Non-Fungible Tokens (NFTs) are not just released on a single blockchain, and today, more than ever before, there are multiple blockchains that support NFT creation, minting, and storage.
However, not every single NFT creator will decide to release their collections or sets on more than one blockchain network, and this could be hurting their overall appeal and revenue stream. We will be exploring why releasing different NFT collections on multiple blockchains can be beneficial.
The Current State of NFT Collection Releases
Today, more than ever before, the appeal surrounding non-fungible tokens (NFTs) among collectors, traders, and cryptocurrency enthusiasts is high.
What this essentially means is that there is a broad market of potential buyers and collectors for any artist’s specific NFT collection.
Collections that feature NFTs will typically span from one-off NFTs to 1,000 NFT sets or, the most popular, 10,000 NFT sets.
What this essentially means is that there are 10,000 unique NFTs that have been purpose-made to be a part of that collection.
However, aside from releasing a number of NFTs, they also need to feature specific attributes, rarity ratings, and other aspects to give them value.
Not every single collector or user will use the same blockchain, however, and as such, the need will arise to eventually re-release a collection on another blockchain. What this means is that minting NFTs on a platform with multi-chain support from the beginning can be beneficial for NFT creators, and today, we are going to explore why this is the case.
Why and How Brands and Individual Creators Are Leveraging The Power of NFTs
NFTs are essentially immutable and feature publicly verifiable data which can be utilized to denote ownership over the underlying asset.
Integrating these features within specific marketing efforts can boost brands or individual creators and enable them to explore the constantly evolving possibilities found within blockchain technology, which can help them capture the value of the Web3 market.
Creators can utilize NFTs to promote a new kind of fundraising effort in which people can essentially support their work and get rewarded with super rare NFT collectibles.
Moreover, they can add an additional level of functionality to these NFTs to make them feel like they are in an exclusive club, where only certain people can get access to specific channels of communication or real-world events.
2. Providing a Better User-Experience
Not every person that utilizes a specific cryptocurrency wallet will have support for alternative blockchain networks. For example, someone might be using an Ethereum wallet and cannot access Solana NFTs. Another person might be using a Solana wallet and cannot access Polygon NFTs, and so on. By having different collections spread out across multiple blockchains, collectors and investors can support their favorite artists whilst also gaining access to it with ease.
3. Getting Access to Numerous NFT Marketplaces
Not every single marketplace out there will support all available token standards. This means that by having numerous, but different, NFTs released across multiple blockchains, creators, and brands can spread their awareness and be featured on just about any marketplace, as they will have NFTs for different token standards.
4. Reaching a Broader Collector and Investor Circle
Typically, supporters of a specific blockchain network will tend to remain within its ecosystem and will find much appeal within its network of decentralized applications (dApps) or Decentralized Finance (DeFi) capabilities.
What this essentially means is that it can be difficult for a creator to grab the attention, for example, of collectors or enthusiasts that are exclusively supporting Ethereum-built NFTs, if their collection is only launched on Solana or vice versa.
Thus, by minting different NFTs on different blockchains, they can appeal to both Ethereum collectors as well as Solana collectors, for example.
Moving Forward With Creating NFTs On Multiple Blockchains With SmartMint
Minting NFTs on different blockchains can be difficult, and as such, finding a no-code solution can be an essential task for a lot of creator minds.
For example, creators will typically specialize in artistic mediums – i.e. no connection to programming. Thus, it can be difficult for them and time-consuming to learn each blockchain’s smart contract programming language just to be able to release their NFTs on different blockchains. This is where SmartMint by Pastel Network fits into the big picture.
SmartMint is a no-code solution that enables anyone the opportunity and ability to mint NFTs on different blockchains and then list them on their corresponding marketplaces.
For the time being, SmartMint supports multiple chains, and these include Ethereum, Polygon, and Solana. There will be additional support for other blockchains and Layer-2 solutions at some point in the future.
However, what all of this means is that NFT creators can appeal to three target groups and blockchain supporters, which can broaden their overall appeal, exposure, and potential profits made from NFT sales.
SmartMint also stands out due to the fact that it utilizes two specific solutions to enhance the overall user experience.
For example, there is Sense, which is a protocol intended to aid in the detection of near-duplicate NFTs. There’s also a Cascade, which is a distributed, permanent storage system designed to store metadata or other data connected to NFTs. All creators need to do is pay once and have their data stored forever. Each NFT creator will also have full ownership over their smart contract.
The Future With NFTs
As blockchain technology evolves, more and more blockchains are gaining support or are built with direct support for smart contracts and NFTs. As such, it is essential for creators to diversify and be a part of as many networks as possible, so they can appeal to broader audiences as well as users. All the aspects mentioned above are key reasons why releasing different NFT collections on multiple blockchains can be beneficial for content creators as well as collectors.
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