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Low NFTs trade fees may create better competition against Ethereum

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Low NFTs trade fees may create better competition against Ethereum 4

Crypto NFTs projects are looking toward high efficiency for the customers because of increasing competition in presence of different players. 

NFTs concept was first introduced in the crypto Industry in late 2017 but now it is moving toward less popularity. No doubt that leading crypto NFTs marketplace like OpneSea are making huge money by giving their services to NFTs traders but popularity is exponentially getting down over month by month. 

NFTs interest downfall 

When the NFTs concept was still new till the beginning of 2021 then people were using it rapidly to go with new NFTs projects but now the trend is getting down because people are not much interested in very old concept.

However, here we can’t blame only the interest factor but also here high fees issue is a big problem, where small budget NFTs traders are not getting a room to get started with NFTs trade. 

 At present, OpenSea is standing at the first rank in terms of the highest NFTs trade volume contributor with its platform. 

Initially, OpenSea introduced its platform with the Ethereum network because at that time Ethereum was the only option. But now it is moving toward the Solana network integration, which is highly efficient over the Ethereum network. However OpenSea will provide support for the both networks alongside each other but here competition will be introduced at significant level for Ethereum.

Such steps by OpenSea may further initiate the boom for NFTs traders in this industry but here it will be too early to comment on the effort of OpenSea to integrate the Solana blockchain to support Solana protocol-based NFTs assets trading. 

Ethereum vs Solana

At present, NFTs trade fees on Ethereum blockchain Network is very high over all the other blockchain Networks. 

In Particular, NFTs mint fees on Ethereum is 0.00252 ETH. This would be equivalent to around $8 ( at the current price of Ethereum which is $3,500). However, this fee is the lowest that we considered the situation but in some cases may touch $100 also.

On the other hand, mint fees on the  Solana blockchain is just 0.00135 SOL, which is less than $0.2. 

Read also: Polygon trying to stand in the crypto industry as a Web3 leader, Here is how?

Low NFTs trade fees may create better competition against Ethereum

 

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