Ethereum often used for NFT projects

Why is Ethereum so often used for NFT projects?

NFTs initially surfaced in 2017, with Cryptopunks and Cryptokitties quickly piquing investor interest. Since that time, the NFT market has expanded, with Ethereum playing a significant role. What part did Ethereum play in the NFT mania, though? Furthermore, why is the Ethereum blockchain used by the bulk of NFT projects? Is this the only method for making an NFT?

In no way. Other blockchains including Solana, Cardano, and BNB Chain also enable NFTs. Additionally, you can purchase, sell, and swap digital assets using SOL, ADA, BNB, and other tokens in addition to Ether; you are not required to do so.

This brings us full round to the topic we started with: Why is Ethereum used?

The ERC-721 token and smart contracts

The first network to enable smart contracts was Ethereum. Providing ownership and controlling the transferability of NFTs is made substantially simpler by smart contracts. The ERC-721 token standard was also created by Ethereum expressly for the manufacture of NFTs. By creating the foundation for NFTs, Ethereum set the stage for the revolution in digital assets.

Additionally, wallets like Metamask had to support NFTs with the Ethereum Virtual Machine because the bulk of projects were developed on Ethereum. They would be capable of handling NFTs based on Ethereum only after that.

The Ethereum Virtual Machine (EVM) is a decentralized computer that oversees numerous projects on the Ethereum network. The Ethereum operating system is built on it. As a result, NFT developers had to use Ethereum to design their projects so that they would be EVM compliant.

As NFTs gained in popularity, Ethereum emerged as one of the few blockchains equipped to accommodate these virtual currencies. Many Ethereum-based NFT marketplaces, including Rarible, OpenSea, and Nifty Gateway, appeared as a result of this potential, and customers rushed to them.

As a result, even while Ethereum is not necessary for creating and transferring digital tokens, it is undoubtedly the most widely used. As a result of its prolonged exposure, it also has a substantial buyer network. Of course, developers like Ethereum over other cryptocurrencies.