Non-Fungible Tokens or NFTs are crypto asset chits that confer “ownership” of a piece of digital art or music on the buyer. NFTs are marked by unique identification codes, which are recorded on a blockchain. Since NFTs went mainstream around March 2021, they have set the digital world ablaze. Yet, one might find it tough to select the blockchain that offers the best support for buying, selling, and minting NFTs. This blog post will discuss the topic with special reference to the Polygon blockchain.
Introduction to the Polygon blockchain
Polygon provides a protocol and a framework that helps bridge Ethereum-compatible blockchains. It also runs a plasma sidechain, which combines the Proof of Stake (PoS) transaction verification mechanism with other technologies.
Polygon, formerly Matic Network, was founded in 2017. Polygon made its name as a Layer-2 scaling solution to the Ethereum blockchain.
Understanding Polygon and its role in NFTs
The Polygon blockchain has emerged as a favorite destination for several NFT marketplaces. Most NFTs trade on Ethereum-based platforms. However, Ethereum has a crowded network, resulting in slow processing speed. Polygon fills in the gap with its lower cost and efficient network.
To be sure, there is something that makes Polygon tick. The likes of Starbucks, Nike, Reddit, Meta, and DraftKings chose the blockchain for their NFT-related initiatives in 2022. Besides, Disney’s Accelerator program also used this blockchain.
Polygon also paid $3 million to DeLabs, the firm behind popular NFT projects Y00ts & DeGods, to move their chain businesses away from Solana and onto its platform. Besides, former US president Donald Trump made his NFT debut on Polygon.
OpenSea, Magic Eden, and, most recently, Rarible are all NFT exchanges that accept tokens issued on Polygon.
Benefits of buying NFTs on the Polygon blockchain
Here are some of the benefits of buying NFTs on the Polygon blockchain:
Exploring the advantages of buying NFTs on Polygon for investors
Lower gas fee
Regarding costs, the maximum gas fee for all transactions on the Polygon system is 9.50 MATIC, or about $15.86. What’s more, the regular gas price on the network is below $0.01 for each transaction. Conversely, Ethereum has a standard gas charge that starts at around US$25 that varies depending on network congestion.
The gamification of NFTs
There are a growing number of open-world game platforms. There has been a dramatic shift in NFT utilization due to users’ adoption of play-to-earn metaverses. The virtual gaming business is projected to hit $400 billion by 2025, so we may expect more cutting-edge experiences in the coming year.
Reasons to sell NFTs on the Polygon blockchain
Here are some reasons to sell NFTs on the Polygon network.
Evaluating the benefits of selling NFTs on Polygon for artists and creators
Let us evaluate the benefits of selling NFTs on the network.
Ideal for first-timers
If you want to sell your NFTs for a low price and your audience is already aware of the NFT area, it is best to use OpenSea or another Polygon NFT development platform. However, if you have a vast audience, most of whom know nothing about NFTs. If that’s the case, you should make Polygon the first place your NFT collection is showcased since it offers a lower fee.
Programs designed to encourage repeat business and loyalty
We are entering a new era in which a wide variety of NFT-based business models will appear on the Polygon network. All of the commercial frameworks have the potential to become NFTs’ primary long-term value drivers. It means that if the value of an artist’s work grows, they can include stipulations in their NFT that guarantee them a portion of the profits.
For instance, football teams commonly use similar contractual terms when selling players. The original creator gets a royalties cut whenever a token is traded.
Advantages of minting NFTs on the Polygon blockchain
We will discuss some advantages of minting NFTs on the Polygon network.
Understanding the key features of Polygon that make it ideal for NFT minting
There are many features that Polygon, as blockchain technology, provides to the NFT minters and creators.
Ethereum’s current payment rate of around six per minute is impressive, but layer two protocols like Polygon will keep the network running smoothly without hiccups. So in 2.3 secs, your transaction will be complete.
Many other prominent NFT projects also use Polygon
Investors trade between 15,000 & 50,000 NFTs each week.
The Polygon network is a parallel blockchain and a sidechain that operates in tandem with the Ethereum blockchain and employs a proof-of-stake (PoS) communication protocol to confirm on-chain transactions and resolve Ethereum’s scalability issues.
Polygon’s scalability and interoperability
The network’s scalability and interoperability give it an edge over other blockchains.
Polygon’s scalability and interoperability advantages for NFTs
Scalability has been a significant challenge for blockchain networks. As the demand for blockchain systems increases, blockchain networks will become more congested. As a result, scaling technologies, including Layer 2 scalability technologies, have gained popularity. Matic, the most well-known Ethereum Layer 2 scaling technology, was redesigned in February 2021. It is now known as Polygon and has the functionality of an interoperable cryptocurrency scaling architecture.
It is worth noting that the Polygon link is among the most eye-catching features. It is because the architecture aims to establish a future in which multiple blockchains do not operate as proprietary societies or isolated silos. On the other hand, Polygon acts like a network where several blockchains may coexist in a larger, interoperable environment.
Security of NFTs on the Polygon blockchain
Assessing the security measures of Polygon for NFTs
Following are some of the features that make the network a secure option.
The blockchain network provides a decentralized data storage mechanism that users can use in advanced cryptographic protocols. The decentralized system means no one entity can access another user’s credentials or private data. Since doing so would require attacks on over 51% of the system, this configuration makes it extremely difficult for hackers to access the network.
Safety in numbers
Each block in a blockchain has a timestamp and a cryptography hash of the transactions it records. Its users may check for themselves if their credentials have been stolen, making it a distinguishing feature.
The future of NFTs on the Polygon blockchain
Some of Polygon’s unique features make it ideal for minting, buying, and selling NFTs. Lower fees, scalability, and interoperability are some of them, as we have discussed above.
Weighing the pros and cons of Polygon for NFTs and its future potential
Although the Ethereum blockchain has dominated the market for NFT issuance, trading, and exchange, competition from other blockchains is beginning to emerge.
Ethereum may be dominant now, but it has its limits. As a popular crypto network, Ethereum has slow throughput (or processing rate) due to heavy traffic. In addition, the high costs associated with creating and trading NFTs are big dampeners.
Polygon is a viable alternative to Ethereum since it enables the minting of NFTs in a more streamlined and cost-free manner. On the downside, Polygon is less renowned than the Ethereum network and has a smaller user base and developer community. Though it is secure, the network’s security apparatus is relatively new.