- 1 The choice of blockchain matters for any NFT collection because the quality of the blockchain affects the sustainability of the project.
- 2 Enhanced ease, efficiency, and security are some of the factors that matter for any project.
To avoid the risk for funds and to save time such blockchain preferences should be made that enhance the belief of users. The blockchain should give surety of safekeeping the assets and increase the trust of the community.
There are many blockchains for launching the NFT collection like Ethereum, Solana Polygon, etc. Some of the qualities that define a better blockchain are discussed below. Before opting for any blockchain, one should take a considerate look at these qualities.
Scalability means the transaction speed. This is one of the analyzing factors that should be a priority before launching the NFT on the blockchain. Efficient and effective transactions are needed especially when there is high demand for the project in the market. High-speed transactions are needed even in high traffic.
Always consider if the blockchain works on Proof-of-Work mechanism (PoW) or Proof-of-Stake (PoS) mechanisms. The mechanisms decide the speed of any blockchain. Proof-of-History (PoH) and Proof-of-Stake-Authority (PoSA) offer security and energy efficiency. These factors should always be considered.
Gas fees are the applied charges when any transaction is done through blockchain. It is essential to have lower gas fees for wider adoption and good user experience. The higher gas fees can discourage users from participating in NFT trading.
Ensure that the chosen blockchain provides strong security so that the user feels safe and secure before making any transaction. Customers should feel protected and shielded.
Easy interoperability of the blockchain enhances swift adoption of any NFT and the NFT trade gets more chance to grow.This factor enhances NFT selling.
5. Environmental Impact
Most users consider blockchains to be environmentally safe. They make environmentally safe decisions and thus, the chances of using an NFT on an environmentally friendly blockchain increase. The users are becoming more environmentally conscious and it’s a mainstream adoption.
Giving consideration to the above qualities definitely results in advantages while marketing NFTs. It is not a compulsion if every other person is launching digital projects on Ethereum or Solana then one has to follow the same path. One should make a wise decision keeping the need of the project and the quality of any blockchain in mind.
Some big brands like Volkswagon on Polygon or Lamborghini on Ethereum have failed. The reasons for their failure is unknown. Maybe the crowd or the need that they have neglected before considering the chain accounts as a reason for this.
Selecting the wrong chain results in a waste of time, money, and effort. Hence, crucial research is needed. The blockchain is the base for any NFT project. Before building any project, the foundation should be strong. If not, the consequences can be negative.
A brand reputation entirely depends on the choice of blockchain as it enhances security and generates trust among the users. The controversies attached to the blockchain result in negative sentiments from the community.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.