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October 14, 2022

Soulbound Tokens (SBTs) are permanent, non-transferable NFTs that represent a holder’s identity and reputation. 

They contain data such as an individual’s work history, credit score, education, medical history, and personal certifications, all of which are stored on the blockchain. This data is used to verify information during processes such as going for a job interview. 

However, SBTs have created a divide amongst crypto enthusiasts; some argue that they’d be a great way to verify information, while others have compared them to an authoritarian social credit system. 

This article will cover what Soulbound Tokens are, how they work, the team behind SBTs, and various Soulbound Token applications. 

What Are Soulbound Tokens?

Soulbound Tokens are permanent non-fungible tokens (NFTs) that can’t be given away or stolen from a crypto wallet. 

The idea behind Soulbound Tokens comes from the video game World of Warcraft (WoW.) In the game, “Soulbound” refers to ownership of an item that cannot be traded or gifted to another player. 

Think of Soulbound Tokens like CV’s for everyday life. They display your achievements, such as a professional certification, degree, award, or experience in a particular field. They also include achievements outside work, such as sports teams you’ve played for, events you’ve completed, and medical records for hospital appointments. 

SBTs also include personal information such as your name, date of birth, political parties you support, criminal record, religious beliefs, and just about anything else you want to showcase to the world. If there’s a fact you want to share, it can be done through your Soulbound Token. 

How Do Soulbound Tokens Work?

Soulbound Tokens work by proving a particular statement to be fact. On social media platforms, anyone can claim just about anything. However, with SBTs, claims must be backed by another wallet. 

Each individual has their own “Soul” which is basically a private wallet. Institutions would also have “Souls” (wallets) and would be able to give Soulbound Tokens to prove a particular statement. For example, if you went to Oxford University, the university would have to give you an SBT to prove you have a degree from the institution. In theory, this would make it impossible for someone to make a false statement.

By granting SBTs to individuals, the project team believes they can solve many of the problems associated with decentralized finance. In particular, they believe it could prevent theft and scams, as individuals would be able to verify their identity before any transaction takes place. 

It would also let investors check a project’s reputation before buying. From July 2021 to July 2022 over $100m worth of NFTs have been stolen through rug pulls and other cryptocurrency scams. With SBTs, investors can check if the individuals behind a project can be trusted before getting involved. This will help individuals make better-informed decisions and limit scams throughout the community. 

However, there’s one big flaw in the current system: once an individual has an SBT, they can’t get rid of it. In theory, this means an organization or individual could potentially sabotage an individual’s “Soul” by sending them unwarranted tokens. 

To tackle this, features are being developed that would let individuals hide or destroy an SBT if it doesn’t belong in their wallet. A “social recovery model” has also been proposed, where an individual can appoint “guardians” for their wallet. These guardians can be individuals or institutions who can change the private keys of a user’s wallet. Therefore they could keep a user safe if their wallet is compromised. However, this idea is still in early development. 

Who Created Soulbound Tokens?

 Ethereum cofounder Vitalik Buterin, Puja Ohlhaver, and Eric Glen Weyl created the Soulbound Tokens in May 2022. 

Buterin is a Russian-born Canadian programmer and writer who’s been in the cryptocurrency space since 2011. He co-founded Bitcoin Magazine and is best known as the face of Ethereum. 

Puja Ohlhaver is a lawyer in the crypto space who’s worked with Buterin on previous projects. 

Eric Glen Weyl is an economist and social technologist. He works as a Principal Researcher at Microsoft Research New England and is a Visiting Senior Research Scholar at Yale University, where he teaches an economics-computer science course. 

Soulbound Token Applications

Decentralized Banks

SBTs provide banks with financial data that can be used to grant loans, overdrafts, and other financial incentives. They can help verify an individual’s reputation based on their financial history, including loans already taken out, when they were paid, and if they’ve ever missed a payment. 

DAO Voting

DAOs play an important part in decentralized governance models, allowing users to vote on the future of a protocol. SBTs could be used to prove an individual’s identity and reduce the risk of Sybil attacks. 

CV’s

When applying for a job, everyone needs a CV and cover letter. SBTs could replace these forms by displaying an application’s work experience, qualifications, and employer reviews in one place. They’d work as proof of skill set and prevent individuals from lying on their applications. 

Medical Records 

Getting your hands on your own medical records is a lengthy process and can often take days for a doctor to send over. Instead of relying on slow governing institutions, SBTs can be used to store medical records, replacing physical paper records. When visiting a doctor or hospital, individuals could use their SBTs to show any prior accidents, surgeries, and general medical information. 

Final Thoughts: Could Soulbound Tokens Revolutionize Personal Data?

With Soulbound Tokens planned to be available by the end of 2022, many crypto enthusiasts are asking how they’ll impact how we use and interact with personal data. 

For Web3 users, SBTs are a great way to resolve many issues around scams and fraud, verifying a user’s identity. They’re a great way to showcase skill sets and qualifications and have many applications in everyday life. 

However, will they be adopted by everyone? With cryptocurrency still being somewhat of a fringe subject, it’s unlikely that the general public will currently adopt Soulbound Tokens. Nonetheless, this doesn’t mean SBTs haven’t got potential. 

As the widespread adoption of cryptocurrency continues to grow, so does the potential for mass SBT adoption. To keep up with the latest updates, you can join the Soulbound Discord and Telegram channels, where the developers reveal their latest innovations on the project.

Anthony Georgiades
October 7, 2022

VeeFriends is an NFT project built on the Ethereum blockchain by Gary Vee. The collection consists of two series and was created to help Gary Vee give back to his community. 

The first series was released in May 2021 and included 10,255 NFTs and 268 characters, 1242 of which were held by Gary Vee. 

The second series was released in April 2022 and included 251 characters and 55,555 tokens. This series was released alongside VeeFriends Mini Drops and Book Games NFT projects.

This article will cover what VeeFriends are, how they work, who created them, how you can buy and what VeeFriends season two brings to the table. 

What is VeeFriends?

VeeFriends is an NFT collection created by Gary Vee. The series one collection is based on 268 characters hand-drawn by Gary, each of which was inspired by human traits he admires. 

The original collection consisted of 10,255 NFTs; however, 12% of the supply was held by Gary Vee and is referred to as G.O.O. (Gary Originally Owned). 

The NFTs take the appearance of cartoon animals, bugs, and unique characters, each with different backgrounds and features. These are then divided into three categories: access, gift, and admission, each of which gives holders different benefits.

Access tokens provide direct access to Gary Vee or other holders.

Gift tokens offer unique experiences created by Gary Vee and his team. 

Admission tokens provide holders a three-year access pass to VeeCon and are the most common in the collection. 

As of October 2022, the highest-selling VeeFriend was a Watchful and Attentive Embarking Ape, which sold for 105 ETH (around $333,807) to Wu-Tang Clan. The project currently has a market cap of $133.5 million and a floor price of 4.96 ETH. 

How Does VeeFriends Work?

VeeFriends series one consists of 10,255 tokens, categorized by access tokens, gift tokens, and admission tokens. Here’s how they work. 

Access Tokens

Access tokens are broken up into four categories: one-to-one- group, competition, and scholarship. Ninety of these tokens offer in-person access, and 210 offer virtual access. 

There are 165 group access tokens, where investors can spend time with GaryVee or other VeeFriends holders. These tokens include: 

  • Ten Breakfast Bat tokens for in-person access
  • Ten Lunch Lady Bug tokens for in-person access
  • Ten Dinner Deer tokens for in-person access
  • Ten Brunch Bear tokens for in-person access
  • 125 Hangout Hawks tokens for virtual access

There are 108 one-on-one access tokens, each offering a unique experience. For example, courtside seats at sporting events, a wine shopping experience, and other one-to-one experiences with GaryVee. Other tokens include FaceTime calls with Gary; five tokens give holders access to events where GaryVee is a speaker. 

There are 22 competition tokens, allowing holders to compete with GaryVee in a pre-chosen game. Games include basketball, chess, bowling, and more. 

There are five Sorcerer Scholarship tokens, which investors must apply for to be accepted. If accepted, holders will receive mentorship from Gary Vaynerchuk.

Gift Tokens

Out of the 10,255 VeeFriends tokens, 555 are Gift Goat tokens. These tokens give holders three years of access to VeeCon. They’ll also receive a minimum of six physical gifts annually for three years. Each Gift Goat was hand drawn by Gary and can be verified on VeeFriends.com.  

Admission Tokens

Admission tokens make up the largest percentage of VeeFriends, with 9,400 tokens in total. Each character has 40 tokens with different rarity levels, the rarest of which is “Epic,” of which only two exist for each character. Other levels include very rare, rare, limited, and core levels. 

The tokens come with a three-year access pass to VeeCon.

There are forty tokens in differing rarity levels and a total of 9,400 tokens, making this category the largest within the VeeFriends NFT universe. The rarest category is “Spectaculars,” of which only one token exists. “Epic,” the next rarest, as only two.

Additional categories include very rare, rare, limited, and core levels that gradually increase in numbers. 

Who Created VeeFriends?

VeeFriends was created by Gary Vaynerchuk (GaryVee,) a serial entrepreneur and content pioneer. Vaynerchuk is the chairman of VaynerX, CEO of VaynerMedia, VaynerSports, and four-time New York Times bestselling author. He has an estimated net worth of $200 million. 

Gary was one of the first entrepreneurs to realize the potential of cryptocurrency and NFTs, first acknowledging the trend in 2014. He’s since launched VeeFriends and VaynerNFT, a project designed to help brands create their own NFT collections.  

VeeFriends was created by Gary to help pioneer the future of NFTs, with Gary stating that NFTs will change the way we interact online. 

VeeFriends Series 2 NFTs

VeeFriends Series 2 was released in April 2022 and included 55,555 tokens which originally sold for 0.33 ETH ($995.) Holders of Series 1 NFTs had the opportunity to claim a Series 2 for free, claiming the same character they already own. 

As the collection has more NFTs, GaryVee launched the collection at a lower price than the first to give more people opportunities to buy. The floor price for Series 1 is 5.96 ETH, pricing many investors out of the collection. 

The project was released in four mint periods throughout April:

Friends List (32,000 Supply) | 4/18/22

Series 1 Free Claim (10,255 Supply) | 4/18/22

Public Mint (10,000 Supply) | Date: 4/25/22

15 New Characters (3,300 Supply) | Date: 4/27/22

After release, many VeeFriends increased in value, for example, Adaptable Alien #13905, which sold for 42 ETH. This one-of-a-kind NFT featured an alien character with a Glitch Emerald background. 

How to Buy VeeFriends 

You can buy VeeFriends on several NFT platforms, including Bybit and OpenSea. 

To buy, open your platform of choice and connect your cryptocurrency wallet (MetaMask is a good option for this.) 

Make sure your wallet has the correct amount of ETH to complete the transaction and place a bid on an NFT or “Buy Now” to receive it instantly. Before you buy, check the transaction fees to ensure you have enough ETH to cover the whole transaction. 

Final Thoughts: Are VeeFriends A Good Investment?

Regarding utility, VeeFriends are one of the most valuable NFTs on the market. With each NFT, you’re guaranteed at least one benefit, from FaceTime calls with Gary himself to tickets to sports games. 

Series 1 of VeeFriends has continued to increase in value since its release, making them a good investment for all investors, even if they’re not interested in cashing in on their reward. Series 2 hasn’t seen the dramatic rise in value that the first collection had; nonetheless, the project has maintained its value and sold out, suggesting its value could increase in the future. 

However, VeeFriends aren’t necessarily for everyone. If having a chat with GaryVee isn’t your thing, other collections, such as CryptoPunks, offer great investments without the same utility. 

Over the next few years, NFTs with unused benefits will likely continue to rise in value as their number continues to decrease. Therefore holding an NFT with a redeemable reward may be a good investment. 

Anthony Georgiades
October 7, 2022

World of Women is an NFT project that Yam Karki created with 10,000 NFTs on OpenSea. The collection consists of 200 visual assets drawn by hand and aims to create a community that encourages women to explore Web3 and cryptocurrency. 

As of September 2022, World of Women has a sales volume of 72.7k ETH on OpenSea and has caught the attention of celebrities such as Steve Aoki (DJ, record producer,) FaZe Banks (Gamer, FaZe Clan,) and Dez Bryant (NFL free agent.)

Since selling out, the project continues to provide its owners with several unique benefits, including access to exclusive clubs, gala access, and much more. 

This article will cover what World of Women is, how it works, how you can buy, and the benefits of owning a World of Women NFT. 

What Is World of Women?

World of Women is an NFT project designed by Yam Karkai to empower women and increase their representation throughout Web3 and cryptocurrency. 

According to a recent ArtTactic report, women account for only 16% of the NFT market, showing how dominated the industry is by men. 

Karkai designed the project to show women the potential of Web3. The project quickly sold out after catching the attention of several influencers, including Tanya Sam, a tech investor and former Real Housewives of Atlanta castmate.

Each NFT originally sold for 0.07 ETH (around $225); however, the rarest NFTs are now selling for over 60 ETH ($80,304.60.)

In total, 10,000 unique illustrations were created by Karkai, who used Procreate and Adobe Photoshop for each design. Each NFT represents an individual woman and includes features such as hairstyle, lips color, and skin tone. 

How Does World of Women Work? Use, Royalties, and Licensing

World of Women NFTs have officially sold out; however, you can purchase them through OpenSea. You’ll need a cryptocurrency wallet and Ethereum to complete the transaction to buy. 

Once you own the NFT, you can use it for commercial use. NFT holders are allowed to collect royalties for the use of their images, receiving 50% of all profits from their commercial use. To earn royalties, owners must agree to World of Women licensing terms. 

Unlike many NFT projects that are used to make a profit, World of Women reinvests its profits to fund women-centered projects around the globe. It’s worked with projects such as Rockflower, Too Young to Wed, and She’s the First, helping support and protect women in areas with fewer opportunities and rights. 

Who Created World of Women?

World of Women was created by Yam Karkai, a digital illustrator who began her involvement in NFTs in 2021. She started as a lone artist and was attracted to the market as it allowed artists to get paid for their work instead of relying on third parties. 

Before creating World of Women, Karkai had focused on empowering women in her art, using vibrant colors and fine lines to create messages. She originally created an NFT project called Women by Yam – Females in the spotlight, which features hand-drawn women. Today, she manages the World of Women project and uses profits to support women worldwide. 

How to Buy World of Women NFTs

As of September 2022, you can only buy NFTs through OpenSea. To do so, head to the OpenSea website and search for World of Women. 

You can search based on Price, Listing Status (Buy Now or Make Offer,) and design features such as backgrounds, facial features, accessories, etc.

You’ll also have to pay a gas fee for each transaction, though OpenSea stated that this fee will be based on Ethereum blockchain traffic and vary from one transaction to the next. OpenSea also charges a 2.5% fee for every transaction on the platform. 

World of Women Utility

As a World of Women holder, you gain access to more than just digital art. 

Firstly, all holders have access to exclusive World of Women Artdrops, which are created by established artists within the community. These airdrops were released in several “Seasons” and come in several different themes, including: 

  • Night Realm
  • Golden Star 
  • Rainbow 
  • Orb

As of September 2022, eight seasons have been released, and Artdrops are currently on hold, with the project focusing on its community and DAO, DAWoW. 

As well as owning an original 800×800 pixel NFT, collectors are also given access to a 4000×4000 pixel file to be used for high-resolution prints, commercial use, or anything else the collector can think of. 

Owners with rare World of Women attributes, such as the Night Goddess skin tone, can participate in various clubs. For example, the Curators Club, where collectors can choose which artist to buy from using the NFTs fund. 

The second club is the Royalties Club, of which only 19 NFTs are eligible. Members of this club have access to a fund that generates profits from 50% of all secondary sales. This profit is then shared amongst members. 

The project team has also announced several future benefits for all NFT holders, though these benefits have not yet been disclosed. Rumors suggest they may include surprise airdrops and a metaverse version of NFTs in the Sandbox

Final Thoughts: What Does The Future Hold for World of Women?

World of Women remains an exciting NFT project with a good cause many investors support. It continues to support disadvantaged women worldwide, investing in charities and organizations that support women. But what’s next for the project?

In 2022, World of Women declared they will ” heavily invest in the metaverse” on their website and will receive $25 million from the Sandbox over the next five years. With this in mind, it’s likely we’ll see the project advance through metaverse initiatives. 

Outside of the Metaverse, the project team has stated they plan to continue supporting artists and funding projects with a women-centric focus, as well as educate members on the issues many women face to bring more awareness to their cause.

Anthony Georgiades
October 7, 2022

NFT rarity refers to how common a particular NFT is within a collection; typically, the rarer the NFT in a sought-after collection, the higher the pricetag. 

But how exactly does NFT rarity work? 

When an NFT is minted, it has unique properties, also known as traits, that cannot change. Although NFTs can share a trait, no two NFTs are typically identical in a randomized collection. 

NFTs with a combination of rarer features generally sell for a higher price than those with normal features. As the floor price of a collection increases, the rarer NFTs also tend to increase more in value than the collection average. 

This article will cover the top three ways to check NFT rarity and the top three rarity-checking tools to help you get the most out of your investments. 

How To Determine NFT Rarity

Understanding how to spot rarity in advance will give you an advantage in NFT collecting, informing your purchase decision.

Rating Traits

Rating traits are when an investor compares the rarest individual traits of each NFT in a single collection to determine which asset is the most valuable. 

The easiest way to do this is through OpenSea, where you can create, buy and sell NFTs. On OpenSea, you can view an entire collection when clicking on an NFT. The average collection size is 10,000 items, though this can be lower for some projects. 

When clicking on an NFT, its different traits can be seen below its main image on the left. OpenSea automatically shows what percentage of NFTs share that particular trait, which allows you to determine the rarity. 

However, this technique has a major flaw. It only looks at the rarest attribute of each NFT, ignoring the others. 

Though it is a simple method, its drawback lies in considering just the rarest attribute of each NFT, whereas all other attributes are ignored. For example, when using this technique, an NFT with one super rare feature but five common features may be considered rarer (and thus more valuable) than an NFT with three rare features but no super rare ones. 

This is where the average trait rarity technique can help. 

Average Trait Rarity

Average trait rarity is when the rarity of all traits are added together and then divided by the total number of traits. For example, the average trait rarity for one particular BoredApe would look like this: 

13 + 1 + 17 + 14 + 1 +7 = 53

53 / 6 = 8.83

This number would then be compared with another Ape, for example: 

13 + 2 + 5 + 7 + 14 + 4 + 23 = 68

68 / 7 = 9.7

With this technique, the first ape would be considered rarer than the second due to its lower score. 

The Average Trait Rarity technique is more effective than rating individual traits, as it compares the average of each attribute.

However, it’s not without flaws. With an average being taken, super rare traits can often be overlooked on NFTs, with one super rare trait and the remainder being average. 

This can cause investors to miss out if they focus solely on an average without looking at the individual traits. 

Statistical Rarity

The most popular technique is statistical rarity. This process uses a spreadsheet and is slightly more technical than others in this list. 

To use it, all trait rarities are multiplied to work out the overall rarity of an NFT. 

The two examples above would look like this:

Ape 1: 

13% x 1% x 17% x 14% x 1% x 7% = 0.00000002 

Ape 2

13% x 2% x 5% x 7% x 14% x 4% x 23% = 0.00000001

Using this technique, the second ape would be considered rarer than the first, creating problems for investors who use different methods to test rarity. 

So, what are the alternatives? 

Several rarity tools based on the Rarity Score approach have been created to help investors choose the right NFT. Here are the top 3 options.

The Best Rarity Tools

OpenSea Rankings

OpenSea uses a tool to analyze the volume and floor price of an NFT to display its ranking. 

The collection stats tab lets you view the top-ranking projects based on sales volume, % rise in price, floor price, total sales, and more. When clicking on a project, you can view the rarity of each NFT to help inform your investment decision. It’s free of charge and can be used as part of the platform. 

Rarity.tools

Rarity.tools is one of the most trusted NFT rarity checkers and can be used for free. It works in a similar way to a search engine, with a focus on NFT built on the Ethereum and Solana blockchains

You can filter NFTs based on sales volume, average price, and top collections through the website. It also lets you view upcoming projects, which makes it great for investors who want to move away from the current market leaders. 

Trait Sniper 

Trait Sniper is a relatively new tool that lets you compare NFT attributes. The tool looks at all NFT projects, which makes it great for investors looking to buy from upcoming NFTs with a potential to rise in value. It has both a free and a paid version, with the paid version offering real-time notifications for the latest NFT projects and an overall score. 

What Is The Best Solution To Determine Rarity And Price?

Although there’s no one shoe fits all solution, tools such as OpenSea, Trait Sniper, and Rarity.tools are a great way to kick-start your NFT investments.

They’re easy to use, making them perfect for new investors or experts looking for additional data. 

However, it’s important not to rely on them entirely. They’re tools and should be used as such. You can use them to find out how rare an NFT is; however, this doesn’t guarantee the success of that NFT or the whole project. 

If the market is going through a turbulent period, a whole collection may decrease in price whether you own the rarest NFT. Therefore, it’s always important to conduct your market research and use these tools to supplement your findings. 

Andrew Amarosa
October 7, 2022

Things can get a bit complicated when simply “copying” an NFT from one blockchain to another.

As a refresher, a blockchain is a decentralized collection of financial accounts across a peer-to-peer network. It’s used to confirm transactions without needing a central governing body, allowing users to make transactions without a third party. 

NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. They come in the form of NFT art, music, in-game collectibles, and much more. 

Although someone can duplicate an image of an NFT, the code confirms the actual ownership of an NFT. Think of NFTs like a piece of art in a museum. Although the art can be replicated, the museum holds the official ownership rights of the original piece. 

Currently, the NFT market is dominated by Ethereum, with 95% of NFTs being on the Ethereum blockchain. However, many collectors are fed up with high fees and slow transaction times on Ethereum. 

As a result, alternatives such as Solana and Polygon are now becoming popular alternatives for collectors, with investors using bridge technology to transfer their NFTs from one blockchain to another. 

This article will look at how NFT ownership works, how to transfer an NFT onto a different blockchain, and how to use the ​​Polygon Bridge to transfer your NFTs. 

How Does NFT Ownership Work?

When buying an NFT, you acquire a token on the blockchain. You might experience this NFT as a picture of a monkey or something, but in essence, you own a string of programming. This token is unique and represents a particular asset. For example, if you purchased an NFT on OpenSea, you’d own a code that shows you own that particular asset. 

Once you own an NFT, you can use it commercially, for example, printing the art on a shirt or using the design in a video. However, this doesn’t stop other users from saving your image, with saving an image becoming a meme since 2021. 

Not all NFTs give you copyright and intellectual property rights, so checking the details before buying is important. 

How Do NFT Transfers Work?

Originally an NFT would stay on the blockchain it was purchased on. However, a new technology known as a blockchain bridge lets you transfer an NFT from one blockchain to another. 

A blockchain bridge, also known simply as a bridge, is software that lets collectors move NFT across blockchains. These third-party programs actively monitor blockchains to ensure a smooth transaction. 

For example, one such platform, NFTrade lets you move NFTs from one blockchain to another, with six blockchain networks to choose from. 

To start, set up an account and connect your wallet. 

Click My NFTs and choose the NFT you want to move from one blockchain to another. 

On the top right corner of the NFT page, click the three dots and select the new wallet you want to send the NFT to. 

Click Transfer NFT and verify the transaction to complete. You can then disconnect your wallet from NFT trade, and the selected wallet will now own the NFT. 

Another way to transfer NFTs across blockchains is through the Polygon Bridge. 

What is the Polygon Bridge?

Polygon Bridge is a cross-chain bridge between Polygon (formally Matic) and Ethereum that lets users transfer NFTs from Ethereum to the Polygon blockchain. Users can transfer all ERC tokens through a dual consensus procedure using this two-way bridge. This procedure uses a Plasma bridge and Proof-of-Stake bridge to complete the transaction and remain decentralized. 

How Does The Polygon Bridge Work?

When using the Polygon Bridge, no new tokens are created. Instead, tokens leaving a particular network are locked and minted through another network. The new token is then created, and the old one is burned. 

Here’s how you can use the bridge:

  1. Connect your crypto wallet (such as MetaMask) to the Polygon Web Wallet
  1. Sign your wallet through the extension
  1. You’ll be taken to the Polygon Bridge interface. Here you can choose your token (supported tokens include MATIC, ETH, ERC20, ERC721, ERC1155, and several others.)
  1. You’ll be charged a fee for this process which will change based on Ethereum traffic.
  1. If you want to transfer your NFTs back to their old blockchain, click “Withdraw” and choose the tokens you want to return to their old blockchain. 
  1. Once the transaction has been validated, your NFTs will be available to claim in your crypto wallet. 

Alternatively, you can also use the Plasma Bridge to transfer Polygon NFTs and transfer them to ETH, ERC20, or ERC721 tokens. Here’s how:

  1. Open MetaMask and click “Switch to Polygon.”
  1. Your Polygon details will show the Polygon network’s details.
  1. From here, head to the Polygon Bridge, click “Withdraw,” and repeat the process above. 

Three transactions will need to be validated when completing a transfer on the Plasma Bridge. 

The first is to withdraw an NFT from your Polygon Wallet. 

The second starts a 7-day challenge period, where an individual can challenge the transaction (this is for additional security.)

The third is to confirm sending your NFT to the wallet. 

Overall this process is more secure; however not as fast as the normal Polygon Bridge. 

However, some NFT holders may be a bit unsettled by the fact that their original NFT token is “burned” in order to create a new one.

Why Would You Copy An NFT Onto A Different Blockchain?

Although Ethereum dominates the NFT market, it’s far from perfect. One of the biggest issues with Ethereum is the transaction fees. Fees are extremely high, starting at $50-100+ per transaction, which is significantly higher than any other blockchain. 

In addition to this, the fees themselves can fluctuate dramatically. One day you may pay $50 for a transaction; the next, you could be paying over $150. This frustrates NFT collectors trying to budget or profit from their investments. 

Alternative blockchains such as Solana and Polygon have significantly lower fees. For example, the average cost of Minting an NFT in Solana is just 0.00001 SOL ($0.01.) Consequently, Solana and Polygon NFTs are growing in popularity, as shown by the growth in sales. Solana NFT sales volume hit an all-time high in the week ending Sept. 12, hitting almost $50 million (1.5 million SOL.)

Final Thoughts: Is Changing Blockchain Worth The Hassle?

As blockchain technology advances, so will the number of ways you can move an NFT onto a different blockchain. Currently, platforms such as NFTrade and Polygon Bridge are great ways to change blockchain. However, they can appear a little complicated for new investors. 

So, is changing blockchain the best option for you?

This will depend entirely on your reason for buying an NFT.

Changing the blockchain may not be worth the hassle if you’ve purchased an NFT to hold it for the long term. Instead, holding your NFT in its current wallet would be better, and hoping the value increases. 

However, if you frequently trade NFTs, then changing blockchain could help save you some money on network fees. It would also help speed up your transactions, letting you make more daily transactions. 

Before making a decision, make sure you do your research to understand the transfer process and avoid unnecessary fees. 

Anthony Georgiades

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