In the world of Non-Fungible Tokens (NFTs), we have seen a lot of growth in terms of popularity, and naturally, in value. NFTs have been selling at never-before-seen prices and have sky-rocketed in value in terms of their collectible nature.
Even the biggest influential people out there are talking about NFTs. However, thus far, they have only relied on the Ethereum blockchain to be minted, and since it has high gas fees and slow transactions, they are costly to mint. However, there are alternatives, and NiftyKit is implementing a new method to mint NFTs.
NiftyKit’s Newest Chapter
NiftyKit is now using Polygon, so you can actually start minting Polygon NFTs on our platform.
Polygon operates a Proof-of-Stake mechanism, and this mechanism offers an energy-efficient alternative to the Ethereum Proof-of-work system.
Polygon is a protocol as well as a framework for building as well as connecting Ethereum-compatible blockchain networks.
This is because, throughout the history of cryptocurrencies, the go-to platform for development has been Ethereum through dApps. However, this has its limitations, as it has low throughput, poor UI which implements gas and a delayed PoW finality, and no sovereignty in terms of shared throughput or clogging risk, tech stack which is not customizable, as well as governance dependence. As a result, a lot of development challenges are introduced, and this causes ecosystem fragmentation.
How Polygon Shakes Things Up with NFTs
This is where Polygon comes into the picture, which is a protocol as well as a framework for building as well as connecting Ethereum-compatible blockchain networks.
In fact, it allows for one-click deployment of preset blockchain networks, a growing set of modules for developing custom networks, interoperability protocol for exchanging arbitrary messages with Ethereum as well as other blockchain networks, modular and optional security as a service, and adaptor modules that can enable interoperability for the existing blockchain networks.
When it comes to the features of Polygon, it combines the best of Ethereum and sovereign blockchains into an attractive feature set.
In other words, this means that it has ETH compatibility, scalability, security, sovereignty, interoperability, user experience, developer experience, and modularity.
Discussing NFTs, they have been widely criticized for their impact on the environment. As NFTs run on Ethereum, all of the transactions associated with minting them are processed through a Proof-of-Work (PoW) consensus mechanism.
Right now, creating an NFT is costly due to the fact that the Ethereum network is congested with activity. Until Ethereum 2.0 actually arrives, Polygon intends to cut the costs for people who want to use the network.
Polygon changes this by using a Proof-of-Stake (PoS) sidechain known as Matic POS. By moving the transactions away from the Ethereum mainnet, Polygon can actually process transactions at a higher speed as well as at a lower cost.
In other words, through Polygon, people from across the globe can create NFTs at a lower cost, in a much more energy-efficient way, which is a lot friendlier to the environment.
Use Polygon to mint NFTs on NiftyKit
NiftyKit allows you to essentially mint NFTs through the usage of Polygon instead of the Ethereum blockchain, which makes things significantly quicker as well as eco-friendlier.