You may be new to NFTs, but NFTs are not new. Most NFT projects (including most of mine) are built using Ethereum and can be bought and sold on any Ethereum-based NFT marketplace. However, Ethereum “gas prices” (aka transaction fees) are at an all-time high. So high, in fact, that competitive blockchains are starting to gain traction.
BNB speculators had a good weekend, but the Binance news that got my attention was the launch of the third Unique.One Art Marketplace on April 10. This NFT marketplace was built on the Binance Smart Chain (BSC) to “complement” the marketplaces they previously built on Ethereum and xDai. Why BSC? The short answer: it’s faster and cheaper than Ethereum.
BSC tokens are functionally identical to Ethereum tokens (BSC is a fork of Ethereum, so it’s easy to port over Ethereum apps), gas prices are a fraction of what they are on Ethereum, BSC blocks are written every 5 seconds (or less), and BSC also supports pegged tokens (similar to Ethereum’s wrapped tokens).
Are we about to see an explosion of competitive blockchains vying for your NFT projects? I can almost guarantee it.
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Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it. I am not a financial advisor. Nothing in this article should be considered financial advice. If you are considering any type of investment you should conduct your own research and, if necessary, seek the advice of a licensed financial advisor.