For a blockchain to survive meaningfully, it must be developed and have users, and to have users, it must have use cases. Even if this truth isn’t necessarily welcomed by people hostile to NFTs, ecosystems in which strong communities of NFTs emerge have an advantage. It is worth noting that NFT spaces have remained relatively active during stock market crashes and bearish periods.
As such, it’s worth keeping an eye on some of the best NFT blockchains as they are likely to be relatively busy in difficult market conditions and stand a good chance of making solid profits when sentiment and conditions improve.
Proof of concept
Ethereum’s dominance over the NFT space is such that it can be considered the default blockchain for NFTs. On the same topic: Could Solana become the dominant PoS blockchain despite continued outages?† If a project doesn’t explicitly say it uses another platform, it’s likely running on Ethereum.
However, gas costs and an initially unappealing user experience are issues and could remain so for some time as competitors catch up. Ethereum still has a strong first-mover advantage, but its dominance is likely to be less absolute in the future.
“Use equals survival”
Solana is quickly catching up with Ethereum. OpenSea, the main NFT marketplace, integrated Solana NFTs earlier this year, but Magic Eden, which also has its own project launch platform, remains the main Solana marketplace. Also read: How Blockchain Technology Can Play a Role in Preserving Natural Capital† The advantages of Solana are the low transaction costs, as well as a relatively accessible user experience for beginners, especially thanks to the Phantom wallet.
Solana’s criticisms are that it is too centralized and the network has gone down multiple times. If crypto were split into a purist branch that values decentralization and a more corporate region run by societyIf venture capital deviates from the fundamentals, Solana could fall into the latter camp. Overall, though, her strong NFT culture increases the likelihood of her continuing to grow.
In general, Cardano is academic in nature, strongly technology driven, with a strong emphasis on decentralization and useful use cases. Also see: Spanish tax authorities warn cryptocurrency investors about income tax.† To some extent, the vibe of Cardano’s NFT space reflects this, as it’s more thoughtful and arguably less reckless than what’s sometimes found on Solana.
However, this is partly due to the fact that Cardano NFTs, mainly traded on the JPG Store marketplace, are still catching up and not yet reaching the volumes found on Solana, let alone Ethereum. As such, there is significant future potential for Cardano, supported by its NFT community, as it offers Solana’s low rates but with greater reliability, a commitment to decentralization and a genuine belief in the cryptocurrencies as a long-term social good.
The Tezos-based NFT space is highly artistic, far from the field and easy to get lost in. Competitors claiming a specific niche often excel, and when it comes to NFTs, Tezos seems to be doing just that, positioning itself as the channel for artists and explicitly art-focused projects.
The network is growing, with increasing NFT sales volumes and Tezos marketplaces such as Objkt and Teia gaining recognition. In addition, many Tezos users emphasized the environmental qualities of the blockchain, referring to clean NFTs and low energy costs.
Solana, Cardano and Tezos are certainly not the only Ethereum alternatives where there is NFT activity, but they do have very different identities. In addition, the NFT communities of these blockchains are particularly active in defending and promoting their respective ecosystems. This may seem exaggerated and sometimes even too hostile to competition and criticism, but this kind of ‘encompassing’ attitude may have played a part in their growth.
After all, dedication, competitiveness and a focused desire to get to the top are rarely an obstacle in a truly free market environment, and there is currently no market as stripped down and unforgiving as the one surrounding crypto.