With the emergence of layer 2 solutions aimed at addressing Ethereum's scaling struggles, navigating the landscape of NFT networks can be overwhelming for beginners. This article will provide a beginner-friendly overview of the latest upgrade: EIP 4844 and how it affects the gas fee on leading layer 2 networks- Optimism, Arbitrum, vs Base, helping you decide which network is best suited for launching your upcoming NFT collection.

Understanding Layer 2 Solutions:

Layer 2 solutions are designed to improve the scalability and efficiency of blockchain networks like Ethereum by processing transactions off-chain while benefiting from the underlying blockchain's security. These solutions offer faster transaction speeds and lower fees than the main Ethereum network, making them ideal for NFT projects seeking to enhance user experience and accessibility.

Here’s a gas fee comparison using layer 2:

The table in the image shows the fees for swapping tokens on different Layer 2 scaling solutions for the Ethereum blockchain. Layer 2 solutions are designed to reduce the congestion and high fees on the Ethereum mainnet. The table shows the fees for sending ETH and swapping tokens on Optimism, Polygon zkEVM, and Arbitrum One.

Gas Fees in Creating NFTs and Contract

Our Experience: Launching a Diamond NFT Collection

We recently put NiftyKit , a no-code solution for NFT collections, to the test before the EIP -4844 upgrade. We launched "Diamond Contracts", upgradable NFT collections, Here are the results:

Layer 2 Network Gas Fee Txn Link NFT Collection Link
Base 0.0001ETH ($0.37) https://app.niftykit.com/collections/base-diamonds
Arbitrum 0.0006 ETH ($2.24) https://app.niftykit.com/collections/xiv-digital-dimensions
Optimism 0.00005 ETH ($0.21) https://app.niftykit.com/collections/OPSSS
Polygon 0.2501 MATIC ($0.27) https://app.niftykit.com/collections/chazz-gold-bwa

That's right, for less than a dollar, we were able to deploy a secure and efficient smart contract for our NFT collection. And with the EIP-4844 upgrade, it will be significantly lower than this. Learn more here on how to create your collection with NiftyKit.

Cheaper Layer 2 Transaction Fees with Ethereum (EIP-4844)

Layer-2 networks like Arbitrum, Optimism, and Polygon will benefit the most from this upgrade. A swap on Base is now nearly 99.9% more cost-effective compared to Ethereum, and it's approximately 98% cheaper than on Arbitrum.

Comparing Volume in the NFT Market

Top Blockchains by analyzing smart contracts, number of dapps, DeFi TVL, transactions, NFT and dapp volume.

Based on the data in the chart, Polygon is leading in the most volume in NFTs with NFT Volume of $1.27B. Polygon: As a mature network, Polygon has a well-developed ecosystem with a large number of Smart Contracts/ NFT Collection. But it is also good to note that Base is a new network and is gaining momentum in NFT creations.

Choosing the Right Layer 2 for Your NFTs: Polygon, Optimism, Arbitrum, vs Base

All Layer 2 solutions boast low gas fees compared to Ethereum, they each have distinct characteristics and use cases. Here's a breakdown to help you decide:

Consider these factors:

• Target audience: Who are you trying to reach? Is a wider audience familiar with Ethereum (Polygon, Optimism) or developers comfortable with newer tech (Arbitrum, Nova)? Project type: Does your project require specific functionalities offered by certain chains (e.g., gaming on Polygon or Arbitrum Nova)?

• Technical expertise: Can your team handle the development complexities of newer chains?

• Ecosystem maturity: Do you prefer a more established ecosystem (Polygon) or are you open to a newer, faster-growing chain (Base)?

Remember, there's no one-size-fits-all answer. Carefully consider your target audience, desired ecosystem, and preferred level of decentralization. Research, explore communities, and don't be afraid to ask questions.

Ready to create your Layer 2 NFT Collection? NiftyKit supports Polygon, Arbitrum, Base, and Optimism for your NFTs

Create now