The chain of your NFT collection's launch is decided by a variety of factors, including your target audience and objectives.ETH
Ethereum is the greatest choice for high-end NFTs since it is more secure. It's also more popular with the general public, so it'll create more buzz. As a result, Ethereum is where the vast majority of authors begin their first NFT collection.
Polygon
Polygon is superior if you're selling a large quantity of NFTs to a targeted audience because it has no gas expenses.
Solana
Solana is superior for faster efficient transactions + low transaction fees
The key factors include👇🏻
No auctions🔨- Instead of listing your NFTs for a fixed price, you can auction them on OpenSea.
- You can sell it at auction to the highest bidder, boosting your chances of getting a greater price.
- This is, however, only available on the Ethereum blockchain. Polygon is planning on incorporating this into its blockchain.
Proof of trust & Gas prices⛽ 🔥- Since it’s a L2 protocol, polygon is less secured than ETH
- Since most of the serious NFT projects are looking for investors who are genuinely interested to buy - ETH is a safe bet
- Though polygon’s gas prices are negligible as compared to ETH - the tradeoff to draw are:
- Due to lower gas prices, buyers would easily cash out & come in - making the prices volatile
- Large gas prices also provide an incentive for the investors to hold on to their NFTs
- The “value” of the transaction is pretty low as compared to ETH
Familiarity🍿 📢- Obviously, ETH being there for a longer period of time + in the “mainstream” media for significant time as compared to Polygon - people have adopted minting on ETH
- Because not everyone knows how to connect ETH to Polygon, it may be difficult for novice and non-technical persons to use Polygon for the first time.
Marketplaces & Big Projects🏔️- The main stream adoption of NFTs can be credited due to “centralised” marketplaces offering these decentralised services such as Opensea, MagicEden, Rarible, LookRare and others
- But a point to note is that these marketplaces were either focused on ETH (Opensea) but others such as MagicEden adopted building their marketplace on Sol since it prevents real-time communication among nodes and reduces the time taken, increasing efficiency overall as compared to Polygon.
- Most of the mainstream popularised projects such as BoredApes, Moonbirds, CryptoPunks have been on ETH + well known projects on SOL are also there.
- SOL started listing back in Jan 2021, but Polygon started minting only in Aug 2021, with one of the big projects (~2million NFTs) sold only in Dec 2021
Transaction speed⚡- SOL is having higher transactions per second as compared to Polygon
Thanks for reading, hope you find it meaningful. Would love to chat & discuss more around this topic - @darshang_
