solana – Pastel

NFT Real Estate Explained (Read Before Buying)

Posted on March 23, 2023March 23, 2023 by Anthony Georgiades

Non-fungible tokens (NFTs) have been used to disrupt several industries, starting with the art market and diversifying into music, communities, and real estate.

While these rapidly changing markets have been easier to disrupt, real estate could pose a much more significant challenge being a slower market, taking an average of 8 weeks per sale compared to art, which typically takes no longer than a wire transfer.

This article will look at how NFT real estate works, reasons to use NFTs in the real estate market, the top two NFT real estate projects, challenges real estate NFTs could face, and their future in the market.

How Do Real Estate NFTs Work?

Real estate NFTs are similar to traditional NFTs; they can be purchased on cryptocurrency marketplaces such as OpenSea and SolSea using Ethereum, Solana, or the cryptocurrency chosen by the seller. Each NFT is then held in a cryptocurrency wallet.

Real estate NFTs can be used to generate a passive income by representing equity in a real-estate project. They can cover everything from property ownership to a share, in which the NFT holder will be paid much like a traditional dividend. For example, if the NFT owner represents a 15% share in a real estate project, the holder will earn 15% of the net profit.

Due to their tokenized nature, most real estate NFTs can be sold at any time, provided there is a marketplace with sufficient liquidity for the asset. However, some real estate investments will require the owner to hold for an agreed period, which will be made clear before a purchase is made.

Why Use Real Estate NFTs?

With NFTs still being a new technology, how practical are they compared to a system that’s been in place for decades?

Being immutable, NFTs show absolute proof of ownership, improve credibility, and are fully transparent, without many of the complexities of the traditional real estate system, such as surveying and complex contracts. Here are two benefits that NFTs bring to real estate.

NFTs can dramatically decrease the volume of paperwork required to purchase a property. Current real estate investments require copious amounts of paperwork as part of the ownership transfer, which can be overwhelming for all parties involved.

Real estate NFTs help streamline this process, as much of the back-office paperwork can be automated with the NFT’s underlying smart contract. This, in theory, allows buyers and sellers to transfer ownership in a matter of minutes (after legal counsel has been consulted).

Top NFT Real Estate Projects

Origin Story

Origin Story has partnered with the real estate investment group Roofstock to bring real-world real estate properties to the NFT marketplace. Roofstock believes that this deal will help cut sellers’ fees by 50%, dramatically improving the profitability of selling property.

Roofstock also believes that on-chain real estate transfers could increase transaction speeds, streamlining the buying process. Since 2015, Roofstock has facilitated over $5 billion in investment transactions and plans to implement NFT real estate investments in 2023.

The Sandbox

The Sandbox is one of the largest Ethereum-based Metaverses in the DeFi market. Showcasing an entire world to explore, The Sandbox offers unique play-to-earn virtual reality gameplay in which players can buy land plots, buy and sell in-game assets, and complete tasks for rewards.

The Sandbox first rose to fame in 2021, when it was endorsed by Deadmau5, Snoop Dogg, and Atari, all of which own land plots within the digital world. Land plots are valued based on the area they’re in, with land close to celebrities having a higher value. For example, the three plots around the Snoop Dogg Mansion sold for $1.23m, with one selling for $453,000.

LoanSnap

LoanSnap launched the first seven mortgage NFTs in November 2021 in the form of home equity loans. These NFTs work like traditional mortgages, replacing mortgage notes with NFTs.

The location and size of the NFT mortgages were not disclosed and have not yet been available to the general public or crypto investors. However, LoanSnap also plans to issue a stablecoin called bHome. bHome will represent fractional ownership in the NFT mortgage notes, which would allow investors to own a percentage of the mortgage.

Challenges for NFTs in Real Estate

Much like any other new technology, real estate NFTs don’t come without their drawbacks. Firstly, only 12% of Americans understand the concept of NFTs, creating an educational divide. Although NFTs offer a wide array of benefits, the underlying technology could be too complex for everyday real estate workers and home buyers to fully utilize without the risk of hacks and scams, which have been used to steal $100m since July 2021.

Secondly, regulation could make real estate NFTs more complex than first thought. The U.S. Securities and Exchange Commission (SEC) has ramped up its investigation into NFTs, stating that NFTs are being used to raise money, like traditional securities, rather than being sold as art.

Real estate NFTs would undergo a Howey test before they’re accepted into the mainstream real estate market. Should they be considered a security, they will have to be registered with the Securities Exchange Act of 1934, file regular reports, and comply with Rule 505 of Regulation D.

Final Thoughts: Do NFTs Have A Place In The Future Of Real Estate?

In the future, real estate NFTs could be used to streamline both residential and commercial real estate transaction processes, and open the asset class to an international decentralized community of buyers and sellers.

As the real estate market is already heavily regulated, current laws covering privacy and data protection will likely make it difficult to buy and sell real estate properties as NFTs. Property laws in the real estate’s location could also add additional complexity to the deal, with different states and countries having different rules regarding real estate ownership.

That being said, real estate NFTs may begin to slowly influence the real world market, allowing individuals to hold mortgage debt, support new building projects and take part in group investments instead of outright buying and selling a whole property.

What Does Minting Mean When It Comes to NFTs?

Posted on December 13, 2022December 8, 2022 by Anthony Georgiades

Minting is the process of creating an asset on the blockchain. It’s the process used to create non-fungible tokens (NFTs,) which are blockchain-based tokens that prove ownership of an item such as a piece of music, profile picture, or image.

They first grew in popularity in 2021, with collections like Bored Ape Yacht Club and CryptoPunks making international headlines for their huge price tags. Since then, brands such as Nike and Adidas have created their collections, doubling the number of collections in just one year.

So what exactly is minting an NFT? How does minting work, and what does it cost? In this article, we’ll answer each of these questions: how long it takes to mint an NFT, the most famous mints, and how an NFT gas war can impact the minting price.

What Is Minting An NFT?

Minting an NFT is the process of creating an asset stored on the blockchain, where its authenticity and ownership are proven. The blockchain itself can’t be edited, which makes ownership indisputable.

Minting an NFT is usually completed on platforms like OpenSea, which provides users with the tools to mint their collection. In addition to these tools, creators will also need the art they plan to use and details of unique accessories and features. Some general knowledge about blockchain technology is also useful but not essential.

To mint a collection, creators will need a crypto wallet with the cryptocurrency needed to put their collection on the blockchain. Most NFTs are created with Ether (ETH), though Solana (SOL) and Cardano (ADA) are also popular options.

After paying all fees and uploading the necessary files to create a new token, the platform you use will register your new asset on the blockchain, which can be listed on exchanges to generate a crypto income,

How Does NFT Minting Work?

Minting For Creators

As a creator, minting an NFT lets creators create scarcity, secondary earnings, and verified ownership. Creators can create limited edition pieces, specialized collections, and more, all of which are validated on the blockchain.

Minting also lets creators build communities and perks for collectors who buy their NFTs and generate a passive income through “creator fees,” which charge a small percentage of each secondary sale.

Creators can complete the process on platforms like Solsea and Opensea, which cover all complex coding, allowing creators to focus on the art.

Minting For Collectors

As a collector, minting allows you to become part of a community. When minting from a new project, collectors become the first-ever owner of a particular NFT. Minting from a new collection is like buying a pack of collectible cards; you never know how rare the NFT will be.

Minting as a collector requires you to go to the developer’s website. On the website, there will be an option to “Mint.” Connect your wallet, pay all fees, and your NFT will arrive in around 30 minutes.

How Much Does Minting Cost?

The cost of minting depends on the “gas price” (transaction fee.) This is paid to the blockchain and will vary depending on the time of day and overall activity. Minting an NFT can cost as little as $0.01 but can go as high as $500 to a few thousand dollars. If gas fees are particularly high when minting an NFT, you can always return later to mint at a lower price. Just make sure the collection won’t sell out before then!

How Long Does It Take to Mint an NFT?

Minting an NFT can take anywhere from 30 minutes to 3-4 hours, depending on how experienced you are with the platform.

The actual minting process is the stage at which your NFT is published. Before minting, you need to create the art for the collection and decide how many NFTs you plan to create and how you plan to promote the collection.

Most Famous Mints

CryptoPunks

CryptoPunks was first released in June 2017 and became the most popular NFT collection of all time. What makes this mint famous is that it was completely free. Anyone with an Ethereum wallet could claim a CryptoPunk.

Following its release, many collections replicated the 10k profile picture trend, and CryptoPunks went on to sell for millions. As of December 2022, CryptoPunks remains the most valuable NFT collection on the planet.

Quantum

Quantum is commonly cited as the first NFT ever minted. It was minted in May 2014

(May 2014) on a site known as Namecoin. After its initial mint, Quantum was forgotten about for years until going on auction at Sotheby’s in June 2021, where it sold for over $1 million.

The Eternal

The Eternal is the fastest-selling NFT collection to be minted, selling out in just seven minutes. It was released by Anthony Hopkins, who partnered with NFT company Orange Comet. It was sold on 13th October and showcased 1000 NFTs consisting of 10 unique animation NFTs and 990 unique images.

What Is an NFT Gas War?

An NFT gas war is a bit like a bidding contest with too many bidders. It starts when the demand for an NFT is higher than its supply- for example when a popular new NFT collection is released. This increase in demand causes the blockchain to slow, and consequently, some investors tip blockchain validators to speed up the transaction. As a result, the gas fee increases based on the tip.

To beat other bidders, investors will keep paying higher fees until most investors can’t afford the gas fees. This causes the overall traffic to decrease and prioritizes the highest bidders, which can be frustrating for investors with smaller budgets as it could price them out completely.

It’s important to note that gas fees will also differ based on the platform and the time of day. In some situations, the gas fee can be higher than the listed sale price of the NFT. Therefore, it’s important you research the gas fee before selling or buying an NFT.

Final Thoughts: Minting Isn’t As Complex As You May Think

Minting an NFT isn’t quite as complex as it’s made out to be. While you need to consider factors such as gas fees and the platform to mint, once you have the designs in place, most platforms will take care of everything for you. Be diligent with your research beforehand and ensure that the gas fee is within your budget- the last thing you want to do is bid for an asset only to realize you can afford the gas.

Minting is a great way to make money as a digital creator. As NFT technology advances, its use cases and widespread adoption will also increase, making it a great time to get involved in the market.

Magic Eden NFT Marketplace Explained (Read Before Using)

Posted on December 8, 2022December 8, 2022 by Anthony Georgiades

Magic Eden is the world’s most popular Solana NFT marketplace, with over 10 million unique users and 20,000 daily transactions. It lets users sell non-fungible tokens (NFTs), including art and music NFTs.

In August 2022, the company announced it would release Ethereum NFTs, though its primary blockchain would remain Solana. It also released an optional royalty model in October 2022, replacing the 2% platform fee.

In this article, we’ll look at what the Magic Eden marketplace is, how it works, who founded it, and its unique launchpad feature.

What Is The Magic Eden NFT Marketplace?

Magic Eden is a decentralized NFT marketplace where users can buy, create, sell and trade Solana and Ethereum NFTs.

The platform showcases a range of NFT collections, including digital collectibles such as Okay Bears, y00ts, and the Degenerate Ape Academy, as well as music NFTs and gaming collectibles.

As the world’s most popular Solana NFT marketplace, 90% of all secondary Solana NFT platforms are completed on Magic Eden, which has a trading volume of over $1.44 billion.

Magic Eden raised $27 million during its Series A funding round, helping it compete with other NFT marketplaces such as OpenSea. In July 2022, Magic Eden raised an additional $130 million in a Series B funding round, which was led by Electric Capital and Greylock. Magic Eden was valued at $1.6 billion following this second funding round.

As of December 2022, Magic Eden users have access to a marketplace where they can search using different categories such as “Most Popular,” “Auctions,” or by release date. They also have access to an insights tab, a tab for Magic Eden games, and a unique launchpad.

When searching for a collection, users can filter stats based on the last 24 hours, week, or 30 days. They can also filter NFTs based on the unique attributes of a collection. These attributes include eyes, mouth, background, and other features. Or, if an investor has a specific budget in mind, they can filter an NFT collection based on its status and price.

Through the insights tab, users can view live auctions and recent market activity for all collections. This is great for collectors who want to stay up to date, with options for everything from recent transactions to top holders.

How Does The Magic Eden Marketplace Work?

To get started with Magic Eden, you need a Solana-compatible wallet such as Exodus, Trezor, or SolFlare. You then need to purchase SOL to cover the price of the NFT plus the Solana blockchain fee.

From here, you can connect your wallet to Magic Eden by clicking the “Connect Wallet” button on the right side of the screen. You don’t need to make an account. Once connected, you can buy any NFT collection on the platform by bidding on it at auction or clicking “Buy now” to make an instant purchase.

In November 2022 the most popular collection on Magic Eden was Claynosaurz, followed by y00ts and DeGods. The most popular collection of all time remains Okay Bears, a profile-picture NFT collection showcasing a range of bears with unique, quirky characteristics.

Alongside a comprehensive website, Magic Eden has its own iOS app. This app lets users browse a range of NFT collections; however, it doesn’t let users buy NFTs. NFT purchases are currently limited to the web browser.

Although mostly focused on Solana collections, Magic Eden also supports Ethereum (ETH) collections like Bored Ape Yacht Club (BAYC), Otherdeed For Otherside, and Azuki. These can be found on the “Popular Collections” tab under the “Ethereum” section.

If you want to get involved in the future of Magic Eden, you can also purchase Magic Tickets on the site. Each ticket grants you access to the Magic Eden decentralized autonomous organization (DAO). The DAO is currently an exclusive Discord channel where users can vote on future marketplace policies.

Who Founded The Magic Eden Marketplace

Magic Eden was founded in 2021 by four friends: Sidney Zhang, Jack Lu, Zhuoxun Yin, and Zhuojie Zhou. Before founding Magic Eden, each member had previous crypto and development experience.

Sidney Zhang formerly worked as an Uber Eats developer, Jack Lu worked at FTX, Zhuoxun Yin was a product manager at Coinbase, and Zhuojie Zhou worked as a Facebook developer.

Magic Eden Launchpad

To promote the adoption and success of Solana NFTs, Magic Eden created a unique launchpad to kick-start NFT artists’ projects. The launchpad works in a similar way to an art auction house, with all collections accepted by the launchpad being featured on the front page of the site.

As well as promoting NFT collections, the Magic Eden Launchpad helps creators actually mint their NFTs. It uses an innovative automatic distribution system that takes care of the technical side of NFT creation. This lets creators focus on the artwork instead of worrying about complex coding.

To be part of the launchpad, creators are required to go through a vigorous application process, which will look at the project, its utility, and its design. This process is extremely strict, and only 5% of applications are accepted.

Popular launchpad collections include Syberials: Mint Scrolls, Moon Strike NFT, and WADE Collab. HumanX, Plato Eats: Foodies, and Toys R Us are also set to be released at the start of December.

Final Thoughts: Magic Eden Is The Best Marketplace For Solana NFTs

With over 90% of secondary Solana NFT sales, Magic Eden is by far the most preferred NFT marketplace for Solana-based projects. It’s easy to use, with a seamless interface that makes it easy to find top collections, analyze current stats and search for gaming-based NFTs.

By combining Solana and Ethereum NFTs, the platform has made itself a one-stop shop for NFTs, where both creators and investors can find and buy the collections they want.

The standout feature of the Magic Eden marketplace is its launchpad. As its launchpad grows in popularity, it will help the platform become the first place new creators look towards when creating their collections. This will only speed up the widespread adoption of Magic Eden, which could one day compete with the likes of OpenSea to become one of the world’s largest NFT marketplaces.

The Biggest NFT Rug Pulls of All Time

Posted on November 10, 2022November 10, 2022 by Andrew Amarosa

Rug pulls have made headlines since the 2021 NFT boom, with investors losing over $25 billion as of November 2022. These headlines have sparked fear among investors, who are now skeptical when it comes to new NFT projects.

The likelihood of a rug pull, or a scam in which a cryptocurrency or NFT team exits a project along with its investors’ funds with them, seems to be increasingly greater.

In this article, we’ll cover the seven biggest NFT rug pulls of all time ranked by the amount of money stolen from investors.

Iconics- $140,000

Iconics was a Solana-based NFT project consisting of 8000 unique pieces of 3D artwork. It was created by an unknown 17-year-old 3D digital artist who promised unique 3D images to investors. Fourteen initial samples were showcased through the project’s Discord channel, which created the demand for more.

The project started with a pre-sale of 2000 items at 0.5 SOL; however, investors didn’t get what they paid for. Instead of 3D art, they received a random collection of emojis. After the sale, the project’s Discord went offline, and its official Twitter disappeared.

Blockchain data showed that the scammer had around 1000 SOL at the time, which equaled around $140,000. Investors never got their money back.

Mercenary- $750,000

Mercenary was a medieval Play-and-Earn game where players could recruit a team of mercenaries to fight for MGOLD. The game was promoted on sites like thebittimes.com and BSC news, where it was praised for its innovative mechanics and unique gameplay.

Unfortunately, the game ended up being a rug pull.

After building a loyal group of players, a new Twitter handle known as the Mercenary Golg Community claimed that the Twitter and Telegram groups had been hacked. Within 24 hours of this post, everything connected to the project was wiped entirely, with only a few Twitter promotions remaining.

It’s estimated that the team stole around $760k of investors’ funds.

Frosties NFT – $1,300,000

Frosties was the first big NFT rug pull of 2022, and one that shocked the NFT community. It started with a huge marketing campaign, advertising 8,888 cartoon ice cream NFTs. The project was one of the fastest to ever sell out, with the team making an estimated $1.3 million in the process.

The team had promised investors unique staking features, a metaverse game, mint passes, and other long-term benefits. However, shortly after release, the Frosties social media channels, Discord servers, and website all disappeared. The project was completely shut down, and the project team disappeared.

Fortunately, rumors have stated that the creators were caught and charged with one count of wire fraud. Although the investors didn’t get their money back, the devs were punished for their scam.

Swipathefox – $1,500,000

Swipathefox was an NFT project created by NBA basketball player De’Aaron Fox, consisting of 6000 unique fox-themed NFTs. Fox promised investors exclusive NFT ownership perks, including giveaways, tickets, and exclusive chats with Fox himself.

Unfortunately, the project never bore fruit, with Fox stating that he didn’t have the time to work on it during the middle of the NBA season. In an interview, Fox said that he would be working on the collection in the future. However, he had to focus on his NBA career at that time.

As of November 2022, action has yet to be taken on the project, and investors have claimed they never got their money back.

Though not entirely a “rug pull” in nature, this one is in the “TBD” category.

Baller Ape Club – $2,000,000

Baller Ape Club looked like a legit NFT project when it was first released. Inspired by Bored Ape Yacht Club (BAYC,) it had a complete development team, a dedicated community, and plenty of investors supporting the project. The collection consisted of 5,000 NFTs that sold for a price of 2 SOL each.

After the public mint, the dev team rugged the project. They deleted all socials and stole around $2 million of investor funds. However, the US Department of Justice (DOJ) has since taken the project’s founder to court.

Le Anh Traun, a Vietnamese national, has been charged with conspiracy to commit wire fraud and international money laundering. Traun could face up to 40 years in prison as a result.

Evolved Apes – $2.7 million

Evolved Apes was an NFT collection of 10,000 apes that would battle one another to win rewards. To attract investors, the founder, known as “Evil Ape,” created competitions in which investors could win NFTs and other rewards. However, once the project sold out, Evil Ape disappeared and deleted all accounts associated with the project.

In total, $2.7 million was stolen, including funds that should have gone to the development team, marketing department, and artists. None of the competition winners were ever awarded their prizes, and the teams were never paid for their work.

Evil Ape was never found.

Bored Bunny- $21 million

Bored Bunny was one of the biggest NFT projects of 2022 and gained celebrity endorsements from French Montana, Jake Paul, and Floyd Mayweather. The 4,999 NFTs sold out in hours, minting for 0.4 ETH.

However, very quickly, in-house sources suggested that the founder was simply looking to steal investors’ money. Before launch, a dev wallet bought celebrity NFTs for additional profits, and after the initial launch, a second collection known as Bored Bad Bunny NFTs went on sale.

After the second collection sold out, the floor price dramatically dropped, and the dev team went missing, stealing $21 million in the process.

If this wasn’t bad enough, the remaining team released a third collection known as Bored Mutant Bunny, consisting of 3,000 NFTs selling for 0.25ETH. By this time, investors had realized the project was a scam, and it failed to sell.

Final Thoughts: Rugpulls and Mass NFT Adoption?

Rugpulls pose a threat to mass NFT adoption. With NFT scams consistently making headlines, many investors are forgetting the practical benefits of NFTs.

Without an adequate solution addressing the disparate set of NFT exchanges lacking authentication tools, we’ll unfortunately probably see more rug pulls occur– this is why it’s incredibly important to do your research and not YOLO into unverified projects.

However, the NFT market continues to grow despite rugpulls and the negative press surrounding rugpulls. We shouldn’t let the high-flying conquests of a few malicious bad actors blind us to the good work many NFT collections are doing– even if it’s just bringing a community of like-minded crypto-savvy people together.

Can You Copy an NFT Onto a Different Blockchain?

Posted on October 7, 2022October 7, 2022 by Anthony Georgiades

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:

Connect your crypto wallet (such as MetaMask) to the Polygon Web Wallet

Sign your wallet through the extension

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.)

You’ll be charged a fee for this process which will change based on Ethereum traffic.

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.

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:

Open MetaMask and click “Switch to Polygon.”

Your Polygon details will show the Polygon network’s details.

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.