NFTS | Which is the best blockchain for NFTs?

Which is the best blockchain for NFTs?

Which is the best blockchain for NFTs?

There is no denying this conviction that in the modern era of fierce competition, Ethereum holds the coveted post of being the most popular NFT blockchain. It is due to umpteen reasons: since it is a highly disseminated blockchain, it offers all the financial and legal services an NFT usually requires for transactions without having intermediaries. Moreover, it also accommodates a few of the most prestigious NFT marketplaces (OpenSea), NFT projects (CryptoPunks and the Bored Ape Yacht Club), and NFT artists (Pak and Beeple).

In the recent past, Ethereum needed a great deal of energy to operate because it thrived primarily on a Proof-of-Work (PoW) consensus mechanism.

Consensus mechanisms are the systems that permit a blockchain to operate in a decentralized mode.
Still, PoW utilizes cryptographic calculations to establish transactions in the network despite its notoriously energy-intensive systems.

Probably due to this reason, on September 15, 2022, Ethereum decided to switch to a consensus mechanism called proof-of-stake (PoS) in an event known as the merge. Consequently, the blockchain’s energy requirements nosedived by 99.5 per cent, and it now requires less energy than even an ordinary Web2 platform such as PayPal.

While there is an ongoing debate regarding the security of the new PoS system compared to PoW, experts still reckon Ethereum is a safe blockchain. Moreover, with the merger making inroads for future upgrades, the Ethereum Foundation claims will further strengthen its security. Considering its goodwill, secure systems, decentralization, and easy usage, the prospective investor must first think about this blockchain when deciding where to mint.

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