NFT Multi-chain Platforms, Explained

In 2020 and 2021, NFTs’ sales volume rose from $94.9 million to $24.9 billion, according to DappRadar’s data in January. And until now, sales coming from NFTs are continuously increasing. On the other hand, one drawback from such immense and fast-growing NFT projects is its limit to only be minted and developed on one or two blockchains at most.

But as concerns occur, solutions arise. Such an issue can now be resolved by making NFT multi-chain platforms which can help nurture innovations and remove limitations in the NFT space, hindering the trade of such digital assets so far.

What are multi-chain NFT platforms?

Multi-chain NFT platforms are spaces where NFTs can be minted or developed on different blockchain technologies. Through these platforms, users will be able to mint, buy and sell NFTs using any non-native currencies that they see fit.

As much as these multi-chain NFT platforms are promising, it would require an extensive amount of resources, capital, and time. Such platforms need to be compatible with various blockchain technologies, while being functional and responsive. Should these be successful, such platforms can give NFTs more exposure, allowing cross-chain capabilities.

Blockchains supporting a multi-chain ecosystem

Currently, there are three blockchains being used for a multi-chain ecosystem — Ethereum, Binance Smart Chain (BSC), and Polygon.

Ethereum

Ethereum leads the blockchain networks with its innovative and successful journey. The network is also one of the best and the first blockchain network that made a huge impact in the crypto industry. It uses exclusive smart contracts and token standards to help the creation of NFTs. Hence, Ethereum ranks the highest as the most reliable network in the industry by NFT enthusiasts.

Binance Smart Chain (BSC)

BSC’s ability to run similarly with the Binance chains gives it the advantage of scalability. Not to mention that it also has one of the lowest transaction fees in the industry and gives swift transaction processing. BSC also uses the proof of stake consensus mechanism, which is more environmentally sustainable.

Polygon

Unlike the typical definition of a blockchain, which is “a digitally distributed, decentralized, public ledger that exists across a network,” Polygon is different. Instead, it’s a layer two protocol (a secondary framework or protocol built on top of an existing blockchain system) of the Ethereum network. Despite this, it is still capable of performing all tasks that a conventional blockchain does. In fact, Polygon has the edge over other blockchains due to its immense scalability and ability to process thousands of transactions every second.

Important note: The GenBun Series Collection is under the Polygon Blockchain Network.