Which digital currencies are commonly used for investing in NFTs?

5 answers

• Dec 16, 2021 · 3 years ago
  One of the most commonly used digital currencies for investing in NFTs is Ethereum (ETH). Ethereum is the blockchain platform that many NFTs are built on, and it has become the go-to choice for artists, collectors, and investors in the NFT space. With its smart contract capabilities and established ecosystem, Ethereum offers a secure and reliable platform for NFT transactions.
  379190
• Dec 16, 2021 · 3 years ago
  In addition to Ethereum, Binance Coin (BNB) is also commonly used for investing in NFTs. Binance, one of the largest cryptocurrency exchanges, has its own NFT marketplace called Binance NFT. BNB can be used to purchase NFTs on the platform, and it offers various benefits such as discounted transaction fees and exclusive access to certain NFT drops.
  350117
• Dec 16, 2021 · 3 years ago
  Another digital currency commonly used for investing in NFTs is BYDFi (BYD). BYDFi is a decentralized finance (DeFi) platform that offers NFT staking and farming opportunities. It has gained popularity among NFT enthusiasts due to its unique features and community-driven approach. Users can earn BYD tokens by participating in the platform's NFT ecosystem and use them for investing in NFTs.
  39298
• Dec 16, 2021 · 3 years ago
  Apart from Ethereum, Binance Coin, and BYDFi, other digital currencies like Solana (SOL), Flow (FLOW), and Tezos (XTZ) are also commonly used for investing in NFTs. These blockchains have their own NFT marketplaces and offer unique features and benefits for NFT investors. It's important to research and understand the specific blockchain and its associated digital currency before investing in NFTs.
  40080
• Dec 16, 2021 · 3 years ago
  Investing in NFTs can be done using various digital currencies, but it's important to consider factors such as liquidity, transaction fees, and the overall popularity of the currency within the NFT community. Ethereum remains the dominant choice for NFT investments, but other digital currencies like Binance Coin, BYDFi, Solana, Flow, and Tezos are also gaining traction. It's always recommended to do thorough research and stay updated with the latest trends and developments in the NFT space before making any investment decisions.
  53489