Non-fungible tokens (NFTs) have become a highly popular digital asset class, especially during the crypto bull run of 2021. While many people associate NFTs with Ethereum, the truth is that any blockchain with smart-contract capabilities can support NFTs. Consequently, there are several NFT blockchains available, and the ranking of the Top NFT Blockchains is constantly changing. Let’s dive into the deep ocean of NFT and know about the Top NFT Blockchains.
Ethereum currently holds the top spot, having processed over $37 billion in NFT trades. This blockchain has been supporting NFTs since 2015 when developers introduced the ERC-721, a non-fungible token standard. Ethereum is home to many popular NFT projects like CryptoPunks, which inspired a host of other PFP NFT projects. OpenSea, the multichain marketplace that originally began on Ethereum, facilitated billions of dollars in NFTs during the bull market. It is one of the Top NFT Blockchains.
Solana has quickly climbed to become the second-biggest NFT chain, thanks to its fledgling NFT ecosystem. The chain’s biggest NFT marketplace, Magic Eden, has recorded over $1 billion in trading volume, and at one point in May 2022, the Solana-native marketplace even topped OpenSea’s NFT Ethereum trading volume. As of April 2022, OpenSea also began supporting Solana NFTs, making it easier to buy and sell them. To trade Solana NFTs, you need a Solana-compatible wallet like Trust Wallet, Exodus Wallet, or Phantom, whicneedsed to be topped up with enough SOL to pay any gas fees.
Polygon is a sidechain or scaling tool for Ethereum, created to help reduce costs and increase transaction speed. Although a newcomer to the NFT market, Polygon has made impressive progress, bringing high-profile projects like Y00ts and DeGods over to its platform. Polygon has also worked with notable personalities for NFT launches, such as Former President Donald Trump’s first foray into NFTs.
Flow is best known for NBA Top Shot, the NFT collectibles of National Basketball Association highlights. Until mid-2021, NBA Top Shot was one of the most popular NFT projects, but it has since been overshadowed by the profile-picture NFT trend. As of writing, Flow has done over $1 billion in trading volume, but the activity has taken a dramatic downturn since its all-time high of over $244 million in February 2021. Flow’s relatively slow progress could be due to the dominance of Ethereum and the increasing competition from other NFT blockchains.