Which chain should Naffiti support?

Dear $NAO holders,

With the imminent launch of the Naffiti NFT marketplace, it is time to decide which blockchain we should support in the first phase to offer creators and traders the best costs, convenience and efficiency.

In this phase, we have shortlisted three popular blockchains for you to vote for:

Ethereum (ETH) Unarguably the most popular and market-tested blockchain used by NFT creators, Ethereum is in its 9th year of operation. It offers the ERC-721 protocol which is specially designed for NFT minting and trading. All transactions on the chain are fueled by its native token Ether ($ETH), which is also one of the most liquid cryptocurrencies on market.

Well-received and versatile as it is, the network has become saturated and its transaction fees continue to spike lately due to enormous usage. It is not expected to resolve until Ethereum switches to a proof-of-stake consensus mechanism later in 2022, which will scale the network’s capacity, increase transaction speed and reduce the costs.

Polygon (MATIC) Polygon often comes second when selecting a blockchain to mint NFTs. Previously Matic network, Polygon is a Layer 2 solution for Ethereum. Its edge lies in its compatibility with the Ethereum virtual machine (EVM) and very low gas fees, allowing users to build faster and scalable solutions with autonomous smart contracts.

Future developments of Polygon include the addition of other base chains other than Ethereum, which is expected to allow interoperability between multiple Layer 1 solutions by leveraging the fast and scalable solutions of Polygon’s smart contracts.

Binance Smart Chain (BSC) One should not mix up BSC with the Binance Chain which is used for the Binance DEX. The BSC, launched in September 2020, is a smart contract-capable platform fueled by Binance’s native token $BNB.

It is welcomed by users because of its compatibility with the EVM, low fees and fast transactions. However, because of its immaturity, it is relatively weak in smart contract security and has attracted multiple hacks, which keeps some NFT creators and investors away. Be that as it may, the BSC team has been resolving the issue and it is believed that BSC’s future in the NFT market will be as successful as that of Binance’s other businesses.

Please cast your vote for the best option for Naffiti!