Which blockchain is better for an NFT marketplace, BSC or Solana?
Introduction
If you are planning to invest in the NFT marketplace, the question of where to buy NFT crypto must have crossed your mind. Your dilemma is fair enough as any kind of investment can either bring you to profit or put you in loss depending on your choices. Moreover, you can build your own NFT marketplace and start profitable trading. Given that you choose a suitable blockchain platform.
Hence, this article shares a comparison between two of the most popular blockchain platforms for the NFT marketplace.
Table of contents
- What is the Binance smart chain?
- What Is Solana?
- Comparison between Binance Smart Chain and Solana:
- Market capital and token statistics
- Block time and scalability
- Transaction Fees
- Which blockchain is better for an NFT marketplace, BSC or Solana?
- Closing Thoughts
What is the Binance smart chain?
BSC or Binance smart chain is a blockchain network created to operate smart contract-based applications. Binance smart chain operates in correspondence with Binance’s local Binance Chain (BC). This permits users to benefit from the functionality of BSC smart contracts and the high exchange limit of BC.
Besides, Binance smart chain additionally executes the Ethereum Virtual Machine (EVM), which permits it to operate Ethereum-based applications such as MetaMask.
What Is Solana?
Solana is a type of programmable blockchain platform that can conduct different decentralized finance activities. In contrast to the Bitcoin platform, which is a non-programmable blockchain, Solana can store smart contracts. Solana can be set to satisfy exchanges when explicit conditions are fulfilled.
As a programmable framework, the decentralized blockchain platform licenses clients to trade SOL coins. In addition to this, it also facilitates trades of NFTs and other digital assets.
Comparison between Binance Smart Chain and Solana:
We are using below given parameters to carry comparison between the Binance Smart chain and Solana:
- Market capital and token statistics
As per the NFT expert, a blockchain platform with bigger market capital will automatically be a better choice for the NFT marketplace.
As per data collected, Binance coin maintains the 4th rank among global cryptocurrencies. The platform has a market cap of 1.4 billion dollars and 24 hours of the high trading volume.
Whereas Solana’s inherent coin ranks as the 13th biggest cryptocurrency globally. The Solana blockchain platform currently has a market cap value of 10.2 billion dollars. Additionally, it maintains a daily trading volume reaching 372 million dollars. However, this year SOL, Solana’s native token, gained a more significant price rise than BNB (Binance native token).
- Block time and scalability
As per BscScan, the Binance smart chain has a typical block time of around 3 seconds. On June 17, BSC carried out roughly 62.4 transactions per second (TPS) depending on the number of everyday transfers within the network. It maintained a network usage rate of around 38.91%. Accordingly, BSC can measure about 160 transactions per sec with full network use.
Solana features a block time of 0.610 seconds on average. It can process up to 700 TPS within six hours. The highest TPS by Solana reached 50,000 TPS.
- Transaction Fees
Typically, BSC charges a transaction fee of 7.6 gwei for a single transaction. Moreover, typical gas use per exchange measures up to 123,000. In terms of US dollars, the BSC transfer cost is 0.324 dollars.
There is not much data available about transactions by Solana. However, on average, it takes 0.000005 SOL as a transfer fee which has a value of 0.000186 dollars. This data depends on the current Solana token rates.
Which blockchain is better for an NFT marketplace, BSC or Solana?
By reviewing the comparison given above, we can deem that each blockchain platform has its respective strengths. Though Solana seems to surpass BSC in terms of functionality, choosing the best fit for you totally depends on your preference of features. We advise you to emphasize transaction fees and token statistics while selecting a blockchain platform for an NFT marketplace.
Closing Thoughts
With every progressive day, NFTs are gaining more and more popularity. More people are showing interest in buying NFT crypto and trading in the NFT marketplace. If you are interested, you can consult with a good NFT expert and get involved in the fast-moving NFT Industry.
Get guidance from NFT professionals and learn inside-out details on the NFT industry at the NFTically. The platform is a one-stop destination for all NFT related functionality.
