Since the boom of cryptocurrency as a means of effective money transactions, investors have been regularly checking the price charts by monitoring websites like Binance.
Cryptocurrency’s decentralized environment, time and cost efficiency, and expandable use cases give it a certain appeal that traditional, centralized financial systems lack.
Among the interesting innovations in the cryptocurrency space are non-fungible tokens or NFTs.
Unlike crypto coins, NFTs are one-of-a-kind, like original artwork or a collectable baseball card.
Their value lies in that uniqueness.
But being a blockchain innovation, NFTs have no central authority to mint them. Minting NFTs is as decentralized as buying and selling them.
Most NFTs are minted, bought, and sold on platforms powered by the Ethereum blockchain, though other blockchains are also starting to enter the market.
Despite its current dominance, however, Ethereum has some limitations. One of these is its low throughput, or processing rate, caused by congested network traffic – a serious downside to being a popular crypto network. Another is the high fees required to mint and trade NFTs.
Polygon, which allows more efficient and free minting of NFTs, is an effective alternative to Ethereum. Read through the end and you will know the steps in minting NFTs on Polygon Chain.
But first, let’s start with an overview of Polygon.
Formerly called Matic Network, Polygon works like a secondary network or layer that sits on top of Ethereum’s main blockchain network, the primary layer. In the context of minting your NFTs, Polygon essentially allows the minting process to happen outside of Ethereum’s network.
Scaling is a common problem in primary layers because the price of minting transactions can spike up and slow down at the same time when the network is congested. Polygon is developed to solve that problem.
In simple terms, Polygon Matic is a scaling solution centered around the use case of reducing transaction cost and improving speed. Polygon itself also has another use case that allows users to quickly deploy their other crypto assets into Ethereum.
This deployment makes it possible for other assets to interact with decentralized apps otherwise exclusive to Ethereum.
3 Reasons to Buy, Sell, and Mint NFTs on a Polygon Network
- Lower Gas Fee Compared to Ethereum
For every blockchain transaction, there’s a fee to be paid for the transaction to go through. The money being paid is then sent to miners who use the computing power of their systems to validate the transaction and store the information in the public ledger.
So far, the highest gas fee that a user has spent on all transactions within Polygon’s network is 9.50 MATIC, which is equivalent to US$15.86.
The standard gas fee of Polygon is extremely cheap, being less than US$0.01 per transaction.
Ethereum, on the other hand, has a standard gas fee that usually starts at US$25, and that value is constantly changing and going up depending on the network congestion.
- Faster Transaction Finality
Transaction finality refers to the point of the transaction where it has become non-reversible.
While Ethereum already has an impressive transaction finality speed that can finish six transactions in one minute, Polygon, being a layer 2 built to avoid network congestion, has an even faster transaction finality of 2.3 seconds per transaction.
- More and More NFT Projects Are Built on Polygon Matic Network
There are 15,000 to 50,000 NFTs being sold every week.
More popular NFT projects are also built on Polygon, including the most recognizable ape club that has been the face of NFTs ever since its surge in value began.
There are many things that blockchain can be used for, and artists being able to monetize their work properly on the internet is a good example of its use case. Along with the exciting features of blockchain, problems are also encountered along the way, such as network congestion.
Polygon offers a solution to this problem and enables much cheaper transactions and minting of NFTs to be sold to buyers. MATIC coin looks to be a worthwhile investment option as well.
It can be a long process, but learning about blockchain and investment possibilities in this space is both rewarding and exciting.
If you are a beginner in the blockchain space, here is an important reminder: balance your portfolio to minimize the risk of loss.
Enjoy!
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