In many ways, Non Fungible Tokens (NFTs) are the use case that first introduced cryptocurrencies into a common lexicon. People who were previously uninterested in the benefits of decentralization suddenly ethereum (ethereum 6.52%) Buy a pack of NBA Top Shot NFTs and celebrities from Justin Bieber to Neymar Jr. proudly show off their bored monkeys online.
While NFT sales have cooled in 2022 as cryptocurrency prices fell, there are plenty of signs that the NFT market is picking up. for example, flowis best known as the home of the NBA’s top shots, meta platform (NASDAQ: Meta) announced that Instagram now supports Flow NFTs.Here are 3 of the best ciphers NFTs At an exciting and liquid time for the asset class.
Ethereum: Category Creator
Neil Patel (Ethereum): It probably comes as no surprise to readers that Ethereum tops the list as the most famous and popular cryptocurrency for blockchain networks and NFTs. Launched in 2015, it is his second oldest and second most valuable crypto. BitcoinAs of the afternoon of August 10, Ethereum had a market cap of $224 billion.
Be the first blockchain to adopt smart contract A huge boon for Ethereum, its native token Ether has returned an incredible 56,500% since its inception. A smart contract is a computer program written on the blockchain that runs when certain conditions are met between two parties. They introduce features, new features, and applications to the blockchain. One of them is her NFT.
The largest NFT marketplace, OpenSea, was first launched on the Ethereum network. This means that if a buyer wants to buy his NFT from OpenSea, he has to buy Ether first, increasing the demand and value of Ethereum. Although down from its May 2021 peak, OpenSea has generated over $500 million in Ethereum NFT trading volume over the past 30 days.
Ethereum’s dominance in NFTs can also be demonstrated by looking at the top two collections of CryptoPunks and Bored Ape Yacht Club. Together, they have a collection value of about $3 billion. They are issued and sold on the Ethereum blockchain to support the demand for Ether. And most recently, luxury jewelry maker Tiffany & Co. released her NFT collection, called NFTiffs, to her CryptoPunks owners on her Ethereum blockchain.
Ethereum has the largest number of crypto developers working to evolve the network and build apps for its users, a positive sign for its prospects.and the future mergeIt improves Ethereum’s scalability and makes it even more attractive to NFT creators and collectors. As a result, no other cryptocurrency has surpassed Ethereum as the best cryptocurrency for NFTs.
RJ Fulton (Sorana): The situation in which Ethereum has dominated the NFT market may be changing. It accounts for over 80% of all NFT turnover, but like other blockchains Solana (Sol 10.77%) Competing for market share. Compared to Ethereum, Solana offers incredibly fast speeds and low fees. This is what NFT artists and collectors are increasingly asking for.
Thanks to integrations with the most popular NFT marketplaces such as OpenSea and Rarible, Solana gained more exposure last year than in all previous years combined. At some point this year, Solana did the unthinkable and thanks to the release of her Trippin’ Ape Tribe collection in May, he surpassed Ethereum in his 24-hour NFT trading volume. Already accomplished one of his feats this year thanks to his arguably most popular Solana-based NFT project, Okay Bears. This collection of 10,000 uniquely designed profile pictures of him cracked the top 50 of all his NFT total volume, and had more trading volume than all other Ethereum NFTs at some point last April. is the only non-Ethereum based project he was able to generate in a day. .
In addition to its success, in early 2022 Meta Platforms will bring the social media platforms Facebook and Instagram to Adding NFTs Joining the network, Solana is one of four blockchains selected. The integration has yet to be rolled out, but once Meta exposes his NFT capabilities, Solana will be able to further increase its presence with users around the world as a viable alternative to Ethereum.
If current trends continue, Ethereum should continue to lose share of the NFT market. At some point in 2021, Ethereum accounted for 95% of all NFT sales, but now that number has dropped to around 80%. As users look for other alternatives, blockchains like Solana have an opportunity to build a reputation as formidable opponents of Ethereum.
Despite the significant drop in NFT prices this year, the popularity of Solana NFTs has definitely increased. If you don’t want to know what profile picture NFTs will explode with next, but want to get in touch with the increasingly diverse NFT blockchain space, a position at Solana is a must.
Porygon: Up-and-coming Dark Horse
Michael Byrne (polygon): what will you do coca colaReddit, Walt Disney and meta platforms all have in common? All four recently announced that they have chosen to work together polygon (matic 11.19%) In various NFT projects. Ethereum is the 800lb gorilla in the room and Solana is probably the top challenger, polygon An interesting dark horse that has built successful partnerships and is gaining traction. Thanks to our low fees, scaling capabilities, fast transaction times, and climate-friendly profile, we are a natural partner for these blue-chip companies looking to enter the crypto space.
Walt Disney has selected Polygon for the 2022 Disney Accelerator Program. It is a “business development program designed to accelerate the growth of innovative companies around the world.” Disney probably sees Polygon and the team as a good way to leverage the company’s vast intellectual property catalog for his NFTs. Reddit has also chosen to create a new Collectibles Avatar NFT marketplace on Polygon. Reddit highlights Polygon’s choice due to its commitment to sustainability and low transaction fees. The NFT was designed by a Reddit artist and the proceeds support these Reddit users. Reddit NFT owners can use the NFT as a profile picture and get a license to use her NFT on and off Reddit.Not to be outdone, Meta Platforms’ Instagram currently supports Ethereum, Polygon, and flow blockchain We enable users in over 100 countries to view NFTs on our platform.
Polygon isn’t just being used by media empires and tech companies looking to make headlines with Web3. Coca-Cola used Polygon to distribute generative art NFTs of Coca-Cola bottles to existing Coca-Cola NFT holders to celebrate International Friendship Day.
Polygon may not have the marquee collection of Bored Apes and Okay Bears that Ethereum and Solana have, but it circles the field when it comes to partnering with companies and has a bright future.
The NFT market has been turbulent in 2022 as cryptocurrency prices fell, but this is an exciting emerging asset class that is starting to make its way into multiple industries, and these cryptocurrencies will be open to participation. Three of the best ways.
Randy Zuckerberg, former director of market development and spokeswoman for Facebook and sister of Meta Platform CEO Mark Zuckerberg, is a member of the Motley Fool’s board of directors. Michael Byrne We have positions in Bitcoin, Ethereum and Solana. Neil Patel He holds positions in Bitcoin, Ethereum and Meta Platforms, Inc. RJ Fulton We have positions in Bitcoin, Ethereum and Solana. The Motley Fool has positions and endorses Bitcoin, Ethereum, Metahi Platforms, Polygon, Solana and Walt Disney. The Motley Fool’s U.S. Headquarters has received $145 long calls for Walt Disney’s January 2024, Coca-Cola’s January 2024 $47.50 long calls, and Walt Disney’s January 2024 $155 long calls. We recommend short calls. The Motley Fool Disclosure policy.