchain network. However, their native token is still ERC-20, so the developer can do a cross-chain movement between EOS and Ethereum.

Regarding the programming language, EOS uses the C++ language, launching a high-performing smart contract. Moreover, EOS supports the Delegated Proof of Stake (DPoS) mechanism that ensures a frictionless development of smart contract functionality and decentralized.

EOS is also well-known for its fast performance, helping it grow more quickly. They have said their Transaction per second rate is around 4,000, with the fastest confirmation period of half a second. Moreover, EOS doesn’t charge transaction fees, but they ask their users to submit some coins in their wallets for registration.

7. Algorand

Algorand is the next blockchain network on our list, one of the most secure and low-cost networks among others. Its native token is ALGO, which facilitates the easy Transaction and allows the holders to participate in various decision-making processes. Algorand, a 1-layer blockchain network, has successfully made its position in the NFT market.

Algorand uses a unique consensus mechanism, Pure Proof of Stake (PPoS). This mechanism is designed to prevent the blockchain network from any foolproof or cyberattack activities. It is the only blockchain network that guarantees a high degree of decentralization by preventing blockchain forks.

Although being a single-layer blockchain network, Algorand ensures 10,000 TPS. However, it is expected to reach 46,000 transactions per second in the coming years. Algorand only demands 0.0001 ALGOS ass transaction cost, which is the cheapest among all the blockchain networks.

Some successful and most popular NFT projects of Algorand are ANote Music (connects multiple musicians with their audience), ALGOeggs (consists of 2D and 3D art pieces), Dahai and Opulous (both are fine art markets), launchpads (launch music copyrights NFTs) and DEXs.

8. WAX

WAX, also known as Worldwide Asset eXchange, is the most environment-friendly blockchain network in this list. It is also known as the “green NFT minting machine” as it consumes 120,000 times less energy than Ethereum. Due to this great initiative, WAX has become very popular for the past few years.

Unlike other blockchain networks, WAX doesn’t hold any customized programming language. However, some smart contracts have been developed using the C++ programming language. That’s why if you are planning to use WAX, ensure that you have a little information about this language.

WAX is the earliest blockchain network that has worked on Delegated Power of Stake (DPoS). The developers have said WAX has the fastest transaction speed, 8,000 TPS. WAX has been involved in many popular NFT projects like Alien Worlds, R-Planet, and a gaming system for monetizing NFTs.

9. Tron

Tron is a cost-efficient blockchain network that was previously developed on Ethereum. Its native token, Tronix or TRX, was initially linked with the ERC-20 token of Ethereum. However, after being an independent blockchain network, its initial token, ERC-20, has been replaced by TRC-20.

Tron has now come up with its new standard token named TRC-721, which is much similar to the ERC-721. This new token is compatible with NFT standards and has allowed users to explore and trade in the new aspects of blockchain. Tron has 2,000 TPS with the least transaction cost of less than a penny.

An interesting fact about Tron is that it also holds a Tron Vritual Machine (TVM), which is capable with Ethereum. This step has been taken so that the deveoplers can benefit from the mixed environment between them. They can create, debug and eecute multiple smart contracts with Tron Virtual Machine.

10. Tezos

Tezos is the last blockchain network on our list. Initially, it was not recognized by many NFT developers. However, after four years of development, Tezos has shown a remarkable appearance in the NFT market. In addition, Tezos has its own programming language Michelson which is used for writing smart contracts and decentralized applications.

With its customized programming language, developers can facilitate with the peer to peer transactions. For example, using the Michelson codes makes it extremely easy to refer to liquid and translate it back into the Micleson codes. Popular NFTs projects in Tezos include Hicentnuns and Kalamint, allowing holders to buy and sell NFT collections more quickly and easily.

Also, Tezos has come up with 3 token standards, but only FA2 is compatible with NFT. It is highly suitable for minting in NFT development. Lastly, developers need to work on the transaction speed as it can only do 40 transactions per second. Moreover, developers are also working to provide a native token for Tezos.