Do you know the NFT market currently has a capitalization nearing 2.8 trillion dollars? Such exceptional value proposition tells us only one thing – NFTs are here to stay forever, a notion that was contested by skeptics when they first gained prominence in the market. Although the market is incredibly massive, most NFT marketplaces have been based on the top-most networks – Ethereum, Solana, Cardano, BNB Chain, and recently, Bitcoin. Projects exploring the business feasibility of their ideas often get pressurized due to the overwhelming competition in these networks, but for some reason, they tend to disregard other networks. Here, we bring some of the promising but underrated blockchains businesses can use to create NFT marketplace platforms in the current circumstances.
Table of Contents:
- Why Should NFT Businesses Look Beyond the Conventional Networks?
- Underrated Blockchains to Create NFT Marketplace Applications
- Tezos
- WAX
- Cronos
- Algorand
- Waves
- Fantom
- Kadena
- The Open Network (TON)
- Concluding Thoughts
Why Should NFT Businesses Look Beyond the Conventional Networks?
- A business looking to launch an NFT marketplace development solution should look beyond the top blockchains to appeal to diverse audiences.
- Blockchains underutilized globally still tend to have active community participation that can be useful for new businesses looking to maximize the bustling NFT space.
- Ventures should explore other blockchains to have an opportunity to work with high scalability and transaction speeds, which can impress the global audience.
- Projects can tap into unique propositions offered by relatively underused blockchains to appeal better to the market.
- With more networks gaining mainstream prominence, opting to build an NFT marketplace in an underrated blockchain could reap fortunes in the long run.
- Most networks offer interoperability powered by virtual machines like EVM that allow NFTs created on them to be easily transferred to popular blockchains like Ethereum.
Underrated Blockchains to Create NFT Marketplace Applications
Tezos
Tezos is a layer-1 blockchain that focuses on user participation and governance. Although it is well known for its technological partnerships with the English football team Manchester United and the Formula 1 team McLaren Racing, it still has not attained mainstream popularity.
The network uses the energy-efficient algorithm Proof-of-Stake (PoS) to finalize transactions with institutional-grade security. Platforms running on Tezos can benefit from its smart contracts that are reliable and secure, enabling them to function efficiently. It also offers an on-chain upgrade mechanism that developers can tap into without requiring to fork the network. Businesses can even scale their platforms without disruptions.
WAX
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! Worldwide Asset eXchange, or WAX, is a blockchain that allows businesses to build various NFT applications, including marketplaces and games. Despite being a leader in the Web3 gaming sector, there have not been many NFT marketplaces that call WAX their home. Still, a business planning to base its platform on the network wouldn’t be disappointed.
According to the WAX’s developers, the network sees over 700,000 active users daily, which should motivate ventures to build their applications on the blockchain. It also offers lightning-fast transactions and carbon neutrality – some aspects that new-gen NFT enthusiasts love to experience.
Cronos
Cronos is a blockchain powered by the popular cryptocurrency exchange Crypto.Com. The network is built using Ethermint on the Cosmos SDK, making it compatible with the Ethereum Virtual Machine. Its porting capabilities make Cronos a viable alternative for businesses looking to attract the Ethereum-native community.
The network’s own global community contains over 80 million people, a staggering number any NFT marketplace would love to expose itself to. The blockchain also supports wrapped versions of over 50 cryptocurrencies and 30 wallet apps alongside on-ramp facilities powered by the Crypto.Com exchange. Cronos also empowers new platforms by listing them on its partner websites, including some big names in the Web3 space.
Algorand
Algorand grabbed the headlines when FIFA partnered with the network during the 2022 FIFA World Cup to launch digital collectibles. Besides that and the network’s carbon-neutral nature, Algorand has never been in the spotlight. With block times less than 3.5 seconds, the network is undoubtedly one aspiring NFT marketplace entrepreneurs should look at.
Its unique technological ecosystem consisting of the AVM (Algorand Virtual Machine), ASA (Algorand Standard Assets), and atomic transfers can power NFT marketplace platforms to new heights. Combined with low transaction costs, creating NFT marketplaces on Algorand can captivate audiences from worldwide.
Waves
As a community-based decentralized network that powers scalable and user-friendly applications, Waves is another underrated blockchain network in the NFT space. It provides a comprehensive ecosystem complete with NFTs, DAOs, and other new-gen business models that can be helpful for NFT marketplace ventures.
The Waves blockchain also offers unmatched scalability at extreme speeds while incurring only lesser expenses. The network’s developers also maintain a minimal carbon footprint along with blockchain bridges that let businesses easily become interoperable. With over 23,000 daily transactions on average, Waves should be a network that NFT startups can look forward to using.
Fantom
Fantom is a blockchain that emphasizes speed, security, and scalability through the use of Lachesis, its own aBFT consensus protocol. The network is promising for people eyeing early-bird opportunities, as there are only a handful of NFT marketplaces running on it.
Its compatibility with the Ethereum Virtual Machine helps businesses to cater to the wider market while working more efficiently. It facilitates oracles integration through provisions from Chainlink and Band Protocol, and its robust APIs aid projects to build almost any kind of dApp on Fantom. Over 3.2 million addresses exist on the blockchain, making it a favorable spot for entrepreneurs planning to launch an NFT marketplace solution.
Kadena
As a relatively unknown blockchain, Kadena aims to empower businesses to enter the decentralized space through its community-oriented assistance. With proven security provisions, safer smart contracts, no-cost transactions, industrial scalability, and incredible energy efficiency, the blockchain aims to ease Web3 experiences for businesses and consumers.
Kadena has an ecosystem that comprises a layer-1 network called Chainweb that works with 20 braided chains, and Kuro, a layer-2 solution that scales the blockchain even more. With a block finality of just 1.5 seconds per chain, Kadena should be on the radar of NFT businesses planning to launch large-scale NFT marketplaces.
The Open Network (TON)
Perhaps the most underrated of all in this list, The Open Network (TON), once promised to change the blockchain market forever. However, when Telegram’s active involvement in the TON ecosystem ceased, not many thought it would take off on its own. Fast forward to today, TON has been home to hundreds of Web3-based apps, including NFT marketplaces that can accessed via Telegram.
The TON ecosystem uses sharding extensively to create thousands of sub-chains that can power individual businesses. Such provisions, along with the ability to reach users’ Telegram accounts make TON an attractive option to create an NFT marketplace development solution.
Concluding Thoughts
Speaking about these exciting yet underrated blockchains from the context of businesses planning to create a white-label NFT marketplace solution is truly intriguing. But it also brings a peculiar question – Why don’t businesses consider them? While many established NFT marketplaces offer secondary support for most of these networks, only a few marketplaces functioning primarily based on these networks seem to reach the top. Although the presence of massive communities in the top-tier networks is a reason, with proper efforts and education, users unsatisfied with the existing top networks’ efficiency can try their luck using these blockchains. The future is promising, though, as the NFT market is seeing an influx of startups taking advantage of these networks to build NFT marketplaces to ramp up their game in the competitive market. If things go right, we might see an NFT marketplace development solution native to one of these blockchains sit at the top of Dappradar rankings.
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