NFTs have been buzzing in the cryptocurrency space. Since then, the NFT markets have increased exponentially in sales and interest, with several investors attracted to the vast use cases attached to the NFT industry.
NFTs are a new solution to many issues associated with digital ownership and compensation of intellectual properties in the digital space. The rise of NFTs was especially attractive to artists and gamers, who could finally gain the value they deserved for their hard work.
These NFTs would represent digital ownership in the blockchain, but not only that, NFTs would be a gateway into the world of Web3 with more ownership over digital avatars, real estate, etc.
Although NFTs have been buzzing for a while in the industry, an impending issue with the use and creation of NFTs is the high fees required to create and mint an NFT. This is primarily because of the high gas fees associated with the Ethereum network, largely due to network congestion.
The Ethereum network is known for its high gas fees, which are a result of network congestion, making it quite expensive for creators to create and mint their NFT collections.
However, this is where NEAR NFTs might be the solution.
What are Near NFTs?
For the longest time since NFTs were introduced and began to gain buzz in the cryptocurrency industry, NFT creators have had to pay quite expensive fees to mint their collections. The high gas fees have made it quite a problem for other creative art creators to access the vast possibilities of the blockchain world through NFTs.
NEAR NFTs are non-fungible tokens minted on the NEAR protocol that are cheaper and easier to acquire, making it more affordable for Web3 builders as well as NFT creators to create their collections.
Aside from NFT creators, Web3 builders also build projects which require NFTs, and the high gas fees usually serve as a barrier to what can be done. The development of Near NFTs intends to solve this problem for builders and NFT creators by reducing the barrier to entry for these builders and creators.
The most widely used blockchain for minting NFTs was the Ethereum blockchain, which remains so. However, since the beginning of 2022, there has been an inflow of NFT activities on the near blockchain, with creators switching to the NEAR protocol to build their projects.
The Near blockchain uses a combination of delegated proof of stake and sharding that helps to achieve fast, efficient, and low-cost transactions. With the introduction of NEAR NFTs, creators can build more sustainable, efficient, and low-cost projects.