An interesting take on which blockchain could be dominant and lead the next NFT bull market.
Based thread from wale.moca.
There are several contenders for leadership in the NFT ecosystem today, each with their own unique advantages and disadvantages.
1️⃣ Ethereum continues to hold its position as the leading blockchain for NFTs. NFT projects on Ethereum have the most visibility, attention, and historically the highest volume.
However, Ethereum has seen a noticeable increase in popularity this year. decreased compared to Solana. Many of the top blue-chip projects on Ethereum have lost significant value and have exhausted many of their potential growth catalysts. This raises the question: has the market reached saturation?
2️⃣ bitcoin, as the undisputed leader among blockchains, can also claim the title of the #1 blockchain for NFTs.
Ordinals have much of the collectible nature of NFTs for OGs and are much less subject to financial speculation. There are only a few established projects, which have a trading volume of more than 20 BTC and can be focused on are NodeMonkes, Runestone, Bitcoin Puppets and Quantum Cats.
However, Runes' lack of success compared to memecoins has shown that the "#1 blockchain means #1 ecosystem" argument is not necessarily true...
Additionally, Bitcoin does not have enough active teams yet, which slows down the development of its NFT ecosystem.
3️⃣ Solana is gaining popularity, especially after the success of memecoins, which could attract funds to the NFT ecosystem as well. The level of innovation on Solana is impressive, from applications to protocols like Blinks.
There is a possibility that meme-related projects such as Retardio Cousins, will become the leaders of the bull market.
However, the stigma of memecoins can also backfire: while they attract attention, they can also turn off investors who view NFTs as more serious assets.
4️⃣ Base, Immutable, Polygon And BNB are also trying to find their place in the NFT world.
Base, despite its growing popularity, faces challenges as an L2, especially for PFP collections. Meanwhile, gaming NFTs could find success on Immutable, Polygon, or BNB.
Ultimately, what the next NFT bull market will look like will largely depend on which trends and projects dominate. Will it be meme-driven, new projects, or existing ones? Perhaps we’ll see a mix of everything, with all blockchains finding their niche…
