The popularity of NFT is increasing day by day. this is a very fascinating and famous niche in the cryptocurrency market.
In the first half of 2021, the NFTs market soared to $2.5 billion, and the market cap increased by over 1785%, crossing $19 billion.
To create NFT first you need to select a blockchain for it. Because choosing the right blockchain for your NFTs project is very important.
It is the technology your customers will interact with. Therefore, you must choose the right blockchain platform on which your project will run. But how do you choose blockchain for your NFTs project? Which is best suitable for you?
This article will help you to choose the right blockchain which is best for your NFT Project. So let’s start with the introduction of blockchain.
What Is Blockchain in NFT?
blockchain technology is a game-changer in the cryptocurrency world. this is a virtual chain network that is transparent and secure.
Blockchain is like hosting or server for your NFT which provides you the facility of secure and fast transactions.
How does blockchain technology work?
- If A wants to send money to B (in NFTs case we can say Authority of file!)
- Then all networked computers create a Block of that transition.
- A sends money to B
- This Computer generated virtual Block is transferred to all networked computers.
- This chain of networking is called a blockchain
- this chain can not handle or be interrupted by individuals.
- it is secure and private.
In recent days, the demand for blockchain technology is very increased. there are so many blockchains out there with their different uniqueness.
so choosing the right Blockchain for your NFT is may be challenging for you. So we enlisted some criteria for choosing the right NFT.
Criteria To choose blockchain for your NFT
- Transition Speed
- Adaption rate
1. Transition Cost
Cost of transition is a very important factor for your Blockchain Selection.
All your NFTs are not gonna sold at high prices so keeping transactional costs low is very important.
You have to also optimize your blockchain development expense So wisely Choose a cost-efficient solution for the Nft blockchain.
2. Transactional Speed
Speed is also a very important factor in the digital world. Blockchain’s transaction speed plays a huge role in the success of your NFT project
So we have to consider these criteria for choosing the right blockchain for your NFT. Some Blockchains have very high transaction speeds which helps them to handle a significant number of transactions at a time.
But Speed as a criterion can not be substituted for low security or privacy.
because all you need in this blockchain technology is security. So we move to our next parameter for choosing NFT is Security
Security is very important, particularly in this type of digital sector, where an organization or company has to do with sensitive information like ownership or Proof of Work, etc.
And the chance of hacking private information is very high in this field. So you have to choose the right blockchain with considering its security at the top.
Blockchains can sometimes be vulnerable to attack vendors. So you have to ensure that you are choosing the right blockchain with a history of maintaining high-end security.
blockchains are also can be hacked, especially those who are operating on Proof of Work (PoW) Mechanism
So it is advisable to give your priority to PoS or its related types like LPoS, DPoS proof-of-history (PoH), and proof-of-staked-authority (PoSA) while choosing the right blockchain for your NFTs.
5. smart contract
NFTs are working on smart contracts for setting the terms of transition between sellers and buyers. To experience more elasticity and ease in work.
smart contracts in blockchain contribute to security and risk-free transitions. It also provides the best platform which has clean, secure, and bug free code
6. Adaptation rate
The adoption rate describes the level of implementation a specific blockchain technology has received. For your NFTs project.
You should always choose the technology with a greater adaptation rate. The more highly adapted blockchain is always better in terms of future use.
scalability refers to more transactions per second. The more this TPS rate is better for any blockchain.
So you need to see the transaction capacity of your blockchain before you are choosing this for your NFT.
These are seven Parameters That you can refer to before Choosing the right Blockchain for Your NFT. So, Choose blockchain according to these criteria.