(JaiChai) - NFT Standards are coming out of the woodwork! And a little advice...
TRC-721 is Tron's version of Ethereum's ERC-721 NFT standard.
BEP-721 compliant NFTs will soon begin populating the Binance Smart Chain.
"Minting Price Wars"
Minting NFTs on Ethereum is notoriously slow and costly; starting at $50 and averaging $75-$120 per minting.
The high cost of ERC-721 minting by itself may be enough to push the next wave of would-be NFT artists toward TRC-721 NFTs.
And if Tron's minting process turns out as expected - faster and insanely cheaper, many of those artists may decide to plant their flag in Tron territory and never leave.
Lindsay Lohan minted her NFT on the Tron platform last month and sold it at auction on March 14.
Lohan praised the speed and nearly zero transaction fees of the Tron blockchain. (Minting fees were not specifically detailed).
Not to be left out, BCH is getting in on the NFT action with a minting process that's estimated to cost less than five cents!
[This below link will show you how to mint NFTs for pennies on BCH and sell them on the BCH NFT Marketplace.]
Miscellanea:
Minting NFTs can be done on the HIVE blockchain and showcased on it's NFT marketplace.
@bitcoinbabaji, our own intrepid Torum trailblazer, has already "been there, done that and got the HIVE minted NFTs to prove it on display".
(image by Torum)
Creating, what I like to call, Pre-NFTs for free is a special option offered on Mintable.
The process is exactly the same as minting a normal NFT without putting the item on the blockchain.
The Pre-NFT is stored on the platform and awaits transformation into a real NFT and a new owner or a new home.
Gas fees are incurred only when the Pre-NFT is properly minted into an authentic NFT and sold or transferred off Mintable.
"Factors to Consider"
NFT minting costs may be one reason to choose a particular NFT standard over another, but it should NOT be the only reason.
Before the likes of Tron, Binance Chain and BCH entered the NFT fray, cheap minting usually guaranteed minimal wallet support, a poor marketplace and meager sales.
But these new players are hungry and are adding all the bells and whistles they can to show the NFT world that unlike any cheap, low quality and shady predecessors, they mean business and are fully prepared to give Ethereum NFTs a run for their money.
Most will agree, ERC-721 NFTs are currently the #1 most valuable, accepted and marketable items in the NFT Space.
This is due to the first-to-market momentum and completeness of the Ethereum NFT ecosystem.
Here's just a few advantages of choosing ERC-721 over rival NFT standards:
Top creation sites and marketplaces such as SuperRare, OpenSea and Rarible.
Strong partnerships with heavy-hitters from gaming, esports, movies and online casinos.
Excellent wallet support and active developers.
A growing group of globally recognized artists. Hundreds of strong NFT creating communities composed of members united by a common goal, language, philosophy, topic, activity, etc.
*Careful consideration of the aforementioned factors is highly recommended BEFORE choosing an NFT standard.
Important Final Note:
When you choose an NFT standard, by default you are also choosing its current ecosystem and maturity of its home blockchain, native operating token, business partners, marketplaces, wallet support, planned upgrades and additions (e.g., ERC-1155 or its appropriate blockchain counterpart).
NFTs are expensive from the get-go. Switching standards mid-collection can quickly turn your fun, and hopefully profitable, NFT project into a scary, crypto-eating Black Hole.
"Measure twice, cut once." - Wise Carpenter
May you and yours be well and love life today.
In lak'ech, JaiChai
JaiChai 3-20-2021. Simultaneous multi-site submissions posted. All rights reserved.
Thanks for this info. Hope you always share this type information with us.
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