Ownership of original art can be a matter of prestige to many, and this usually requires provenance, especially when there are so many counterfeits and copies of popular art that flood the market.
Buyers and investors around the world spend billions of dollars because they want to own and flaunt what is authentic, and desire secure storage for these artworks. The emergence of NFT art satisfies this need and contributes to minimizing fraud when it comes to online transactions.
Like cryptocurrencies, NFTs are also tokens known as non-fungible tokens. These are unique assets found in the digital world, which, unlike cryptocurrencies, may not be spent or used as money. Some examples of NFT art include digital paintings, famous memes, music, and photos.
Four Blockchains to Consider When Minting NFT Art
NFT ownership is made immutable or unalterable through the process called minting. When artists create and mint their artwork, they go through NFT marketplaces or online platforms where the data attached to their digital assets are securely stored on the blockchain. Once their information is saved, it is immutable and cannot be changed.
Blockchain technology has become very important when it comes to the storage of records and data security. For minting NFT art or collectibles, a few of the best-known blockchains around are BSV, Ethereum, Solana, and Flow. Those who have sufficient knowledge about NFTs and the minting process usually choose a blockchain after considering the fees and speed of transactions.
Four Blockchains to Consider When Minting NFT Art
Millions of NFT creators have used Ethereum (ETH), which raked in 97% of all NFT sales. It is the original chain for NFT creations. Aside from it being well-trusted, it has contributed to the game by creating what is known as the smart contract program.
Smart contracts specify the terms in each NFT transaction or transfer. A big issue with ETH, however, is that it cannot efficiently deal with the congestion on its network that results in transaction latency and failures, as well as much higher fees compared to other blockchains, like BSV, Solana, or Flow.
The new world of NFTs on the BSV Blockchain
Solana is a new blockchain, but it offers low fees and faster transactions because it is known to have a better sharding process. This means that the validation process is split into different nodes, which results in faster transactions.
FLOW by Dapper Labs has the potential to become a great rival to the currently dominant ETH blockchain, offering lower fees and speedy transactions. It must be noted, however, that this blockchain does not instantly issue NFT immutability, which other blockchains offer.
Four Blockchains to Consider When Minting NFT Art
It can be said that BSV is the best blockchain among ETH, Solana, and FLOW. On top of being able to instantaneously provide immutability to NFT art, it also offers fast transactions at fees of only a small fraction of a penny per transaction. It also allows on-chain data storage to its users, which means creators can store their data directly on-chain. Saving information or content using BSV guarantees the user more security compared to using other blockchains.
Online or in the real world, people are looking for security for the things they attach great value to. Whether it is art or information. The market for NFT has rapidly expanded. And enthusiasts, investors, and collectors are all searching and competing to acquire unique and rare digital art. But it is necessary to learn about the differences, advantages, and disadvantages that may be found in each blockchain.