Are All NFTs on the Ethereum Blockchain?
Many of us would love to know the answer to this question: Are all NFTs on Ethereum?
If you’re following the tech news and already have an idea of the latest trend in the crypto world, you should be familiar with the term NFT.
This new type of digital assets is taking the whole internet by storm.
They are making game enthusiasts, investors, and collectors queue up to the marketplaces to buy game items, collectibles, and pieces of art.
Artists can finally earn money selling their digital art.
Instead of just sitting helplessly watching countless users making copies and downloading their hard work for free.
In this article, we’ll dwell on the different blockchains that host NFTs.
We will also list some of the marketplaces they are sold on, comparing and providing information on what you need to get started.
So, are all NFTs on Ethereum?
Let’s find out!
Table of Contents
Ethereum Blockchain Platform
Non-fungible tokens were initially introduced back in 2017 on the Ethereal blockchain platform with CryptoPunks and CryptoKitties.
To date, most, but not all NFTs are part of this blockchain.
Undoubtedly, being the pioneer in NFTs, the Ethereum blockchain has the greatest variety in quantity and quality.
This means the most desirable assets selling on their platform.
All top-priced NFTs sold recently that shocked the crypto world were sold on Ethereum.
An obvious downside is that many people are already looking to buy popular NFTs.
Bidding can quickly skyrocket to ridiculous prices.
Furthermore, gas expenses(a tax charged on every Ethereum blockchain transaction) are also quite high.
This wouldn’t bother investors and collectors with deep pockets that don’t want to miss the opportunity to buy an asset.
But it can turn out to be pretty hard for newbies or ordinary people to acquire valuable digital pieces.
Of course, no one can say what will be the price of a twenty-dollar NFT after a year, or for this matter, a two-million one.
Digital artists and companies developing dapps(decentralized applications built on top of blockchain platforms) would also prefer the most popular platform.
This is to target a bigger audience, thus, bigger and faster turnover.
In this highly competitive digital world, though, other blockchain platforms wouldn’t just stay and witness the tremendous success of NFTs on Ethereum.
Many are already trying to catch up or give an alternative to the buyers and sellers.
Competition being essential for any business brings a better quality of products and services and better overall conditions to end recipients/users.
TRON, WAX, EOS, BSC, and NEO have been developing their own token standards for NFT to get into the game.
Furthermore, they would also like to motivate developers to build dapps on top of their blockchains.
Trying to attract users to their platforms, the fees for transactions are much lower than Ethereum gas, giving them an advantage compared to cost.
List of Marketplaces
OpenSea is the first and by far the biggest marketplace for NFTs, like eBay or Amazon for digital assets.
If you are looking for anything in the crypto world, the chances that you find it there are great.
OpenSea offers more than four million assets in the widest set of categories.
This is why it’s the first choice for most people looking to obtain non-fungible tokens.
Dapps on the marketplace exceed 130, with some of the most popular CryptoPunks, Sorare, and Axie Infinity.
The main currency for trading is Ether.
Other cryptocurrencies build on the Ethereum blockchain are also available but not so popular.
To start trading, you need to buy Ethereum and create a Metamask wallet to keep your crypto.
Make sure that the key to your wallet(seed phrase) is saved properly in at least two different places.
Don’t ever share it with anyone.
Our advice is to buy cryptocurrencies from reputable exchanges like Coinbase or Binance.
Now, with funds in your wallet, you can start buying or selling on OpenSea.
Keep in mind that the gas fees as the price of certain assets are not the only expenses you have to pay to acquire.
Rarible is also a marketplace site like Opensea.
It’s a site where artists can go to with any digital asset they own, mint it into an NFT, and then sell it on the Ethereum blockchain.
Collectors can build portfolios of digital assets representing their personal taste in art.
Moreover, collect items believed to raise their value in the future and bring profit.
Rarible was the first marketplace to introduce its own governance token called Rari.
The main purpose is to become DAO(decentralized autonomous organization), fully controlled by its users.
Most active users on the marketplace are rewarded with Rari.
Rari tokens can later be used in voting(making decisions about the platform’s future).
In addition, they can be used to submit proposals for improvement and new features.
Every Monday, 75,000 Rari tokens are being awarded to users who have conducted a transaction on Rarible during the past week.
The amount is evenly split between buyers and sellers.
SupeRare is a higher-end marketplace aimed at true digital artists and collectors.
It’s specially planned, designed, and created to meet their needs and expectations.
In contrast to many others, this marketplace has strict rules for creating digital assets.
NFTs have to attain certain standards to be approved upon submission. Only single edition artworks can be minted so that their uniqueness is guaranteed.
Collectors can buy and resell art pieces, display them on their profiles or in virtual reality galleries to show them off to others.
All trading transactions are carried out on Ethereum.
Axie Infinity, also built on top of Ethereum, is an example of a game using blockchain technology to offer its players to earn money while playing.
Its users own the dapp itself.
This virtual universe features breeding axies(magical, unique creatures) and using them in battles in two different modes.
A player can compete against other users or beat game levels, earning SLTs(small love potions), which can be later exchanged for Ether.
To get started, you need to buy at least three axies from the marketplace with your Metamask wallet and Ethereum.
Then you can begin developing your virtual creatures, breeding and eventually selling them for profit as NFTs.
This king of gameplay model is set to fundamentally change the industry.
It provides players with the real opportunity to earn.
Instead of pouring money into games with no chance to get them back, as it has been for ages.
AtomicHub is a popular alternative to Euthereum marketplaces, offering assets both on the WAX and EOS blockchains.
To get started, one has to obtain a crypto wallet for the corresponding currency.
Both WAX and Eos have developed easy-to-use wallets for their tokens.
Buying these cryptocurrencies can be done on any of the big exchanges, usually shifting a more popular token and providing your wallet’s address.
Both of these platforms work with minimal transaction fees and even claim to eliminate them soon.
At this stage, it seems like a big advantage.
TrasureLand being the first NFT marketplace on Binance Smart Chain(BSC), is another competitor taking advantage of the high gas prices on Ethereum and growing their share in the crypto world.
You will need a wallet to store the native cryptocurrency BNB.
After having such, buying NFTs on the market is pretty straightforward.
An interesting option is switching to DEGO on the market.
This switch would bring the functionality of mining NFTs.
It’s a very uncommon feature in the emerging trend of non-fungible tokens.
GhostMarket, “the first-ever cross-chain marketplace,” gives its users a broad set of features to mint, buy, sell, and auction NFTs on both Phantasma(SOUL) and NEO blockchain platforms.
To make transactions on the marketplace, like the above-mentioned ones, you first need a crypto wallet to hold the corresponding tokens(Ecto, Poltergeist, NeoLogin, NeoLine, Teemo).
The marketplace has great ambitions for the future.
Officials are sharing their goal of integrating all major blockchains offering an NFT ecosystem .
In this way, the GhostMarket becomes the one-stop market for non-fungible token enthusiasts.
Interesting times ahead indeed.
With all these marketplaces and blockchain platforms competing for users, opportunities to invest and have fun seem to be indefinite.
Which one to choose looks like a difficult question.
Everyone should take this decision on their own, based on personal criteria like funds available and the purpose of the transactions.
Like anything else in the crypto world, it is still uncertain whether NFTs would succeed in generating enough liquidity to be viable.
This depends greatly on technological solutions.
We are referring to solutions that would make it possible for non-fungible tokens to move across the different blockchains.
A few networks are already being developed for this purpose.
Such inter-operability would be highly beneficial for the sector.
It will bring down the barriers for many willing to get involved but don’t want their money blocked and isolated in one ecosystem.
We have we have answered fully your the question: Are all NFTs on Ethereum?
If you enjoyed reading this article, you might also want to read the articles below.
Top 10 Most Expensive NFTs Ever Sold
3 Best NFT Marketplaces: Which is Best For Me?
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