Non-fungible tokens (NFTs) have taken the digital world by storm, with high-profile sales making headlines worldwide. NFTs allow for the creation and ownership of unique digital assets, such as artwork, music, and videos, which can be bought and sold like physical assets. While some NFTs are sold for cash, others require the use of specific cryptocurrencies or coins. In this article, we will explore the coins used for NFTs and their significance.
- Ethereum (ETH)
Ethereum is the most commonly used cryptocurrency for NFT transactions. This is because Ethereum is the first blockchain to support NFTs through its ERC-721 and ERC-1155 token standards. These standards allow for the creation and ownership of unique digital assets, which can be bought and sold using Ethereum. Additionally, Ethereum’s smart contract capabilities enable the creation of complex ownership rules and revenue-sharing models for NFTs.
- Binance Coin (BNB)
Binance Coin is the cryptocurrency used for transactions on the Binance Smart Chain (BSC). Binance Smart Chain is a blockchain that operates in parallel to the Binance Chain and is compatible with Ethereum’s ERC-20 and ERC-721 token standards. Binance Smart Chain enables faster and cheaper transactions than Ethereum, making it an attractive option for NFT transactions.
- Flow (FLOW)
Flow is a cryptocurrency that powers the Flow blockchain, a new blockchain designed specifically for NFTs and other digital collectibles. The Flow blockchain was created by Dapper Labs, the team behind popular NFT projects such as CryptoKitties and NBA Top Shot. Flow aims to provide a more user-friendly and scalable NFT platform than Ethereum, and several high-profile NFT projects have already launched on the Flow blockchain.
- TRON (TRX)
TRON is a blockchain platform that supports the creation and trading of NFTs. TRON’s token standards, TRC-721 and TRC-1155, are similar to Ethereum’s ERC-721 and ERC-1155 token standards, enabling the creation and ownership of unique digital assets. TRON aims to provide faster and cheaper transactions than Ethereum, making it an attractive option for NFT transactions.
- Wax (WAX)
Wax is a blockchain platform that specializes in the creation and trading of NFTs. Wax’s token standard, WAXP, is designed specifically for NFTs and enables the creation and ownership of unique digital assets. Wax also offers several user-friendly tools and services for NFT creators and collectors, making it an attractive option for those new to the NFT space.
In conclusion, while Ethereum is the most commonly used cryptocurrency for NFT transactions, there are several other coins used for NFTs, each with their own unique features and benefits. As the NFT space continues to grow, we are likely to see even more coins and blockchains emerge, providing even more options for NFT creators and collectors.