The NEAR Protocol is the perfect platform for NFTs as it has many advantages over Ethereum. The protocol creates an ideal environment for decentralized applications and smart contracts by focusing on the shortcomings of other protocols in the same space. NEAR uses a Proof-of-Stake blockchain that is known for its public availability, developer-friendliness, and sharding. The protocol provides a low-cost and highly scalable platform that developers can use to build decentralized applications (dApps). Other features that developers can use include wallet apps and interoperability components that allow developers to easily leverage the NEAR ecosystem and create apps.
Why is the NEAR Protocol the Best Ecosystem for NFTs?
Enabling NFTs
NFTs are receiving significant attention. While Ethereum is a major player when it comes to NFTs, their move into the mainstream has also brought attention to Ethereum’s high gas fees, making it quite impractical. The NEAR protocol is a viable alternative and several projects are already running on its platform. The scalability of the protocol ensures that dApps development is fast and easy. There are currently 19 decentralized NFT platforms on the NEAR platform. The ecosystem is really fast compared to other platforms in the NFT realm and has low transaction fees.
The NEAR protocol can be called the ideal platform for NFTs, and it has several advantages over other NFT platforms in the world and even Ethereum. The technology can process transactions much faster than Ethereum, also it doesn’t consume high gas fees or network problems. Transactions on NEAR are processed almost instantly at low cost. All of these factors make it ideal for buying and selling NFTs and serve as an incentive for various projects to build their NFTs on NEAR. Several NFT projects have already been launched on NEAR, such as Mintbase and Paras.
Create and sell NFTs through Mintbase
Users of the protocol can use multiple NFT projects to buy, sell, or create NFTs. One such project, Mintbase, allows users to create NFTs and list them for sale on marketplaces like OpenSea. Users can create smart contracts to restrict the transferability of tokens, which helps prevent fraud and illegal asset transfers.
Mintbase switched from the Ethereum blockchain to the NEAR protocol due to high gas fees. Initially, gas fees on Ethereum were low and users could quickly turn around, however, as usage and congestion on Ethereum increased, gas costs began to spiral out of control. There are several other reasons why Mintbase chose the NEAR protocol.
Create, trade and collect digital art cards
Paras is a digital card marketplace based on the NEAR protocol that provides users with a solution to the obsolescence of traditional trading cards. It confirms ownership via blockchain through fast and low-cost transactions. It also differs in that it offers collections instead of individual releases. Paras is beneficial for collectors as it greatly reduces the burden on collectors by ensuring that their collectibles do not wear out. Artists and collectors can easily access the collectibles market.
Since launching Paras, some artists earn over $25,000 and the platform has been able to process over 700 transactions, generating over $35,000 in trading volume. There are currently over 70 artists and 80 collectors on the platform. The NEAR protocol and Paras are great because NFT creators are looking for alternatives to Ethereum with its high gas fees. Transactions on NEAR cost almost nothing and can be completed in seconds, and Rainbow Bridge provides compatibility between Ethereum and NEAR.
Explore and Auction NFT Collections
The Hip-Hop Heads project is a collaboration between NEAR Protocol, Ed Young and the Universal Hip-Hop Museum. The NFT collection features artists from the seventies to the present day, as well as 47 of the biggest artists in the rap genre. The collection honors both artists and also celebrates the 47th anniversary of the hip-hop era.
NEAR makes the collection more accessible to the community, and the auction features new editions from all 103 hip-hop members. Community members can easily purchase NFTs using a credit card without any complicated registration system.
Easy Access To Everything Related to NFTs
Users of the protocol can access several other NFT projects on NEAR such as Metamon, WebAssembly Music, Snark.Art, etc. Metamon creates a universe of monsters that users can capture, evolve, and play with. Monsters are classified as endangered, limited-edition creatures that can be purchased by a select group of NFT collectors. Collectors can combine two Metamons of the same type and watch them evolve into a rarer and more powerful Metamon.
WebAssembly Music is the first music to be stored on the blockchain as an NFT. Music created by Peter Salomonsen and published on the NEAR protocol. This piece of music was one of the first pieces of music to be converted into an executable binary file by WebAssembly. Users can run the WASM binary and obtain raw audio data through the WebAssembly runtime.
Final Thoughts About NEAR for NFTs
NEAR is building an ecosystem that allows users to easily access dApps, NFTs, and DeFi. NEAR offers solutions to problems such as slow processing speed, network congestion and high gas fees using sharding, which provides significant platform scalability without compromising protocol security.
