May
20, 2021
5 min read
This story originally appeared on ValueWalk
Blockchain has been a force to reckon with in the last decade. Bitcoin happened, then the crypto mania of subsequent years drew more people who innovated, ushering in the era of decentralized finance. The world thought crypto and distributed ledger technology would plateau only for the NFT fever to resurface after a three-year hiatus following the success of CryptoKitties in early 2018.
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NFTs are short for Non-Fungible Tokens. Their immediate application in the early stages was in gaming and tokenization. However, it has soon morphed to be a genuinely transformative blockchain tool. NFTs are unique in that they introduce scarcity in the digital realm. Each token is unique, often limited, and exists digitally—just like fungible tokens.
For artists, NFTs blew open possibilities. For the first time, disintermediation tagged a borderless market and global outreach. The adaptation–or the merger of blockchain and art–has been a wish for many artists and companies. Most were struggling with cases of counterfeits and other revenue-draining plagues facing firms that haven’t integrated blockchain and NFTs in their operations.
The sub-sphere might be in its formative years, dense with limited-edition artworks selling for millions of dollars. However, research firms predict NFTs to help generate hundreds of millions of dollars in the next few years.
According to a Forbes report, the NFTs market has grown 1,795 percent in 2021, creating millionaire digital artists and attracting celebrities. For the space’s potent, crypto-focused venture capitals are pouring in money to NFT ventures. Startups like Alchemy, Bloomberg highlighted, have grown to help facilitate the transfer of millions, deservedly acting as an indisputable cog keeping the NFT wheel turning.
Based on these developments, we carried out research to determine the best NFT launching platforms, differentiated by features that best serve the interest of the artist, individual, or firm.
Preliminary analysis revealed that the NFT-sphere is rapidly expanding. Indicators point to an increasing merger between DeFi and NFTs, especially among newly launched open finance-centric platforms. In the end, we came up with a list of top NFT launching platforms with ranking based on several aspects that, as aforementioned, serve the interest of the sub-sector.
Author’s chart
Out of the 10 NFT launching platforms, half were operating from their native blockchains. However, most were rooted in Ethereum–being their initial platform—and Polkadot. Splyt and Anrkey X are pinned to Polkadot, although their applications are diverging. Ethereum Name Service—serving a unique role in the blockchain-based naming service, is on Ethereum. The other two, Decentraland and Oxcert, also relied on Ethereum, had their tokens.
Most NFTs launching projects—excerpt Enjin—primarily focused on disrupting gaming using NFTs, are relatively new. Most were found in the last few months—coinciding with the increasing popularity of NFTs. Enjin can be accessible from Ethereum and the interoperable Polkadot.
Overview of the 3 NFT Launching Platforms
PRüF Protocol
The PRüF protocol is a modular, multi-blockchain, privacy-oriented protocol that integrates NFTs. It enables fast provenance with built in monetization and additional features including escrow management, collateralized loans, private sales, and much more.
Using the PRüF protocol, NFT teams can deploy their dApps and tokens, define schemas, decorate existing erc721NFTs, and customize other crucial aspects like logic, payments, and files applicable to the token. The privacy aspect allows owners of NFT’s to prove provenance and ownership without storing their personal information, allowing custodial holdings or collections to contain provable, private ownership information.
Finally, PRüF allows blockchain storage of digital files and presentation contexts – so uniquely, PRüF minted NFTs can still function perfectly even if the brand or platform that minted them goes out of business.
WAX Blockchain
The Worldwide Asset eXchange (WAX) recently launched its mainnet and uses the WAX coin as its primary token.
Unlike other platforms, WAX aims to disrupt the video gaming and entertainment industry using NFTs.
For this purpose, they have integrated their marketplace, facilitating quick and more straightforward trading of assets.
Additionally—and typical to most NFT-supporting blockchains, the platform has several tools, including WAX Cloud Wallets and Bloks.
The Wax Blockchain is, however, evolving to be a primary marketplace for NFTs.
Enjin Blockchain
The Enjin network was initially launched as a gaming platform. However, it later changed its mission to build a blockchain ecosystem for NFTs.
Its platform is designed to make it easier for businesses, individuals, and brands to use NFTs.
Launching from Ethereum, the Enjin system uses the ENJ coin. It has also integrated several products to serve blockchain gamers. The gaming platform co-founder is behind the ERC-1155 NFT standard.
Game developers can use the Enjin platform to tokenize and monetize in-game items on the Ethereum and Polkadot networks—following the launch of Efinity.
Other Notable Observations
From the list, most NFT launching platforms have their marketplaces which is advantageous for minters since they can easily deploy and trade their tokens.
At the same time, the Ethereum Name Service is serving a critical role and employing NFTs in its operation. The OxCert platform is designed to serve various applications, ranging from gaming to licenses, even integrating a DEX.
However, it operates from Ethereum; therefore, flaws inherent to the base layer like high transactions may cause concern.
The Splyt platform is leveraging the interoperability and scalability of Polkadot to serve eCommerce.
Final Thoughts
NFTs can be applied in different ways and highlight the potent blockchain that’s comparatively nascent versus other legacy solutions.
Creators are hunched at work, developing ways through which users can interact with NFTs via familiar channels.
In the boom of NFTs, well-thought-out platforms combining privacy-preserving techniques to best serve the interests of other users beyond artists, corporates, and brands, will most likely emerge on top to spearhead the next wave of NFT-driven blockchain revolution.