NFTs are the latest blockchain buzz that has taken the world by storm. New blockchains and delivery vectors pop up left and right as the creative industry is jumping on the crypto train and making money by selling NFTs.
However, with all this activity, numerous new developments might confuse anyone who isn’t into cryptocurrency. In this article, we’re bringing you the differences between Polygon and Ethereum, so you better understand what you’re getting yourself into.
Also read: Top 7 secure cryptocurrency wallets
Polygon and Ethereum
When you’re selling an NFT on Opensea, you get the choice of selling it in either Ethereum or Polygon; This is an essential decision as it’ll impact your future sales as well.
Here are some of the fundamental differences between the two.
The technology behind
Ethereum is one of the most popular blockchains, which includes its cryptocurrency and, of course, NFTs. On the other hand, Polygon is simply a protocol and framework for building and connecting Ethereum-compatible blockchain networks.
When minting an NFT on Ethereum, you’re going to have to pay a gas fee of anywhere between $50 t0 $200. This is to compensate miners for the energy needed to verify transactions. The gas fee keeps fluctuating based on how crowded a particular network might be at a given point in time.
Polygon doesn’t have any gas fee whatsoever. However, keep in mind that you’ll still have to pay a gas fee, albeit a smaller amount, when converting Ethereum to Polygon on OpenSea.
When selling your NFT on Ethereum, you have to either list it for a fixed price or have an auction where the highest bidder wins. The option to auction off NFTs is important to NFT creators as it can get them significantly higher prices per piece based on the popularity of a particular NFT or NFT collection.
Auctions are currently not supported on Polygon, meaning you can only sell your NFTs at a flat price, which means lower returns for creators or sellers.
Popularity and Security
Ethereum is both more popular and more secure when compared to Polygon. Both these factors go hand in hand as investors are more prone to spend their money on something safer, making Ethereum more popular. If you’re selling your NFTs on Polygon, chances are you’ll see less buyer interest due to the low popularity and security issues.
Polygon (MATIC) is much cheaper than Ethereum (ETH). At the time of writing, one MATIC is worth $1.43 while one ETH is worth $2596.45. This means that minting on Polygon will be significantly cheaper than Ethereum.
If you’re looking to make more significant returns on your NFT collection and are targetting a wider audience, ETH is the way to go. Yes, you’ll be paying a higher gas fee, but the option to have your NFTs being auctioned off can get you much higher returns. Additionally, the popularity of ETH means you’ll be reaching a wider audience.
On the other hand, Polygon is a new up and coming technology. So if you’re looking to list NFTs without much of an investment and start your journey as an NFT creator there, Polygon is a viable choice.
|Technology||Popular Blockchain||Protocol and framework for building and connecting Ethereum compatible blockchains|
|Gas Fees||Usually between $50-$200||Relatively lower or no gas fee|
|Security||More Secure than Polygon||Lacks usual security features.|
(at the time of writing)
|1 ETH = $2596.45||1 MATIC = $1.43|
Also read: Top 7 Telegram channels for cryptocurrency