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NFTs: Choose Your Blockchain Wisely
By Ruchi Sharma
Numerous blockchains have grown in popularity within the NFT space. Crypto-artists and NFT enthusiasts continue to seek out new places to mint and trade NFTs. However, there are several crucial factors to consider when choosing what blockchain to mint on. Here are some essential factors that you need to keep in mind.
Transaction speed
One of the first things you need to consider is transaction speed. How fast you need your transactions to be processed is determined by the type of NFTs you want to create.
For example, if you’re looking to create high-resolution images or videos, you’ll need a blockchain that can handle large file sizes. If you’re looking to create something that can be used in a game or virtual world, on the other hand, you’ll need a blockchain that can handle a high volume of transactions.
Transaction costs
You will also have to consider transaction costs. How much will creating and minting an NFT on the blockchain cost?
Not just the upfront cost but also the ongoing costs. For example, some blockchains charge a fee every time an NFT is transferred. So if you plan on selling your NFTs, you’ll need to factor in those costs.
Smart contract functionality
Ensure that the blockchain can support the execution of smart contracts. Some blockchains are better equipped for this than others. Next, consider the language in which the smart contracts are written. Some blockchains use their proprietary language, while others use more standard languages like Solidity.
Finally, consider the gas fees associated with running a smart contract on a particular blockchain. Gas fees vary significantly from one blockchain to another, which is worth considering.
Security
When choosing a blockchain for your NFTs, always perform proper research and select a chain with good security. Otherwise, you could risk losing your NFTs to a hacker or may get scammed by someone who pretends to be an NFT collector. Not all blockchains are created equal, some are more secure than others.
Forking
Forking is the process that allows developers to take the code from an existing blockchain and create a new, separate version of the blockchain with its own set of rules.
There are two types of forks: hard and soft.
A hard fork is a complete change to the underlying code of the blockchain, which is not backward compatible. If you want to use the new blockchain, you must create a new wallet and can no longer use your old one.
On the other hand, a soft fork is a change to the blockchain that is still compatible with the old version. You can still use your old wallet with the new blockchain.
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