In less than 2 years, a staggering 29,000 NFT collections were deployed on Ethereum, raising around 963k ETH. But what exactly is Ethereum and why is it still the favorite of many NFT users?
Ethereum is a decentralized, open-source blockchain platform designed to be flexible and adaptable. Its architecture allows developers to create decentralized applications (dApps) and smart contracts that can execute code on chain. This means that it is possible to create programmable digital assets, such as NFTs, on the Ethereum blockchain.
One of the key features of Ethereum is the ability to create and execute smart contracts. These contracts are written in Solidity, a programming language designed for the Ethereum platform that can execute on the Ethereum Virtual Machine (EVM). Smart contracts can be used for many areas such as DeFi, supply chain management, and digital identity verification. When a smart contract is executed, it is stored on the blockchain and its code is publicly visible and immutable.
In addition to smart contracts, Ethereum has its own cryptocurrency, Ether (ETH). Ether is used to pay network transaction fees (gas) and can also be used as a digital currency. Moreover, Ethereum can create tokens that represent anything from digital assets to loyalty points. Ethereum has a set of token standards, including the ERC-20 standard for fungible tokens and the ERC-721 standard for NFTs.
Ethereum’s robust ecosystem, interoperability, security, scalability, and community make it a top choice for NFT users. When cheaper gas fees are required, Polygon’s Ethereum Layer 2 is the best place for users. Overall, Ethereum is a powerful blockchain platform that enables developers to create decentralized applications and digital assets using smart contracts. Its unique features such as Solidity, Ether, and NFTs make it an exciting space for developers and users alike.
As a final note, our token gating solution is built on Ethereum and for every EVM-compatible chain. We are excited to empower brands on every chain that best suits their needs. This was just a brief overview of what Ethereum is, and we invite you to explore more advanced themes such as Smart Contracts, DeFi, Ethereum Virtual Machine, and much more. Follow us on this journey on the Ethereum Superstack!
