Ethereum is currently the most recognized blockchain for minting NFTs. As the first chain to have programmable smart contracts, Ethereum enjoys a vast first-mover advantage allowing developers to power interesting NFT features using the Solidity language. Some of the biggest and most expensive NFT collections like Bored Ape Yacht Club, CryptoPunks, and Art Blocks are built on Ethereum.
However, its popularity is not without disadvantages. With the chain only allowing about 30 transactions per second (TPS), minting and trading NFTs can be very costly. Widely sought-after NFT mints can clog the entire network, spiral gas fees, and lead to blown-out minting wars.
Polygon is a Layer 2 blockchain that provides an effective scaling solution allowing developers to create Ethereum-compatible NFT collections. It is cost-effective, with gas fees going as low as $0.1, allowing up to 65,000 TPS. Formerly known as MATIC, Polygon provides a powerful platform that relies on the functionality of the Ethereum blockchain to maintain the authenticity and security of transactions processed on it. This distinctive posture allows NFT collections to tap into Ethereum’s huge ecosystem while providing an exciting user experience to collectors. This is why top NFT entities like Aavegotchi, Instagram, and Adidas Originals use Polygon for their NFT innovative ideas.
Launched in 2020, Avalance seeks to provide cost-effective, faster, and relatively secure smart contract functionalities for decentralized app creators. The Avalanche Contract Chain supports EVM-compatible smart contracts, meaning NFT projects can use Ethereum’s Solidity to launch and mint their NFT collections. However, because of its newness, Avalanche has not been widely adopted by NFT collections.
Solana is arguably the cheapest and fastest programmable blockchain, processing an average of a few thousand to a possible max of 710,000 TPS. These unique features have attracted amazing NFT projects like Solanart, SolSea, and Magic Eden, collectively processing millions of dollars in transactions. Notwithstanding, because the Rust coding language mostly powers smart contracts on Solana, NFT adoption has been slower than similar chains in size and valuation.