Why Ethereum is the Backbone of NFT

Ethereum is the Backbone of NFT Understandably ,Ethereum is the community-run technology powering the cryptocurrency ether(ETH) and thousands of decentralized

Why Ethereum is the Backbone of NFT

Ethereum and its layer 2 solutions still maintain a huge grip in the NFT market. its scaling Arbitrum and Polygon Pos, Ethereum has a market share of approx 40% and is the world's most adopted and most valued cryptocurrency.

Now, Ethereum powers between 60 to 70% of the crypto industry, and its L2 solutions accounted for a whopping 90% of the NFT trade volume. The NFT trends are possible with Ethereum, many of the highest-priced NFTs and markets like OpenSea depend on the Ethereum network, NFT users on Ethereum have access larger number of apps and services

What Ethereum Offers:

The power of the Ethereum blockchain is its programmability in the code so that transactions execute automatically. These smart contracts can have limitless formats and conditions. Ethereum is not used for only payment, but for transactional events in trade finance, real estate, law, supply chains, government registries, and many other sectors. 

Consistency and Popularity of the Ethereum Blockchain

Ethereum supports a diverse range of applications.it's very popular for a private and public networks. Here are the facts of the Ethereum public Mainnet.

1. 14K+ live nodes

2. 40M+ unique addresses

3. 10B daily API requests

4. $1.5B+ daily trading volume

5. 1,900+ decentralized applications

6. 94% of the top 100 blockchain projects are built on Ethereum

7. 250K+ developers

8. 500k+ daily transactions

Benefits of Ethereum

Ethereum is developed as low-cost, open, flexible, and suited for multiple parties. These are the capabilities of Ethereum

1. Data coordination
2. Rapid deployment
3. Permissioned networks
4. Network size
5. Private transactions
6. Scalability and performance
7. Incentive Layer
8. Tokenization
9. Interoperability and open source

Data coordination

Ethereum's decentralized architecture is better to give information as well trust so that users do not have to rely on a central entity to manage the system and transactions.

Rapid deployment

Enterprises can easily deploy and manage private blockchain networks instead of codding implementation from scratch

Permissioned networks

The Open Source protocol layer enables businesses to develop on public and private Ethereum networks guaranteeing your solution fits any potential administrative and security requirements.

Network size

Ethereum mainnet network can work with hundreds of nodes and millions of users. most networks are working with less than 10 nodes and no reference case for a viable network. 

Private transactions: 

Enterprises can get privacy in Ethereum as well as private transaction layers. private information is never broadcast to network participants. this private information is encrypted and only shared with directly relevant parties. 

Scalability and performance 

With Proof of Authority consensus and custom block time and gas limit, with these networks, Ethereum can outperform the public mainnet and scale up to hundreds of transactions per second 

Incentive Layer

Ethereum's layers allow business networks to develop mechanisms to punish nefariously and create rewards around activities like verification and availability.


Participate can tokenize any asset on Ethereum that has been registered in a digital format such as real estate or expand this line of products

Interoperability and open source

Ethereum provides a decentralized open-source blockchain with smart contract functionality