NFT utility began to reach its peak. NFT began to move from digital assets to physical assets, and the demand for the NFT market has become indispensable. Interest in NFT has increased extensively, and people from the integrated community have begun to march into the crypto world, focusing on NFT. To a certain extent, crypto enthusiasts began to flood into NFT development companies, establish the NFT market, and use this market hype as a business opportunity. Now let us look at the development of the NFT market based on different blockchains.
- NFT market development on BSC
- NFT market development on Matic
- NFT market development on Tron
- NFT market development on Ethereum
NFT market development on BSC
NFT market developers prefer Binance Smart Chain because of its speed and gas cost. It has a simple UI, and the mining process makes it more popular. By May 16, 2021, BSC and its reliable method concept reached 12 million transactions on May 16, 2021. Its growing chain tends to continue to have an impact on the crypto world.
Binance Smart Chain from Binance is a community-based, decentralized smart contract blockchain open source system. Compatible with Ethereum Virtual Machine (EVM).
NFT market on BSC
The development of the NFT market on BSC should start with selecting the most supported wallet for its NFT tokens BEP-721 and BEP-1155, storing the inventory of NFT tokens and increasing the adaptive front-end UI.
The market should be associated with the BSC, resulting in behaviors such as coinage, sale, purchase, and bidding.
Benefits of BSC:
- From BSC to ETH and vice versa.
- The creation and support of decentralized autonomous organizations.
- BSC Block verifies every 3 seconds.
- Cross-chain transfer support
- CipherTrace is used to monitor VASP, OTC and initiate fraud analysis.
NFT market development based on Matic (Polygon)
Matic is an open source community project dedicated to eliminating these shortcomings.
Available existing blockchain technology. It is known for its scalability and fast transactions.
The development of the NFT market on Matic is the same as other blockchains, we need to build a web application that focuses on increasing people’s interaction. The market built with Matic will charge a very low gas fee. .
Some benefits of Matic:
- It is an Ethereum compatible platform.
- Security and various verifications.
- Fully customizable.
Matic’s security and scalability
Due to its four-tier architecture, Matic is relatively faster than Ethereum.
- The first layer-the security and consensus of the ETH layer.
- The second layer-the security layer.
- The third layer-Polygon SDK deals with interoperability between blockchains.
- The fourth layer-Sign on-chain and cross-chain contracts with this Matic to ensure scalability.
NFT market development on Tron
Tron is also one of the decentralized blockchain technologies, with lower gas costs, but unlike other technologies, its new standard is dedicated to stabilizing the NFT standard. Tron’s architecture is completely distributed, with several modules to enhance modularity.
Tron’s NFT market
Tron supports cross-chain and can enter any NFT market, and its TRC-721 is fully compatible with ERC-721. Any market with the required functions can use the Tron blockchain.
TRC – 721
The TRC-721 standard allows us to tokenize assets with its uniqueness, and its ERC-721 compatibility allows us to conduct multiple cross-chain transactions.
Benefits of TRC-721:
- Metadata extension interface: This allows our smart contract to verify its name and the details of the asset represented by our NFT.
- Enumeration extension interface: This helps us control and publish the complete list of NFTs and makes them easy to use.
NFT market development on Ethereum
Ethereum is the first decentralized blockchain technology to introduce NFT into the crypto world. Most existing blockchain technologies will have virtual machines to support Ethereum.
If ETH falls, developers will terminate smart contracts/Dapps because their acquisition costs are lower. If the price of ETH rises, investors will trade to obtain some profit, and the transaction will continue without slowing down, so there is less chance of gas price reduction.
ERC-721 and ERC-1155
ERC-721 is the first standardized NFT. It is most widely used and adopted. It is known for its safety and transparency. ERC-721 has a unique way of creating and tracking tokens.
ERC-1155 is also known as the “Next Generation Multi-Token Standard.” It can reduce the gas price to 90%, but tracking ownership is a big deal in this standard.
Build a market in Ethereum
The development of the NFT market on Ethereum is widely used for stability and reliability. Although competitors such as BSC have surpassed Ethereum, people still trust the stability of Ethereum.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/build-the-nft-market-on-different-blockchain-technologies-2/
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