Non-fungible tokens (NFTs) are quickly gaining in popularity on Elrond Network. These unique digital assets have a range of applications, from gaming and airdrops to collectibles, etc.
Every day, we hear about a new NFT project on the Elrond network. That can be both good and bad as a whole. On the one hand, it demonstrates the incredible potential of Elrond technology and its ability to bring about innovation and change. On the other hand, it can make it difficult to discern which projects are worth paying attention to. However, in general, the rise of NFTs on Elrond Network is something to cherish. This blog will discuss NFTs in the Elrond network and why many NFT projects are moving to Elrond. Let’s get started.
What Makes NFTs on Elrond Special?
For starters, NFTs are unique. Unlike fungible tokens (which can be interchanged with other fungible tokens of the same type), each NFT is a one-of-a-kind asset. This uniqueness is what gives NFTs their value. And because they’re digital assets, they can be easily traded and stored online.
Another key feature of NFTs is that they’re programmable. That means that NFTs can be built with specific properties and behaviors baked into them. For example, an NFT could be programmed to expire after a particular time, or it could be set to automatically transfer ownership to another party when certain conditions are met. This programmability makes NFTs incredibly versatile and opens up all sorts of possibilities for how they can be used.
Why are Many NFT Projects Moving to Elrond?
There are a few key reasons why NFT projects are moving to Elrond. First, as we mentioned earlier, Elrond is incredibly fast. Transactions on the Elrond network can be processed in just a few seconds, which is crucial for businesses that need to move quickly.
Second, Elrond is secure. The team has implemented several security features to protect against hacks and attacks. And because Elrond is built on a shared architecture, it’s much more scalable than other blockchain platforms. It is essential for businesses that need to handle a large number of transactions.
Last but not least, it is very user-friendly. The team has made it easy for businesses to develop and deploy applications on the Elrond network. And because Elrond uses a novel Consensus Mechanism, it doesn’t require companies to have a deep understanding of blockchain technology to use it.
All these factors make it an attractive option for businesses that want to build NFT applications. And we’re already seeing several companies moving to Elrond to take advantage of all it offers.
Why is Elrond a Better Choice For NFT Projects?
Elrond Network is not only fast, secure, and user-friendly but also has exceptionally cheap transactions. Therefore the minting fee for Elrond Nft projects will be more than 10x less compared to many other blockchain-based projects.
Another significant advantage that it has over other blockchains is scalability. Elrond can process around 15,000 TPS (current) and 263,000 transactions per second (in test net) which is a huge number compared to many other blockchains. This scalability is vital for businesses that need to handle a large number of transactions.
NFTs on Elrond Network – BH Agents Sold Out in Record Time
There are already many unique projects launched on the Elrond network. And recently BH Agent NFT project has achieved something that many projects tend to dream of. They sold out their 10k NFT collections in only 1h and 10 minutes and are constantly trending at number 1 in the xoxno market.
The rise of NFTs on the Elrond network is yet another example of the innovation and disruption it brings to the blockchain space. With its high speed, security, and user-friendliness, Elrond is quickly becoming the go-to platform for businesses that want to build cutting-edge applications. We’re excited to see what the future holds for NFTs on Elrond.