Poll Finds That Blockchains Matter to NFT Collectors

A poll conducted by BSCNews has found that a two thirds majority of collectors care which blockchain their NFT is hosted on - but why, and will blockchain preference diminish over time?

By
Robert D. Knight
on
September 23, 2021
Category:
Blockchain News

BSCNews Poll

A recent Twitter poll conducted by BSCNews asked, “If you're buying a piece of digital, collectible art as a Non-Fungible Token (NFT), does it matter to you which blockchain it's hosted on?” The result was an overwhelming win for Yes at 71.8%, with No recording a mere 28.2% of the vote from 536 respondents. 

Seeking an explanation we turned to NFTrade, a multi-chain NFT marketplace which supports NFTs on Binance Smart Chain (BSC), Avalanche, Ethereum, and Polygon, and is also rolling out support for Solana in the near future. We asked Harrison Seletsky, Head of Communications for NFTrade, why blockchains are important.

"When you consider that the majority of NFT liquidity is on just a few networks, and a great deal of that is on Ethereum, launching on alternative chains can greatly impact the value flow into an asset,” he told BSCNews. “We believe that once cross-chain accessibility is freely available to everyone, the host chain will gradually become less relevant, as capital flows freely into any NFT asset regardless of its native chain.”


Community Reasoning

Some respondents to our poll shared their own ideas on why blockchains are important, citing a wide range of issues such as security, ease of use, speed and transaction costs. While Ethereum has been at the vanguard of the NFT market, rising gas costs and scalability issues have encouraged users to seek cheaper and faster alternatives including BSC.

Our poll and results

Currently the separation of assets across blockchains means the host chain is important to users. However, like Seletsky pointed out, as cross-chain tech develops this conclusion could significantly change.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy in ETH and BTC, plus he also hodls some smaller cryptocurrency.

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