The bear market around has calmed down a bit NFTs In recent months NFT trading volume has been high seas significantly decreased. However, the NFT market is still changing and evolving, creating new opportunities for investors to profit from his NFTs in the future. Which blockchain is currently relevant for the NFT market? In this article, we discuss the current state of NFTs and list the top three blockchains for NFTs in 2023.
What are NFTs?
NFTs are non-fungible tokens. These are digital assets based on blockchain technology. As the name suggests, NFTs are not fungible. This means that these tokens are unique as they cannot be duplicated. NFTs have a unique digital signature.
NFTs have become known, among other things, through the new art market of digital art objects. but also
Do NFTs Still Have a Future?
Over the past few months, NFT trading volumes have been declining. Of course, this is largely due to the crypto bear market, where interest in all blockchain-based projects, not just cryptocurrencies themselves, is declining. Additionally, the implosion of the Terra network has reduced interest in blockchain projects.
In the coming months and years, the NFT market should be bullish again in the future, just like the cryptocurrency market. In addition, many large companies such as Starbucks, Nike, Adidas, Gucci have entered. Massive adoption should continue over the next few years, so the value of NFTs should explode again in the future.
Top 3 Blockchains for NFTs
Certain blockchains have entered the NFT market in recent months. The majority of NFTs are based on his three blockchains:
1. Ethereum
Ethereum is the clear number 1 among NFTs. Most NFTs and large and well-known NFT collections (e.g. Boad Ape Yacht Club ) is based on the Ethereum blockchain. This development comes naturally with the pioneering role of the Ethereum blockchain in smart contracts. Additionally, most of his top NFT marketplaces (OpenSea, Rarible, etc.) have emerged on Ethereum in recent years.
2. Solana
Solana is the second major blockchain to dominate the NFT market. The network is considered one of the fastest running blockchains on the market and impresses with its extremely high scalability. Its foundation is provided by an innovative proof-of-historical consensus mechanism. His progress in NFTs, in particular, has sparked a price explosion in 2021. Many of his NFT projects are based on the Solana blockchain, and Solana NFT has another of his NFT trading platforms.
3. Cardano
After a long period of sluggish development of Cardano use cases, the network recently announced that it is #3 in terms of revenue in the NFT segment. Cardano is considered by many investors to be the theoretically most efficient blockchain on the market. Nevertheless, in practice, NFT progress has been slow, DeFi area. However, in the future, Cardano could gain a significant edge in the NFT market.
Are NFTs Worth It?
NFT trading volumes have declined over the past few months, and the hype around non-fungible tokens has died down. But falling interest rates and prices are also a golden opportunity for smart investors. Right now, you can cheaply invest in projects that could skyrocket in value over the next few years.
The most well-known NFT trading platforms are high seas At OpenSea you can find hundreds of NFT collections to choose from if you want to buy NFTs. OpenSea provides the most users and therefore the most buyers. Famous NFT collections such as Bored Ape Yacht Club are available for purchase on the platform.
Click here to buy or sell NFTS on OPENSEA!
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