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In the first year of the collective outbreak of the public chain, it aimed at NFT
The arrival of the NFT craze has made early NFT holders earn a lot of money, which not only makes many crypto users who are waiting for opportunities salivate. Under the upsurge, most NFT projects based on Ethereum are affected by the excessive gas fee, which suppresses the development of users, and the entry threshold of NFT has also been raised time and time again. The cost of some NFT transactions or casting may already be greater than NFT assets In itself, in this case, users and project parties who can only look at NFT and sigh are eager to seek a low-rate and high-performance public chain.
Supplementing the spillover needs of Ethereum is exactly where the public chains that were ambushing in 2018 will train their troops three years later, and it is also the next high ground for public chains to compete. Looking at the public chain ecology, we can see that from the initial stage of Ethereum, which was set off by the NFT wave, to the exchange public chain BSC and HECO, to Polygon, Solana, Fantom, Terra and Arbitrum, etc., all of them are targeting NFT and public chain projects without exception. The situation of a hundred flowers competing in the NFT field has initially taken shape.
In addition to huge market demand and dividends, the future value of NFT is an important factor that public chains are optimistic about. From the initial form of NFT for barter exchange, to the non-reproducible and asset-attributed value presentation of colored cards later, to the indivisible and non-replicable NFT of CryptoKitties’ ERC721 protocol standard, the entire market is constantly promoting NFT Advanced upgrades to ensure the full release of value liquidity and guarantee the scarcity of value. At present, we can glimpse the popularity of NFT through the historical sales of Opensea, an NFT market, exceeding 10 billion US dollars.
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The layout of public chain rookies on NFT
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(Source: Avalanche official website)
Generally speaking, Solana, where more than 500 projects have settled in, has been developed crazily this year, and the layout of NFT has been particularly accelerated. Different matrix sections such as games, collectibles, art, and metaverse have been formed. As the blockchain Internet of Ethereum, Polygon is used to build and connect the blockchain network protocol framework compatible with Ethereum, and easily undertake the NFT expansion needs of Ethereum. However, Polkadots NFT project may meet more cross-chain needs, be more challenging in development, or require longer research and development time.
From the transaction situation, from the 24-hour transaction ranking chart of Crypto Slam, we can see that in addition to Ethereum, Solana, Polygon, WAX, Ronin, and Fantom appear more frequently, and from the NFT 24-hour transaction ranking of the public chain, because The popular games Ronin and WAX ranked second and third, followed by Solanna. Various data show that although the competition points of each project are different or the opening time is different, this does not affect the public chains competition on NFT. It can be said that the NFT market at this time is no longer a one-man show of Ethereum.
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How They Accelerate for NFTs
In order to accelerate the development of NFT, various public chains have also put in different promotional campaigns. Solana is regarded as one of the most powerful NFT markets after Ethereum. It not only has a long-term effective Grants plan, but also cooperates with well-known companies in the industry to establish an ecological fund, and sets high bonuses in hackathons to attract development talents. Although Solana currently has several NFT series that are obviously replicas of Ethereums well-known series, its trading market is booming. In October, Solanas NFT market, Solanart, had a trading volume of more than $187.3 million, ranking it as the third largest NFT trading market after the existing OpenSea and Axie in terms of trading volume.
In addition, Polygon also has a Grant support plan and ecological support measures on NFT, and popular projects such as ZED RUN and Crypto Unicorns have been born. Polkadots parachain slots are being auctioned, and the projects to be auctioned are running smoothly on the main network, which can bring new blood and better cross-chain expansion solutions to various tracks including NFT. In short, development methods such as financing incubation + funding incentives + ecological funds + inter-chain technology access have become standard configurations for the new public chain to build an NFT ecosystem.
To sum up, under the surging NFT market, we have observed the prosperity of a hundred flowers blooming, and also found that there are not a few NFT projects that have just started. New public chains are also exploring step by step, and the development and launch of innovative public chains different from existing projects may have more potential in an environment where the volume of NFTs continues to increase. So, what choices will the new public chains make based on the current game and metaverse, and what new roles will emerge in it? The follow-up of NFT is definitely worth looking forward to.
