It’s no secret that the Ethereum blockchain is the go-to platform for most NFT projects and developers. The reasons for this are numerous, but can be boiled down to a few key factors:
Ethereum’s smart contract functionality is unrivaled in the market, allowing for the creation of complex NFTs with unique properties and behaviors.
The Ethereum network is also highly decentralized, which is important for ensuring the security and immutability of NFTs.
NOTE: Warning: While many Non-Fungible Tokens (NFTs) are built on the Ethereum blockchain, there is no guarantee that all NFTs will be created or remain on Ethereum. It is possible for projects to switch to other blockchains or create their own. Additionally, NFTs are still an experimental asset class and investors should exercise caution when purchasing them.
Finally, Ethereum has by far the largest community of developers and users of any blockchain platform, which makes it easier to find talent and collaborators for NFT projects.
All of these factors have led to a situation where the vast majority of NFTs are built on Ethereum. In fact, according to data from NonFungible.
com, over 90% of all NFTs currently in existence are stored on the Ethereum blockchain.
This dominance is unlikely to change anytime soon, as Ethereum continues to be the most popular platform for launching new NFT projects. So if you’re thinking about getting involved in the world of NFTs, it’s a good idea to start by learning about Ethereum and how to develop on its blockchain.
7 Related Question Answers Found
Ethereum is currently the second most popular cryptocurrency after Bitcoin. It is a decentralized platform that runs smart contracts. These contracts are applications that run exactly as programmed without any possibility of fraud or third party interference.
Decentralized finance—better known as DeFi—refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols and financial instruments. Now with over $13 billion worth of value locked in Ethereum smart contracts, decentralized finance has emerged as the most active sector in the blockchain space, with a wide range of use cases for individuals, developers, and institutions. .
As of July 2018, Ethereum has a market capitalization of over $41 billion, and its price has been as high as $1,422.53. Each ETH token is worth $744.86. There are currently 97,863,956 ETH in circulation, and the total supply is not expected to exceed 120,000,000 ETH.
NFTs, or non-fungible tokens, have been making waves in the cryptocurrency world recently. These unique tokens are unlike any other type of cryptocurrency, and have a wide range of potential uses. One of the most popular platforms for NFTs is Ethereum, and the first NFTs on Ethereum were created back in 2017.
As of September 2018, there are approximately 100 million wei in Ethereum. This number is constantly changing, however, as more wei is created through mining and other means. Wei is the smallest denomination of Ethereum, and is named after Wei Dai, the creator of b-money, one of the earliest predecessors to Bitcoin.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is a public blockchain-based platform that uses the cryptocurrency ether to fuel its transactions. Ether is mined by computers around the world and then traded on decentralized exchanges.
In simple terms, leverage is how much you can control with how little. In the world of cryptocurrency, Ethereum has a lot of leverage. As the second largest cryptocurrency by market capitalization, Ethereum boasts a $27.4 billion market cap as of June 2018.
