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Why Ethereum?
All dominant Blockchains share the characteristic of immutability but the most popular network that supports and issues NFTs is Ethereum. Most NFTs follow the ERC-721 or ERC-1155 standard. With its smart contract feature, Ethereum Blockchain supports the creation and monetisation of NFTs, with the first crypto asset being CryptoKitties.
Users also choose to perform NFT transactions on Ethereum because of the high number of nodes in the network. As more nodes a network has, the more secure and stable it will be, and it is less likely that any record of NFTs issued on Ethereum will disappear.
Because Ethereum has become such a powerful tool, it has resulted in transaction prices soaring as all transactions on Ethereum, including minting, burning and transfers, attract fees to be paid in Ether.
High transaction fees have brought about the rise of other blockchains with smart contract features in the past twelve months. However, in anticipation of the upcoming Ethereum 2.0 enhancements and higher throughput, the transaction fee is expected to decrease over time. In addition, as the AIRTIST ecosystem strives to handle artworks and assets that are of high quality and premium, users will pay more attention to the value created and possessed in the NFT rather than the transaction fees of trades as the choice of Blockchain will affect the NFT and its value in the future.
Last modified 1yr ago