One of the first questions you should ask yourself before you create an NFT is a practical one. Which blockchain and which coins should you use to mint, create, buy and sell NFTs?
If you're new to cryptocurrencies all together, we suggest that you check out this article that explains blockchain. Once you understand the basics of cryptocurrency coins, you then need to decide how you want to buy and sell NFTs.
Ethereum is an alternative protocol for building decentralized applications and is the foundation for many token coins and marketplaces. The benefits of using ETH as your foundational coin to buy and sell NFTs include it's popularity, stability and accessibility across many different NFT marketplaces like OpenSea. However, ETH comes with what is called high 'gas' fees. Because the transactions on the ETH network have a cost to download and verify, there is a need to incur a transaction fee to prevent abuse and build credibility of the network. We like to check CoinMarketCap for the latest prices and information on ETH.
Easy to purchase across many exchanges
Stable coin and trending value increase over time
Popular across many NFT marketplaces
High gas fees
Higher price for NFTs using ETH
Solana uses a proof of history protocol to verify transactions, and is the foundation of several NFT marketplaces such as Solsea. Solana is lesser-known than a bigger coin like Bitcoin or Ethereum, but it comes with a strong reputation and has built a network of smart contracts that use the SOL chain for verification. It also has lower fees overall and high growth potential across the Solsea marketplace. You can check CoinMarketCap for the latest prices and information about SOL.
Emerging marketplaces, high growth potential
Lower floor prices for NFTs
Polygon is a protocol and a framework that builds and connects Ethereum-based blockchain networks. It has utility for interoperability and "security as a service", which has resulted in it being one of the coins accepted on OpenSea. It also has very low gas fees and comes with a high security reputation. For the latest prices of Polygon (MATIC), check CoinMarketCap.
Less expensive coin
Lower floor prices
Very low gas fees
High security protocol
Less popular coin, more volatility
Decentraland is an Ethereum-based blockchain virtual world and MANA is its native coin. You can navigate the virtual world in 3D and buy and sell land that is owned by community members that have free reign over their land within Decentraland. For those interested in the Metaverse and the future of virtual reality NFTs, this coin and platform may be a good pick for you. Check out MANA and Decentraland on CoinMarketCap.
Virtual reality world with links to the Metaverse
Land sales are popular and of high value
Niche market of NFTs
Newer coin and less-stable reputation
Popularity of Metaverse could subside or move to a different VR world
The Sandbox is a virtual world based on the Ethereum blockchain that offers a place for users to build, own, and monetize their own gaming experiences. It allows for 3D art animation to build NFT game assets, includes a marketplace to buy and sell NFT assets, and facilitates the GAME MAKER for creating gaming experiences in the metaverse. SAND is the native coin to the Sandbox, and owners are given voting rights and decision-making capabilities in the decentralized autonomous organization (DAO) that governs the Sandbox. For more on SAND, read about it on CoinMarketCap.
The Sandbox offers a variety of tools that assist in NFT creation, buying and selling
Decision-making abilities for the Sandbox governance
Forefront of the next generation of de-centralized gaming
Main utility is limited to the Sandbox
We hope this information has been helpful, drop us a comment for other coins you want us to review!
At createurnft, we are on a journey to create, mint, sell and buy NFTs and are sharing what we learn along the way. This is not financial advice, please take the time to verify our information before making any financial decisions.