Transactions involving non-fungible tokens (NFTs) are more popular than ever. Digital art, soundscapes, 3D models, movies, and other items may be sold with this non-interchangeable unit.
NFT development services are full of satisfaction for companies entering the blockchain ocean, like Axie, Open Sea, and Rarible.
The Ether digital currency price chart for the last months of 2021 shows that it was a tough time for the digital currency as investors were scared. Experts believe that Ethereum is likely to lose ground against a competing blockchain, especially Polygon.
Ethereum serves as the foundation for non-fungible tokens, decentralized finance, and smart contracts. However, despite its widespread use, the platform struggles to keep up with the competition.
Due to increased activity around various DApps and NFTs, there has been considerable competition between Tier One and Tier Two protocols and Tier Three and Tier 4 protocols.
NFT market development companies rely on the Ethereum protocol for the long term; however, 2021 saw the introduction of another Tier 1 protocol, Polygon, which promised faster transaction speeds and lower transaction costs.
Ethereum 2.0 update, compared to other platforms, has both features, aiming to outperform the competition.
While Ethereum and Polygon blockchains have their share of fans, the most popular Ethereum blockchain tops the list because it offers the most transparent DApp ecosystem. There are substantial contrasts between these two competitors that cannot be overlooked in this comparison. Let’s look at each of these ecosystems.
Ethereum is a community-developed blockchain technology used to store digital money, applications, and global digital payments. Thanks to the Blockchain, a flourishing economy has developed, and it is accessible to all.
The platform offers data-driven services and thousands of apps that we all use every day, and it is available to everyone, regardless of location or history.
All applications connected to the Ethereum platform require considerable computing power.
With Ether, you can perform request operations, like making a payment to someone else on the network, etc. It should be mentioned that Ethereum was a strong cable puller for the growth of digital collectibles in 2021.
As a result, it is the preferred currency of NFT market development service providers who prefer to be safe.
The benefits of Ethereum
- Due to high gas rates, Ethereum is more secure than other cryptocurrencies as it discourages users from spamming the network.
- Ethereum’s popularity among users has made them more familiar with it. Very popular NFT collections are now available on the Ethereum blockchain.
- Instead of selling your NFTs at a fixed price, you can bid on them. This feature is available only on the Ethereum blockchain.
The disadvantages of Ethereum
- Gas fees are high: Ethereum gas fees typically range from $50 to $200 per transaction. Fees include one-time fees for account creation and approval of tokens and contracts.
- You will also have to pay gas fees if you accept an offer, transfer an NFT, buy an NFT, or do anything else that requires processing on the Eth network.
Polygon is also known as the Matic network. One of Polygon’s main goals is to make Ethereum’s multi-chain environment more accessible.
The Ethereum network becomes interoperable with all existing and future network infrastructures.
Additionally, Polygon is aligned to provide interoperability with Tier 2 solutions. Polygon is also known to be the most efficient transaction speed.
The advantages of Polygon
There are no gas taxes in Polygon, and there are no gas taxes associated with creating and selling NFTs. When you convert ETH to Polygon on OpenSea, you just need to pay a small gas tax to cover transaction costs.
Disadvantages of Polygon
- Before buying NFT with Polygon, users must add Polygon to their wallets or convert Ethereum to Polygon.
- Compared to Ethereum, many users are unaware of Polygon. People unfamiliar with Polygon may be less interested in buying your NFTs if you sell them. You must also add Polygon to your wallet or convert Ethereum to Polygon before purchasing NFT with Polygon.
- There is no bidding as the bidding feature is only available on the Ethereum blockchain. Auctions are not currently accepted on the Polygon network.
Ethereum vs. Polygon NFT
|No of Transaction per second||13-15||Up to 65000|
|Popularity||More popular||Less popular|
|Secure||More secure||Less secure|
|Consensus Mechanism||POW||POS, Plasma-Enabled Sidechain|
|Popular Projects||OpenSea, Cryptokitty, Nifty, Gateway, Decentraland, Cryptopunks||ZED RUN, Easy Fi, QuickSwap, SportX|
Ethereum 1.0 is used in a variety of applications. The proof-of-work process is used by Blockchain, which is the exact mechanism used by Bitcoin.
Hundreds of miners protect the platform by actively participating in the consensus process. The procedure drains processor power and makes it difficult to participate in the network.
As a result, the network is still decentralized and secure, despite offering lower throughput, a problem faced by Ether 2.0.
Polygon creates a fast Blockchain and connects it to the main Ethereum using various technologies. Polygon creates a new Matic and secures the network using another consensus process called PoS-Proof of Stake.
This indicates that staking is the only way to earn money on MATIC. Validators are responsible for confirming and adding transactions to the Blockchain.
Validators receive their cut and a new MATIC in exchange. To become a validator, you must run a full-time node and risk losing Matic if an error occurs. Delegates target Matic using full-time validators via validators.
Ethereum status is stateful, which means that all transactions are recorded. Each time a new transaction takes place, the entire network must update the copy to reflect the change.
Polygon provides the tool and essential component of a new society and economy without borders. Sidechain works the same way as other POS blockchains.
The only distinction is that the exchanges are aggregated on the Ethereum main chain. Matic is a polygonal blockchain feature used for trading.
Ethereum operates on a distributed network, in which each member of the network has a copy of the accounting register identical to that of the other participant.
Distributed record-holders are responsible for the operation and administration of the network. Ether can only process a limited number of transactions per second.
In addition, it is quite crowded, where you have to pay a large commission or wait in line, creating an environment conducive to the development of other blockchains.
In terms of scalability and performance, Polygon is unmatched today. It has the capacity to process 65,000 transactions per second.
Polygon Matic is a fantastic tool for everyone, developer or user. Building decentralized Ethereum applications on Polygon is a low-cost endeavor.
However, there are a lot of gas fees associated with ETH users with small wallets who are not going to exchange their cryptocurrency holdings.
Gas fees can be divided into single charges and continuous charges. There are two types of one-time payments: initialization fees and auction approval fees. If you choose to sell NFT on Ethereum, you must pay a one-time initialization fee.
Due to the variable nature of the gas fee, this fee is not fixed. Ethereum has a lot of recurring costs, and they are standard. When you accept an offer, transfer an NFT, buy an NFT, cancel a listed NFT, cancel an offer or convert from one currency to another, these fees are levied. A total of $50 to $200 is usually charged for these services.
One of Polygon’s strengths is that it eliminates the need to pay exorbitant gas fees to mint an NFT.
There are no direct costs associated with using Polygon in terms of gas fees. However, to buy an NFT on the Polygon blockchain, you will still have to pay an indirect gas fee because NFTs on the Polygon blockchain can only be bought with Polygon ETH.
However, to get Polygon ETH, you must first connect your existing ETH to Polygon, which requires a gas fee. So technically, there’s a gas fee associated with Polygon, but it’s a lot cheaper than the alternative.
Should I use Ethereum or Polygon on OpenSea?
OpenSea offers cross-chain functionality for Ethereum and Polygon blockchains.
- If you are launching an NFT collection for a large and diverse audience, Ethereum is best used on OpenSea.
- On the other hand, most of your audience already has NFT experience; you should consider using Polygon on OpenSea.
- Ethereum is more popular with consumers; it can generate more excitement, while Polygon is a little more difficult to use as it requires several steps to complete before making a purchase. This involves, among other things, converting Ethereum to Polygon and adding Polygon to your wallet.
The demand for NFT is extremely strong. The digital collectibles market is expected to witness significant growth in the coming years. Several industries are participating and focusing on NFT at the same time.
Ethereum and other blockchains are evolving and might provide the most practical answer. Ethereum has played a key role in developing the infrastructure behind decentralized finance and therefore holds a prominent position in the industry.
Solana and Polygon are newcomers to the block. They are working hard to provide a compelling case for hiring NFT developers with the same skill set, regardless of their rapid development.
It is difficult to predict who will win in the long term, especially since ETH has been around for a long time.
Nnamdi Adibe is a native English writer and can write about many things. With his writing skills, he can provide well-researched content.
Nnamdi Adibe is a prolific writer at gblogo.com. He is interested in bringing you perspectives on financial liberation, fun, and investment from the rare vantage point of experience.
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