How L2 Networks Are Changing The World of NFTs

The past few years have seen NFTs explode onto the blockchain scene, progressing from a relatively unknown technology to one that’s been papered across the front pages of seemingly every crypto publication. Alongside the increase in both understanding and trading in NFTs, the global market has continued to rise, predicted to reach an incredible $122.43 billion by 2028. With the expansion of NFTs beyond just digital art, also integrating into Play2Earn blockchain gaming projects and metaverse creations, this digital medium is set for a dazzling future. While progress has been impressive within the world of NFTs, their increased popularity also comes with a fairly hefty downside – rising gas fees when processing transactions. The vast majority of NFTs are minted on Ethereum, with their ERC-721 being the industry standard for creating new non-fungible digital assets. Although Ethereum’s infrastructure provides a comprehensive ecosystem where users can create, distribute, and trade their acquired NFTs, the blockchain network itself has a notoriously low threshold for transactions per second, leading to high gas fees. While this was commonly understood as part of the territory when minting on Ethereum, the introduction of L2 networks promises to remedy this problem. With these developments, the longevity and sustainable growth of NFTs could be much more certain. In this article, we’ll explore the current state of the NFT mark...