Many content creators have transitioned to making NFT projects as it has opened a floodgate of prospects and opportunities in digital arts than ever before. In January 2022 alone, NFT volume reached almost $7 billion with brands like McDonalds and Nike joining the wave.
If you don’t want to feel left out from making some cool crypto from the digital content you create, now is a good time to become an NFT creator. Even if you are skeptical about paying gas fees for your works without assurance of selling out, you now have the option of pushing the fees to prospective buyers, using Polygon blockchain. Read on to find out more about the Polygon blockchain and how to mint your NFTs on it.
What is the Polygon Blockchain?
Polygon is a layer 2 solution for correcting the inadequacies of the Ethereum blockchain, which include transaction processing speed and high transaction charges. It is poised to make blockchain technology easily adoptable and more secure.
Imagine you wanted to get coffee at a shop in town but you find the queue discouraging and you have got to pay for parking all the while you are on the queue. But you don’t have a choice because that’s the only coffee shop that serves the combination of flavors you like.
Now, what would you do if a new shop opens and sells the same combination of flavors you like and there are enough baristas processing orders and brewing coffee so you can have your steamy coffee right in time? Bear in mind that you would also save on parking fees as there are no queues and delays. This is what the Polygon network represents.
Because it was created to achieve something that Bitcoin's protocol couldn't: run dApps and smart contracts, Ethereum has become the world's most popular blockchain network. DApps, arguably the biggest thing to come out of blockchain, allow developers and users to interface directly with the technology.
DApps can be used to develop fun stuff using Ethereum's network, and they're also the reason we get to enjoy NFTs. Uniswap, OpenSea, and CryptoPunks are examples of decentralized applications. Consider how many applications are queued and delivered to Ethereum's blockchain 24 hours a day, all vying for the network's validators' approval.
Polygon is one of the most well-known Layer 2 providers, and it's a terrific way to learn more about how important these scaling solutions are. Polygon, formerly known as Matic (albeit its native token is still known as Matic today), tackled the issues that affecting Ethereum in order to provide a significantly better user experience for crypto users. Polygon was one of the first companies to provide off-chain solutions to Ethereum.
Ethereum can scale greatly without sacrificing decentralization, thanks to Polygon's sidechain. Off-chain solutions provide low-cost, near-instant transactions, which are then settled in batches on the main network.
Polygon set out to fix some of Ethereum's most pressing issues, including its low throughput (transactions per second), expensive gas fees, and, of course, its overall network traffic. Polygon, above all, wants to be inclusive. Millions of individuals have been left out in the cold by Ethereum's transaction and gas fees; it's simply too expensive for most people.
Polygon improves the blockchain user experience by permitting inexpensive, instant transactions while retaining compatibility with various blockchain networks and tokens. Because the team was trying to get its Layer 2 solutions out to the DeFi community, the Polygon network was developed quite quickly.