Building NFT Markets on Different Blockchain Technologies | Via Linda John | The Capital | July 2021
The utility of NFTs began to reach its peak. The footprint of NFT began to shift from digital assets to physical assets, and the demand for the NFT market became indispensable. Interest in NFT has increased widely, and people in the integrated community have begun to march into the crypto world, focusing on NFT.At some point, crypto enthusiasts started to break in NFT Development Companywhich is Establish the NFT market and use this market hype as a business opportunity. In this blog, let us look at the development of different blockchain-based NFT markets.
➥ NFT market development on BSC
➥NFT market development on Matic
➥ NFT market development on Tron
➥ NFT market development on Ethereum
NFT market developers prefer Binance Smart Chain because of its speed and lower gas cost. It has a simple user interface, and the mining process makes it more popular. BSC and its reliable method concept reached 12 million transactions on May 16, 2021. Its growing chain tends to continue to have an impact on the crypto world.
Binance’s Binance smart chain is a community-based, decentralized smart contract blockchain open source system. Compatible with Ethereum Virtual Machine (EVM).
NFT market development on BSC It should start with choosing the most supported wallet for its NFT tokens BEP-721 and BEP-1155, storing the inventory of NFT tokens, and increasing the adaptive front-end UI.
The market should be correlated with the BSC to introduce behaviors such as coinage, sales, purchases, and bidding.
❖ BSC to ETH and vice versa
❖ Creation and support operations of decentralized autonomous organizations.
❖ BSC Block verification takes place every 3 seconds.
❖ Cross-chain transfer support
❖ CipherTrace is used to monitor VASP, OTC and initiate fraud analysis.
Matic is an open source community project dedicated to eliminating shortcomings
Available in existing blockchain technology. It is known for its scalability and fast transactions.
NFT market development on Matic Like other blockchains, we need to build a web application that focuses on increasing people’s interaction. Markets built with Matic will charge very low gasoline fees.
❖ Ethereum compatible platform
❖ Security with various verifications.
❖ Fully customizable
Due to its four-layer construction, Matic is faster than Ethereum.
✔ level one — ETH layer for security and consensus
✔ Second floor — Security layer
✔ the third floor — Polygon SDK handles interoperability between blockchains
✔ Fourth floor — On-chain and cross-chain contracts with this Matic can ensure scalability.
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Tron is also a decentralized blockchain technology with low gas cost, but different from other technologies is its new standard, which is dedicated to stabilizing the NFT standard. Tron’s architecture is fully distributed, with multiple modules to enhance modularity.
Tron can be used in any NFT market because it supports cross-chain and its TRC-721 is fully compatible with ERC-721. Any market with the required functions can use the Tron blockchain.
The TRC-721 standard allows us to tokenize assets with its uniqueness, and its ERC-721 compatibility allows us to perform multiple cross-chain exchanges.
✓ Metadata extension interface: This allows our smart contract to verify its name and the details of the asset represented by our NFT.
✓ Enumeration extension interface: This helps us control and publish the complete list of NFTs and makes them easy to use.
Ethereum is the first decentralized blockchain technology to introduce NFT into the crypto world. Most other existing blockchain technologies will have virtual machines to support Ethereum.
High gas bills
If ETH falls, developers will cut off smart contracts/Dapps because their acquisition costs are lower. If ETH increases, regardless of whether the transaction continues without slowing down, investors will trade to obtain some profit, so there is less chance of gas price reduction.
ERC-721 It is the first standardized NFT ever. It is most widely used and adopted. It is known for its safety and transparency. ERC-721 has a unique way to create and track tokens.
ERC-1155 Also known as the “Next Generation Multi-Token Standard.” It can reduce the price of natural gas to 90%, but tracking ownership in this standard is a big deal.
NFT market development on Ethereum Widely used for stability and reliability. Although competitors like BSC have surpassed Ethereum, people still trust the stability of Ethereum.
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