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Which digital currencies are commonly used to set up NFTs?

avatarAakansha latiyanJan 08, 2022 · 3 years ago3 answers

What are some of the most commonly used digital currencies for setting up Non-Fungible Tokens (NFTs)? I'm interested in knowing which cryptocurrencies are frequently used as the base currency for creating and trading NFTs.

Which digital currencies are commonly used to set up NFTs?
Digital Currencies
NFTs
Cryptocurrencies

3 answers

  • avatarJan 08, 2022 · 3 years ago
    Ethereum (ETH) is currently the most commonly used digital currency for setting up NFTs. Its smart contract functionality and wide adoption in the blockchain community make it an ideal choice for NFT creators and collectors. With Ethereum, users can create, buy, and sell NFTs on various platforms like OpenSea and Rarible.
  • avatarJan 08, 2022 · 3 years ago
    In addition to Ethereum, other digital currencies like Binance Coin (BNB) and Flow (FLOW) are also gaining popularity for NFT transactions. BNB, the native cryptocurrency of the Binance exchange, offers lower transaction fees and faster processing times compared to Ethereum. Flow, developed by Dapper Labs, is specifically designed for NFTs and offers scalability and high throughput for NFT creators and collectors.
  • avatarJan 08, 2022 · 3 years ago
    At BYDFi, we believe that the future of NFTs lies in the integration of multiple digital currencies. While Ethereum is currently dominant, we anticipate the emergence of cross-chain solutions that allow NFTs to be created and traded using different cryptocurrencies. This will provide more options and flexibility for NFT enthusiasts and contribute to the overall growth and innovation of the NFT ecosystem.

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