Back to the list

Ethereum NFT Limitations Allows Alternative Blockchains to Thrive


thenewscrypto.com 09 January 2022 17:06, UTC
Reading time: ~2 m

  • SMB is a collection of 5,000 randomly produced 24×24 pixel monkeys.
  • CryptoPunks NFT avatar sold for $500 million in October.

Non-fungible tokens (NFTs) have never been more popular. OpenSea, Axie, and Rarible are fantastic NFT markets to use while offering an NFT marketplace development service beneficial for organizations entering the Blockchain Ocean.

Decentralized finance, smart contracts, and NFTs are built on Ethereum. Despite its popularity, the platform is under stiff competition. While Ethereum and Solana have supporters, Ethereum is the most popular because it has the most transparent Dapp ecosystem. These opponents have some notable contrasts that cannot be overlooked. Moreover, cryptocurrency, applications, and worldwide payments all reside on Ethereum’s blockchain.

Ether has a restricted transaction rate. It is also quite congested, forcing users to either pay a hefty charge or wait in line, allowing alternative blockchains to thrive. Solana Blockchain handles 3000 transactions per second and can handle 50k-65k transactions per second. Network validators can process transactions quicker, allowing the network to handle over 50000 per second.

CryptoPunk Vs Solana Monkey Business NFT

SMB is a collection of 5,000 24×24 pixel monkeys created at random and preserved on the Solana blockchain. SMB is a grassroots NFT initiative. In October, SMB #1355 sold for $2 million. Furthermore, users with a Solana Monkey Business NFT have access to the MonkeDAO, Solana’s first NFT DAO.

CryptoPunks, an early NFT initiative on the Ethereum blockchain, inspired the NFT standard. The project includes 10,000 pixel-art figures, including human, zombie, ape, and extraterrestrial ‘punks.’ Each ‘punk’ has unique traits and accessories. Moreover, using Ethereum’ flash loans’, a CryptoPunks NFT avatar sold for $500 million in October. Aside from that, the year’s most costly CryptoPunk was #4156 ($10.26 million).

Back to the list