The Rise of Coinbase as the Marketplace for Trading NFTs Ethereum’s days as the number one blockchain for NFTs may soon be over if Coinbase has anything to do about it. is looking to add support for more blockchains, and if the results of a recent poll on Twitter are anything to go by, the next one may well be , or . Coinbase NFT Tezos Solana Polygon was controversial, with Tezos leading the voting for the majority of the poll until just before it closed, when Polygon 55,000 votes in a matter of minutes - likely the work of bots, rather than actual human voters. The poll suddenly received In any case, all three blockchains gathered significant support. Polygon topped the poll with 42.2% of the 251,686 total votes, followed by Solana with 26.4% and Tezos very close behind it with 24.2%. ** ** Why would Coinbase be interested in supporting other blockchains? Well, that’s simple enough. Ethereum might be the most popular blockchain for NFTs, but it’s certainly not the best, what with its notoriously high gas fees and slow transaction times, making NFT sales a hassle at the best of times. The Ethereum blockchain is also - like Bitcoin - notorious for its high energy consumption, and that doesn’t sit well with the artists who create the majority of NFTs. ** ** The support for alternative blockchains in the NFT community is evident. One of the highest-profile NFT collectors in the space - Snoop Dogg - recently his plan to spend 64.6 ETH (over $200,000) on Tezos NFTs. The Tezos NFT community is extremely vocal, too, recently hitting the headlines after $60,000 in just 72 hours in support of the victims of the Ukraine war. Tezos NFT sales have been a boon too - VerticalCrypto Art’s recent __ __exhibition saw more than 16,000 TEZ ($56,000) worth of sales in just 24 hours last month. ** ** revealed raising ART & NFT: The Digital Roots NFT artists are flocking to Tezos because it’s one of the cleanest NFT blockchains around. Indeed, Tezos makes a big thing of its environmental credentials, noting in a __ __on Medium that Ethereum’s annual energy consumption of around 26TWh - a continuous draw of 3 gigawatts - is comparable to the nation of Ecuador, with a population of 17 million people. In contrast, Tezos uses just 60MWh per annum, a continuous draw of just 7 kilowatts. ** ** recent post “Compared to Ethereum, these numbers differ by a factor of over two million, between six and seven orders of magnitude,” Tezos wrote on Medium. It’s no wonder that artists are drawn to a far more sustainable blockchain infrastructure. Coinbase NFTs poll is non-binding, so it doesn’t have to support any of the suggested blockchains. Yet it’s clear Tezos is fast becoming the blockchain of choice for more and more NFT creators and collectors. Coinbase, which aims to displace OpenSea as the world’s most popular NFT marketplace, would be silly to ignore it. What is Tezos? The Blockchain making headlines in the Tokenization Industry Tezos, one of the largest blockchains in terms of market capitalization and usage, is an open-source platform supported by a worldwide community of validators, academics, and builders that overcomes fundamental hurdles to blockchain acceptance for assets and applications. Tezos is built with long-term customization, open participation, cooperation, and smart contract security in mind. The blockchain intended to offer the safety and code accurateness needed for assets and other high-value use cases at both the framework and application layers by utilizing languages such as OCaml and Michelson, which enable formal verification, a practice common in mission-critical industry sectors such as nuclear and aerospace, as well as semiconductor and other industries. Catch all the breaking news, and Don’t forget to like the story! Image credits: . Tezos Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.

Ethereum

Solana

Cardano

Polygon

Cosmos

Tezos

BOON

Coinbase

Community Is

fees

OpenSea

Twitter

Revault Networks Integrates With Orbs Layer-3 technology to Become "Google" for Blockchain Vaults 

HashStack Receives $1 million in Seed Investment from Moonrock Capital, GHAF Capital and others

Read My Stories

Too Long; Didn't Read

Download free Tech Leaders Productivity Report!

Poll Shows Strong Support for Tezos NFTs on Coinbase NFT

Poll Shows Strong Support for Tezos NFTs on Coinbase NFT

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

$1B Capitalization: Meme Token Launch Strategy Under the Microscope

$1M Hackathon Prizes Announced By MultiversX to Expand the Blockchain Ecosystem

0 to $2000 MRR in One Month - Lessons Learned

07/03/2018: Biggest Stories in the Cryptosphere

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

$1B Capitalization: Meme Token Launch Strategy Under the Microscope

$1M Hackathon Prizes Announced By MultiversX to Expand the Blockchain Ecosystem

0 to $2000 MRR in One Month - Lessons Learned

07/03/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps