Why PLUGChain is a strong competitor on NFTs versus Solana and Ethereum
Since the beginning of 2021, NFTs have taken the waves of the blockchain space and have introduced more artists, celebrities, and individuals into the space.
Non-fungible Tokens, popularly shortened to NFTs refer to unique digital assets that can be exchanged for other assets. An NFT could represent a picture, game, movie, music, artwork, and others. NFTs are typically minted and stored on blockchains such as Ethereum blockchain, Solana blockchain, PlugChain, and others.
The non-fungible token (NFT) ecosystem is currently dominated by Ethereum. However, many NFT projects are likely to migrate from the main Ethereum chain to layer-2 solutions like Polygon, Celr, and others due to the increasing gas fees and other reasons.
Recently, Ethereum Founder Vitalik Butterin announced that proposed a solution to migrate to Layer-2 through a cross-rollup transition. Also, wrapped NFTs can be created using the first rollup.
Fight for NFTs market share
Ethereum killers and competitors like Plugchain are all fighting for a bigger share of the NFT market.
NFTs are primarily created and transferred at the Ethereum Layer-1 or Layer-2 (scaling or side chain) level. The challenge arises in the application layer that is consumer-facing and requires a unique utility proposition for users. This is where SOL and PLUG can capitalize on NFTs for gaining market share.
Why Plugchain is a strong competitor for NFTs market share?
Plugchain, one of the leading competitors, is a high-performance public blockchain that allows communication between data on blockchains and real-life information.
Also, Plugchain has a cross-chain technology that facilitates communication between Polkadot, Binance Smart Chain, Heco, and others. Plugchain network also has a general framework of Plugchain SDK for developers building secure applications on its chain. To solve the problem of high gas fees, Plugchain implements threshold signature technology for aggregation network and improved prediction machine.
Plugchain competes with Solana and Ethereum chains in terms of the number of transactions processed per second, gas fees, and others. Gas fees on the Plugchain network are cheaper compared to the Ethereum chain therefore NFTs on Plugchain can be traded without worrying about high gas fees. Plugchain network also has a high transaction processing speed.
With more NFTs projects looking for chains to build their collections on, Plugchain is a great alternative due to the novel and innovative cross-chain feature on the platform.
In conclusion, Plugchain competes actively with Ethereum, Solana, and Binance Smart Chain for NFTs’ market share.