Our community is well aware of what is going down at the moment. As you know, mastering anything takes time, practice and experience, let alone be it the concept of blockchain technology. BLACK LEMON today is migrating to the Ethereum network. Let’s let you in on why the Ethereum network is number one for NFT projects, and this is based on our humbly vast experience!
Let’s start from scratch!
Ethereum is considered to be the second biggest cryptocurrency after Bitcoin! The Ethereum network appears to be the logical choice for investors when it comes to NFTs at this time. This is due to the fact that more than 95% of all NFT applications are built on the Ethereum blockchain, which controls the NFT market in terms of buyers, sellers, and trading prices. Ethereum, for example, made $1.8 billion from NFT sales in March 2022, with an average price of $3,000 per NFT.
Now, here’s why Ethereum is a leader in the industry!
First, on the Ethereum network, it's easy to verify ownership history since transaction history and token information are publicly verifiable. It's also virtually hard to "steal" ownership of a transaction once it's been confirmed. Moreover, trading NFTs may be done peer-to-peer without the requirement for platforms that are willing to grasp huge commissions.
In addition, the "backend" of all Ethereum items is the same. Let’s put it differently, all Ethereum products can connect with one another, making NFTs transferable between products. You may easily purchase an NFT on one product and sell it on another. You can list your NFTs on several items at once as a creator, and each product will have the most up-to-date ownership information. We also need to say that because Ethereum is never down, your tokens will always be available for trade.
Finally, it is important to mention the factor of innovation. Ethereum has an endless cycle of innovation, most importantly the ERC-721 token! This is a specific type of token that enables the construction of one-of-a-kind NFTs. The Ethereum blockchain stores ERC-721 tokens, which may be exchanged on decentralized exchanges. Smart contracts, which are effectively independent agreements between two parties, are also created with them. NFTs may be bought, sold, and traded via smart contracts. It’s impossible to validate an NFT's ownership or assure that a transaction would go through without them.
Do we need to say more?
In conclusion, because Ethereum is decentralized and safe, the entire NFT ecosystem functions. No one can copy and paste nor steal your NFT since it is secure. These characteristics of Ethereum allow you to digitally own unique things and receive a fair payment for your work.
As BLACK LEMON, we advise you to stay tuned for what we’ve got in store. Something really huge is cooking and migrating to the Ethereum network is only the beginning! Should we remind you that we were amongst the first who hopped aboard this swiftly moving train?