NFTs & Blockchain

A Brief Overview

Mohamed Bitar

Last Update vor 4 Monaten

NFTs normally exist on the Ethereum blockchain, but that doesn’t mean they’re exclusively found on there. They exist on other networks too, such as Solana, Polkadot, and Avalanche.

OpenSea – the largest NFT marketplace – requires that transaction fees be paid using Ethereum, meaning users must have ETH in their wallets to be able to conduct a transaction of any kind. 

Another secure blockchain that users often use is Polygon, with different Ethereum currencies available (ETH, USDC and DAI). The advantage of Polygon is that users can create and sell NFTs – minus all the gas fees that must be paid on OpenSea. But no gas fees doesn't mean it's better.

One must explore all options before making a decision because different networks come with varying transaction fees, market caps, rates of transition, among other things.

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