Do you think it's possible that we move on from traditional options for transacting NFTs? I know we will eventually but how soon?
At the moment, we can all agree that traditional NFT transactions on Ethereum are expensive due to high gas fees, and because of the congestion on ETH, transactions are a lot slower.
This is just a simple idea to know what to do, just locate the token you're having and select the most deserving network that you feel offers the best and cheapest of them all, gas fee has been known to be high with the use of ethereum network, but other networks have a considerable rate when compared to each other, which i still see are more better and cheaper compared to the traditional approach where we pay more higher.
Yeah, and to be fair we have a lot more options now, I'm curious though do you have a specific one you use, or do you just go buy whichever one offers the lowest gas fee for the assets you want per time.
SOL thankfully got into the market of NFT's as well, which has nearly instant transactions and almost free fee's as well, so you could always look into those? If you already bought NFT's at ETH ecosystem then there is nothing to be done and you just have to accept that you are going to pay huge fees if you want to sell them.
However, if you are not into NFT's yet and want to get in, then SOL ecosystem is the better option. Obviously, NFT hype is already over now, so getting into NFT's right now is a bit too late, doesn't mean it won't make you any money, you could always find some gem, but it would be a bad idea in general. You should look into other trends and hope that you can find something more profitable than NFT's
I agree that the hype is over, but I'm also one of those people that believe that you can still make a good amount if you invest in the right things, just like you have also pointed out. I'm not going into this expecting to make a killing at one go.
Do you think it's possible that we move on from traditional options for transacting NFTs? I know we will eventually but how soon?
At the moment, we can all agree that traditional NFT transactions on Ethereum are expensive due to high gas fees, and because of the congestion on ETH, transactions are a lot slower.
This is just a simple idea to know what to do, just locate the token you're having and select the most deserving network that you feel offers the best and cheapest of them all, gas fee has been known to be high with the use of ethereum network, but other networks have a considerable rate when compared to each other, which i still see are more better and cheaper compared to the traditional approach where we pay more higher.
You're absolutely right with your advice! I recall when I used Trust Wallet to store my coins, and whenever I made transactions, I'd simply go to PancakeSwap and use BNB as the transaction fee, which had a relatively low rate at the time.
Also about MINT, which has caught my attention as well. I've actually locked my MINT coins to participate in poolx where i get to share 2 million MINT airdrop. Fingers crossed that everything works out in my favor!
It looks like you are familiar with one of the examples I mentioned, I'd like to know if you have used it and how easy it is to use, and also if you're holding the token because of its utility or for something else.
unfortunately majority of NFT with high trading volume is in ETH and therefore capital stays in ETH despite the huge fee.
there's already interoperable protocol to make the NFT available in multiple chain but most of the NFT developers don't even bother.
so expect to be stuck with ETH.
I mean, if the developer of the NFT can simply migrate over their NFT to L2 that'd be great but most of them just don't care.
In your opinion do you think there's a way to solve this and get more people to consider migrating? I have seen a lot of projects with very good utilities struggle to get engagement from users and its usually very frustrating especially if you're a strong believer of what they offer.
