Over the past few years, non-fungible tokens (NFTs) have seen huge advancements. This unique crypto token has gained increasing traction with digital artists, market leaders, enterprises dealing with diverse industries, and investors. The average revenue per NFT user in 2023 is US$70.46. By 2027, the average revenue is projected to reach US$3,162.00m, an annual growth rate of 18.5%. These figures show that cryptocurrency enthusiasts and tech-savvy people all over the world are embracing NFT development. For the creation of non-fungible tokens (NFTs), developers use different blockchain platforms. Each has its own benefits and drawbacks. In order to choose the best blockchain for NFT creation, one must understand the differences. In this blog, we will discuss the best NFT blockchains that are most widely used for NFT development in 2023. Having said that, let’s get started.
Top 5 NFT Blockchains in 2023 and Beyond
The Ethereum blockchain is the best and oldest blockchain used to create NFTs. The company has its own cryptocurrency named Ether (or ETH). With Ethereum, you can develop and run decentralized applications using blockchain technology. Being one of the most popular NFT blockchains, Ethereum has a highly decentralized structure. It can provide legal and financial services without intermediaries. Also, it’s great for launching new projects because Ethereum is well-established and has a large user base. The Ethereum platform is behind two well-known token standards, ERC-721 (for the creation of NFTs) and ERC-1155 (for the creation of semi-fungible tokens). For the vast majority of current NFTs, these two standards have served as the foundation, and this trend is likely to continue.
Solana (SOL) is an open-source blockchain that supports smart contracts, non-fungible tokens, and decentralized applications. This is a decentralized blockchain technology that is designed to scale with user-friendly applications. Solana’s NFT ecosystem is growing rapidly. It addresses the limitations of certain blockchains, such as Bitcoin and Ethereum, in terms of transaction speed and scalability issues. As a result of its fast transaction speed and low transaction costs, Solana achieved widespread acceptance. The low fees and faster transaction speeds of Solana make it an excellent choice for any type of NFT. Apart from that, Solana provides exceptional quality outputs and is backed by an architectural design that ensures affordability. In addition, it offers a robust marketplace for collectors and creators, while ensuring quick NFT minting.
Another best blockchain for NFT is Flow. The blockchain facilitates the development of decentralized apps because it is fast and decentralized. Its speed is one of its greatest advantages, and it does so without excessive gas fees. As opposed to Ethereum, this blockchain does not use sharding to achieve intensive scaling. As the ERC-721 counterpart, it has its own NFT standard. Its other distinctive features include upgradeable smart contracts, human-readable security, finality of transactions, and smart usage account recovery. The blockchain was specifically designed to work effortlessly with non-fungible tokens, making it ideal for NFT developers and artists.
Flow was first utilized by the NBA, followed by MotoGP, NFL, and esports teams. In the meantime, it has gained popularity in the crypto world and is praised by many.
The Cardano blockchain ecosystem was created by Charles Hoskinson, one of Ethereum’s co-founders. With a market capitalization of $16.6 billion, it is currently the seventh-largest blockchain in the world. Known for its sustainability, security, and scalability, Cardano is a popular proof-of-stake blockchain for NFTs. The Cardano ecosystem focuses on creating a robust environment for developing decentralized applications and NFTs based on distributed consensus mechanisms. With Cardano, artists and collectors can build decentralized apps and marketplaces that accept its native currency, ADA. Some of the most popular Cardano NFT marketplaces include CNFT.io, which hosts such Cardano NFTs as Clumsy Ghosts, SpaceBudz, and Clay Nation.
Tezos is an open-source proof-of-stake blockchain that performs peer-to-peer transactions and serves as a platform for deploying smart contracts. Tezos NFTs have grown in popularity in recent years, with prominent marketplaces like Rarible offering Tezos NFTs. With the latest enhancements, Tezos’s community has rapidly developed the platform, bringing improvements in performance and expanding the size of smart contracts. Tezo has low gas charges and fast transactions. One of the top NFT blockchains, Tezos, has also created tools to automate the integration of NFTs into enterprise supply chains.
NFTs are undoubtedly the next big thing. There are several factors to consider when choosing the right NFT blockchains, including your specific needs as a creator or collector. The dominant player is Ethereum, offering a vast ecosystem and an established NFT marketplace. In comparison, alternative popular NFT blockchains like Solana, Tezos, Flow, WAX, and Cardano offer unique features such as scalability, lower fees, tailored NFT functionality, and partnerships with leading companies.
Nonetheless, to enjoy all the unique features of an NFT, you must obtain it from the best NFT marketplace development company. They possess the required expertise and experience for the job to be completed seamlessly. Any individual who wants to make their mark in the cryptocurrency industry will benefit greatly from the sheer amount of technical knack and blockchain consulting skills they possess.