NFTs have revolutionised a variety of industries, including arts, music, fashion, entertainment, sports, and gaming. Furthermore, the potential transformation of several industries has opened up more opportunities in the NFT industry for entrepreneurs. Additionally, creators such as musicians, artists, and others can monetise their digital works by converting them into NFTs.
Blockchain technology is used to create NFTs, and it’s entirely up to you to decide which blockchain network to use. Ethereum (ETH) is the most popular, but a number of competitors have surged in popularity in recent times, chiefly Flow (FLOW), Cardano (ADA) and Parody Coin (PARO).
Take a look at some alternative blockchains for NFT development to see which one is right for you.
Flow (FLOW), which debuted in the market during 2020, appears to be a brilliant Ethereum (ETH) alternative. This network is arguably far more suitable for creating NFTs while simultaneously ensuring security and speed.
It has more scalability and is likely to be the foundation for next-generation apps and games. NBA Top Shot is a good example of this – it’s built and runs on the Flow (FLOW) blockchain.
Cardano (ADA) uses a proof-of-stake system pioneered by Ethereum (ETH) co-founder Vitalik Buterin. Cardano Settlement Layer (CSL) and Cardano Computation Layer (CCL) are two layers that will help with peer-to-peer transactions.
CardanoKidz, CryptoMayor, Crypto Knitties, and Spacebudz are some of the NFT projects that run on the Cardano (ADA) blockchain.
Parody Coin (PARO)
Parody Coin (PARO) is the latest deflationary token on the market, having gone into presale only a couple of weeks ago.
It’s built on the Binance Smart Chain (BNB), which facilitates the network’s instantaneous transactions and extremely low gas fees. Moreover, Binance Smart Chain (BNB) has advanced smart contract functionality and Ethereum Virtual Machine compatibility (EVM).
Although Parody Coin (PARO) hasn’t launched yet, it’s been getting hype across the crypto and NFT communities because of its revolutionary goals as stated in the White Paper.
Parody Coin (PARO) is aiming to tackle the extortionately high floor prices of popular NFTs that makes the market exclusive and elitist. By rewarding users for minting ‘parodies’ of expensive NFTs and putting them on the marketplace for an affordable price, the entire NFT market could shift to Parody as a result (as owners of original NFTs can gain ownership of the parody by locking up or burning the original).
Parody Coin (PARO) will also grant its holders three other revenue streams to generate steady passive income. These include staking on the BNB Chain, ParoRewards and reflection.
As the token is in its first stage of presale, right now it’s available to buy at its lowest ever price. Due to the attention Parody Coin (PARO) has been receiving, it’s likely to take off soon and gift early investors with monumental returns upon launch.
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