Solana vs Ethereum vs Polygon: NFT Chain Selection Guide

Multiple blockchains compete in the NFT market. Each chain has unique characteristics and pros/cons, making the appropriate choice vary depending on usage purpose. This guide compares and analyzes major NFT chains: Solana, Ethereum, and Polygon.

Ethereum

Ethereum is the origin and largest ecosystem in the NFT market.

Characteristics

Ethereum is a smart contract platform launched in 2015. The NFT standard ERC-721 was born on Ethereum. It has the oldest and most proven NFT infrastructure.

It currently uses a Proof of Stake (PoS) consensus mechanism. Energy efficiency greatly improved after the 2022 Merge upgrade.

Advantages

It boasts the largest market size. There are major marketplaces like OpenSea and Blur, and the most famous NFT projects like BAYC and CryptoPunks.

It provides high security and decentralization. As a long-proven network, it has high reliability.

There’s a rich ecosystem. It integrates with various applications including DeFi, games, and metaverse.

It has the most developers and tools. New technologies and standards emerge first here.

Disadvantages

High gas fees are the biggest problem. During network congestion, even simple transfers can cost tens of dollars. This makes small NFT transactions difficult.

There’s slow transaction speed. Block time is about 12 seconds, and you need to wait for multiple blocks for finality.

There’s a high entry barrier. High costs make it difficult for beginners to start.

Solana

Solana is a chain that gained attention for its fast speed and low cost.

Characteristics

It’s a high-performance blockchain that launched its mainnet in 2020. It uses a unique consensus mechanism combining Proof of History (PoH) with Proof of Stake (PoS).

It has a capacity to process over 65,000 transactions per second. Block time is very fast at about 400 milliseconds.

Advantages

Very low fees are the biggest advantage. Most transactions are processed for under $0.01. Even small NFT trades are affordable.

There’s fast transaction finality. Most transactions complete within seconds. This is advantageous for trading.

There’s a growing ecosystem. There are strong marketplaces like Magic Eden and Tensor, along with many projects.

It leads technological innovation including Compressed NFTs.

Disadvantages

There’s a history of past network outages. The network stopped multiple times. While stability has improved recently, some concerns remain.

The market size is relatively smaller. Compared to Ethereum, total trading volume and number of projects are fewer.

There’s less adoption by some institutions and enterprises compared to Ethereum.

Polygon

Polygon started as an Ethereum Layer 2 solution and built its own ecosystem.

Characteristics

It’s an Ethereum-compatible sidechain/Layer 2. It provides faster and cheaper transactions while leveraging Ethereum’s security.

With EVM compatibility, you can use Ethereum tools and smart contracts as-is.

Advantages

It provides low fees. Not as cheap as Solana, but much cheaper than Ethereum.

There’s Ethereum compatibility. Ethereum users can easily switch. You can use existing Ethereum wallets and tools.

There are many enterprise partnerships. Starbucks, Nike, Reddit, etc. utilize Polygon.

Asset movement with Ethereum is possible through bridges.

Disadvantages

Independent identity can be weak. There’s confusion between roles as Ethereum Layer 2 and as an independent chain.

There are relatively few NFT-native projects. Many are migrations from Ethereum or corporate NFTs.

It’s not as fast as Solana.

Chain Comparison Summary

In terms of transaction costs, Solana is cheapest, Polygon is moderate, and Ethereum is most expensive.

In terms of transaction speed, Solana is fastest, Polygon is moderate, and Ethereum is slowest.

In terms of market size, Ethereum is largest, Solana is moderate, and Polygon follows.

In terms of ecosystem maturity, Ethereum is most mature, while Solana and Polygon are growing.

Recommendations by Use Case

High-Value NFT Collecting

Ethereum is recommended. It has the most famous projects and high market liquidity.

Active Trading

Solana is recommended. Low fees and fast speed favor frequent transactions.

NFT Beginners

Solana is recommended. You can start with low costs, lowering the entry barrier.

Game/Metaverse NFTs

Choose the chain where the project exists. Each game uses a specific chain, so you must use that chain.

Corporate/Brand NFTs

Polygon is often used. Large enterprises tend to prefer Polygon.

Multi-Chain Strategy

You don’t need to be limited to one chain.

Diversified investment across multiple chains reduces risk. Even if one chain has problems, assets on other chains are safe.

You can leverage opportunities on each chain. You can simultaneously hold Ethereum blue chips and Solana new projects.

Asset movement between chains is possible through bridges. However, be careful with security when using bridges.

Conclusion

Each chain has unique pros and cons. There’s no right answer—choose a chain that fits your purpose and situation.

If you’re a beginner, starting with Solana to gain affordable experience, then expanding to Ethereum or Polygon later is also a good strategy.

What’s important is that whichever chain you choose, pay attention to security, diversify investments, and continuously learn.

In the next guide, we’ll explore Solana NFT future outlook and 2025 trends.