Today’s world is moving at a great pace in technological advancements. As it tends to shift its focus back to the people from multiple corporations. Blockchains are one of such technologies which support decentralization, a.k.a., giving power back to the people. There are numerous applications of blockchains that include cryptocurrencies and the relatively new, non-fungible tokens (NFTs).
Simply speaking, NFTs are unique tokens that can portray ownership and authenticity of an asset – either virtual or physical. The entries are recorded on a blockchain which serves as proof. Lately, the craze of NFTs has shifted from digital art collectors to real cryptocurrency enthusiasts. Which means the door for NFT applications is wide open now.
You can Sell Your NFTs Across Multiple Chains
Promoting your NFT is more important than creating them, as perfect usage can yield big gains. Even though there is a sizable community of NFT supporters, making your NFTs reach them without any effort is like trying to harvest without sowing anything. In this blog, let us see how selling NFTs across multiple chains works.
Well, Can My NFT Exist on Multiple Blockchains?
- In a nutshell, the answer is “Yes”, your NFT product can exist on various blockchains. There are many advantages through this tactic.
- One is that the NFTs can now reach a wider base, from which your customers can increase manifold, surely more than what you would get on one chain.
- Another is that if you plan to earn royalties, your passive income can increase as more cross-chain sales would occur due to the support offered by your NFT products.
Where Can I Develop a Multi-chain NFT?
- You can develop or mint such NFTs on dedicated portals called Multi-chain NFT platforms. To have such a platform for your own NFTs, you would need a lot of time and resources – both technological and promotional. You can only be assured that your portal is compatible with various blockchains and works effectively.
- Otherwise, if you have lesser time and resources but enough capital, you need not worry. There are a lot of firms that can help you with their experience in developing such multi-chain NFT platforms compatible with many blockchains.
- Plan to utilize the golden period of NFTs, which probably is now as far as the domain is concerned. A dedicated company working on such solutions can help you with customizable and readily deployable multi-chain NFT platforms.
Some Prominent Blockchains to Maximize Your Reach
Although many blockchains are coming up often, proclaiming to be the best of them all, only some survive the depth of time and have a solid user base, which is still growing. Here are some of the prominent blockchains where selling your NFTs can be beneficial:
Ethereum is one of those earliest blockchains surviving today with a massive user base. It can prove to be an effective option to sell your NFTs through the Ethereum chain due to the following points:
- The chain carries almost 94% of the blockchain products due to its ability to run seamlessly with thousands of nodes and millions of users.
- Ethereum contains a smart contract feature that maintains stability and as a result, the blockchain runs most of the smart contracts found on the blockchain world.
- Due to its automated and decentralized nature, the blockchain is a very secure, and reliable smart contracts automates processes.
Binance Smart Chain (BSC)
Running parallel to the main Binance blockchain, Binance Smart Chain (BSC) serves as a chain supporting dual architecture on its own. BSC can be utilized in building NFTs, Dapps, and smart contracts. Given below are a few reasons why BSC can be an effective option for making your NFTs:
- Binance Smart Chain has compatibility for Ethereum based applications (which is most blockchain applications) through a special feature called Ethereum Virtual Machine (EVM). Although BSC users can access all Ethereum-based applications, the factor of affordability stands in between, so the feature has seen lesser usage.
- With multiple validators (21, to be exact) who can either approve or reject a transaction on BSC, the staked authority consensus mechanism functions as an entity to ensure that security and stability are not compromised. The validators can also vote on any new proposal brought upon in the BSC.
- The chain can also support cross-chain transactions and support tokens. The ability to transact cross-chain will particularly come into play for multi-chain NFTs.
- With such a consensus mechanism and the ability to transact across chains, the progress is very fast, with a block time of three seconds.
Being a direct Layer-2 protocol of the Ethereum blockchain, Polygon currently solves the troubles with Ethereum faces. Below are the reasons why Polygon can be one of the chains for your multi-chain NFT product:
- Along with running all Ethereum-based applications, Polygon can get along easily with other blockchains that run on Ethereum.
- Polygon can answer the problem faced due to the difficulties faced by the slow validation times, thus reducing the gas fee to a feasible amount. This feature enables Polygon to process more transactions than other blockchains.
- With a technology based on the Ethereum blockchain, Polygon provides advanced security features. It can also be customized according to the user’s requirements.
A Concluding Note
As a summary, this blog has given the basic facets of multichain NFT development and how you can do it – either on your own or with the assistance of a development firm that pioneers in such applications. We have also seen some of the important blockchains that your NFT is a part of. Finally, it is all up to your requirements and preferences to decide which chains your NFT products would feature.