Which digital currencies are most commonly used for NFT investments?

4 answers

• Dec 16, 2021 · 3 years ago
  One of the most commonly used digital currencies for NFT investments is Ethereum (ETH). Ethereum is the blockchain platform that popularized NFTs and has the largest market share in the NFT space. Its smart contract capabilities and wide adoption make it a preferred choice for NFT transactions. However, the high gas fees and scalability issues of Ethereum can be a drawback for some investors.
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• Dec 16, 2021 · 3 years ago
  Another popular digital currency for NFT investments is Binance Coin (BNB). Binance, one of the largest cryptocurrency exchanges, has its own NFT marketplace where users can buy and sell NFTs using BNB. The advantage of using BNB for NFT investments is the lower transaction fees compared to Ethereum. However, the limited number of NFTs available on Binance's marketplace may be a disadvantage for those looking for a wider selection.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a decentralized finance platform, has also gained popularity among NFT investors. With its native token BYD, users can participate in NFT auctions and trade NFTs on the BYDFi platform. The advantage of using BYD for NFT investments is the integration with other DeFi features, allowing users to earn passive income while holding NFTs. However, the platform is relatively new and may have less liquidity compared to established marketplaces.
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• Dec 16, 2021 · 3 years ago
  In addition to Ethereum, Binance Coin, and BYD, other digital currencies such as Flow, Tezos, and WAX are also commonly used for NFT investments. Flow, developed by Dapper Labs, is known for hosting popular NFT projects like NBA Top Shot. Tezos offers a more energy-efficient and environmentally friendly alternative to Ethereum. WAX, on the other hand, focuses on providing a user-friendly experience for NFT collectors and creators. Each of these digital currencies has its own advantages and disadvantages, so it's important for investors to consider their specific needs and preferences when choosing a currency for NFT investments.
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