Exploring Alternative Blockchains

While exploring alternative blockchains holds both its benefits and complications, in this post I would like to share some of the pros and cons I have found throughout my considerations of other blockchains (mostly for NFT sales) along with expanding on some of the mistakes I have made so you do not have to make them yourself.

My experience with NFT sales, while novel, has proven to be worth my time. I am convinced that any artist can find the right niche in the NFT market if they are willing to continue exploring. However, there seems to be a fair amount of roadblocks in crypto that gatekeep those without background in technology and blockchain. For example, the Ethereum blockchain is currently the most popular blockchain for NFTs. Being the most popular blockchain for NFT sales means the platforms on Ethereum have a much better user interface (UI) than those on the leading platforms on the Binance Smart Chain (one of the leading alternative blockchains). Overall the UI on the Ethereum blockchain is significantly more intuitive and functioning. However, the popularity of this chain comes at a price. Users of the Ethereum blockchain will experience gas fees upwards of $50 to mint a single NFT. This is in comparison to gas fees on the Binance Smart Chain, on which, I have never paid more than $.25 to mint an NFT. I am confident that the UI will continue to improve on alternative chains but I can not speak on whether or not this will affect the gas prices on said chains.

Having low gas fees on your blockchain is extremely important, especially for new members who will no doubt make mistakes as they learn the ins and outs of crypto. Unfortunately for me, I learned the hard way on the Ethereum blockchain, where the mistakes I made (things like lowering the gas fee to prices that would never clear) cost hundreds of dollars to fix when they would have cost less than $5 on the Binance Smart Chain. I would recommend anyone new to NFTs and crypto as a whole to start on an alternative blockchain like the Binance Smart Chain before considering switching to Ethereum blockchain. The learning curve is a significantly more forgiving process on alternative chains.

As always, I will reiterate that the best way to profit off of crypto is to do your research and find what works for you. Try not to get frustrated from mistakes because they will happen, crypto is not a scam but it is hard to use. Lastly, be patient. Crypto is developing so much every day, even when it may not seem like it. The industry will continue to grow and expand, now is the time to start planting your seeds.