Top 3 Non-fungible Tokens (NFT) Blockchains for 2023

by James · October 29, 2022

Things have calmed down a bit in the bear market around NFTs. In recent months, the trading volume of NFTs on OpenSea has dropped significantly. But the NFT market is still changing and evolving, creating new opportunities for investors to profit from NFTs in the future. Which blockchains are relevant in the NFT market? In this article, we discuss the current situation around NFTs and list the top 3 blockchains for NFTs in 2023.

Table of Contents

What are NFTs?

NFTs are non-fungible tokens. These are digital assets based on blockchain technology. As the name suggests, NFTs are non-fungible. This means that these tokens cannot be reproduced and are therefore unique. NFTs have a unique digital signature.

The NFTs have become known above all through a new art market for digital art objects. But also within the area games, the music industry and much more. NFTs have become increasingly popular. This resulted in large and well-known NFT collections, whose NFTs could fetch high selling prices.

Do NFTs still have a future?

In recent months, the trading volume of NFTs has decreased. Of course, this was mainly due to the crypto bear market, where not only interest in cryptocurrencies per se, but also in all projects based on the blockchain is falling. Furthermore, the implosion of the Terra network caused a decline in interest in blockchain projects.

In the coming months and years, like the crypto market, the NFT market should turn bullish again in the future. In addition, many large companies such as Starbucks, Nike, Adidas and Gucci have entered the market. A mass adoption should follow over the next few years so we should see a value explosion in the NFTs again in the future.

Top 3 Blockchains for NFTs

Certain blockchains have positioned themselves on the NFT market in recent months. A large part of the NFTs are based on these 3 blockchains:

1. Ethereum

Ethereum is the clear number 1 among NFTs. Most NFTs and the large and well-known NFT collections (e.g. Bored Ape Yacht Club ) are based on the Ethereum blockchain. This development came naturally with the pioneering role of the Ethereum blockchain in smart contracts. Furthermore, the majority of the top NFT marketplaces (OpenSea, Rarible, etc.) have appeared on Ethereum in recent years.

2. Solana

Solana is the other major blockchain dominating the NFT market. The network is considered one of the fastest acting blockchains on the market and impresses with its very high scalability. The foundation is provided by the innovative proof-of-history consensus mechanism. In particular, his advances in NFTs caused a price explosion in 2021. Many NFT projects are based on the Solana blockchain and there are separate NFT trading platforms for Solana NFTs.

3. Cardano

After a long slow development in Cardano use cases, the network recently announced that it is number 3 in terms of revenue in the NFTs segment. Cardano is considered by many investors to be the theoretically most efficient blockchain on the market. Nevertheless, progress in practice was weak in the NFT and DeFi areas. But in the future, Cardano may develop a major dominance in the NFT market.

Are NFTs worth it?

The trading volume of NFTs has decreased in recent months and we are seeing that the hype around the non-fungible tokens is waning. But lower interest rates and prices can also be a great opportunity for smart investors. Right now, you can invest cheaply in projects that could see a sharp increase in value over the next few years.

The most famous NFT trading platform is OpenSea . At OpenSea you will find hundreds of NFT collections to choose from if you want to buy NFTs. OpenSea offers the most users and therefore also the most buyers. Famous NFT collections such as Bored Ape Yacht Club can be purchased on the platform.

CLICK HERE TO BUY AND SELL NFTS ON OPENSEA!