NFTs have created a buzz in the last few years, but did you know that the first NFT “Quantum,” launched back in 2014?
Initially, the cost or fee to buy and sell NFTs on an Ethereum blockchain was minimal. However, as Meta, formerly known as Facebook, announced the launch of Metaverse, the NFT frenzy boomed. Subsequently, NFT investors and aficionados started showing interest. This caused the fee for NFT transactions to soar by thousands of dollars.
Result? While the spike in fees was not a big deal for the rich crypto-investors, it prevented everyday investors from dipping their toes into this brand-new crypto-venture.
Rise of Affordable Blockchains
In order to make NFT investment accessible to all, the creators started experimenting and coming up with alternative means to make NFT transactions more affordable. Avalanche and Solana are some of the most brilliant examples.
While several projects to create alternate affordable blockchains failed to stir the market, the approach eventually gained momentum. Thanks to lower transaction fees on these alternative blockchains, NFT enthusiasts who cannot afford to pay high transaction fees on Ethereum now have an alternative route at a lower NFT Cost.
Crypto-investors are now jumping ships from expensive Ethereum-based blockchains to affordable chains. Therefore, the total sum of NFT transactions on cheaper chains ranges into hundreds of millions of dollars.
For instance, Magic Eden, a Solana-based NFT platform, has already reached a valuation of $1.6 billion in 2022. Other alternative NFT blockchains in the same category include Solanart, LooksRare, Starly, OpenSea, and Fractal.
How Does Affordable Blockchain Work?
If you wish to dive into the world of NFTs, affordable blockchains are the hassle-free way forward.
Simply create your profile, discover NFTs, and trade in the ones you like. Platforms like Solanart produce almost 50,000 plus NFTs each day. On the other hand, Magic Eden currently captures 97% of Solana’s daily NFT transactions market share.
Some Facts
As of January 2022, the volume of Solana-based NFTs crossed the $1 billion milestone for the first time in NFT history. It may come as a surprise to you that the sales volume of NFTs created on the Avalanche blockchain currently stands at $67 million.
Staggering statistics for alternative chains speak for themselves. Therefore, Ethereum-based NFT creators are now focusing on drastically lowering the fee for NFT sell and purchase transactions.
The Verdict
While Ethereum is undoubtedly the leading blockchain in the NFT creation and transaction, the high gas-fee makes it an elite exclusive platform. Therefore, the need for more inexpensive/affordable blockchains is the need of the hour.
Alternative blockchains to create, sell and purchase non-fungible tokens will offer you myriads of benefits. These include low-cost gas fees not only for investors but also for everyday crypto enthusiasts and users. If you want to try out NFTs, try the affordable alternative blockchains and create NFTs to generate passive income if you like.
