If you are immersed in blockchain technology and advancements, then Polygon Blockchain (matic token) is a name you must have heard. A blockchain network unlike any other, Polygon aims to provide a more efficient and scalable infrastructure for Ethereum blockchain.
If you are interested in learning more about Polygon and how you can create NFT on its blockchain, then read on!
What is a smart contract on the blockchain?
A smart contract is a computer program that is stored on a blockchain and automatically executes the terms of a contract when certain conditions are met. Smart contracts were first proposed by Nick Szabo in 1994 as a way to automate the execution of legal contracts using digital technology.
Smart contracts on a blockchain are self-executing, meaning they automatically perform the actions specified in the contract without intermediaries or manual intervention. They are also transparent and tamper-proof, as all transactions and the current state of the contract are recorded on the blockchain.
Smart contracts can be used for various applications, such as financial transactions, supply chain management, and voting systems. They can also automate the creation and transfer of digital assets, such as non-fungible tokens (NFTs).
Overall, smart contracts are a key feature of blockchain technology that enable the automation of a wide range of processes and the creation of decentralized applications; they are considered a building block of decentralized finance (DeFi) and digital assets economy. Learn more about Smart Contracts in this detailed guide!
Polygon Blockchain – All you need to know
Polygon (previously known as Matic Network) is an open-source, decentralized blockchain platform built on Ethereum. It is designed to provide fast and low-cost transactions, similar to another layer 2 scaling solutions for Ethereum.
Polygon is built as a network of sidechains connected to the Ethereum mainchain. This allows for offloading some of the workload from the Ethereum main net, reducing gas fees and improving transaction speed. The Polygon network also uses a unique consensus mechanism called “Proof of Stake”, which allows for high throughput and low-latency.
One of the main use cases of Polygon is to provide a scaling solution for Ethereum-based decentralized applications (dApps) and decentralized finance (DeFi) projects. This allows dApps and projects to operate with faster and cheaper transactions without moving to a completely new blockchain.
Polygon also supports tokenization, enabling the creation and trading of non-fungible tokens (NFTs) and other digital assets. The platform’s native token is called MATIC; it is used to pay transaction fees and to participate in the network’s governance.
Overall, Polygon is a promising layer 2 scaling solution for Ethereum; it’s designed to provide faster and cheaper transactions, making it a suitable platform for building decentralized applications and services that require high performance and scalability.
How to create NFTs on Polygon?
To mint NFTs (non-fungible tokens) on the Polygon blockchain involves several steps:
Step #1. Develop the digital asset
The first step is to create the digital asset that the NFT will represent. This can be an image, video, music, or any other type of digital file.
Step #2. Create the smart contract
Next, you will need to write a smart contract that defines the rules and functions of the NFT. This contract will be deployed to the Polygon blockchain and will handle the creation, transfer, and management of the NFT.
Step #3. Deploy the smart contract
Once it is written, it must be deployed to the Polygon blockchain using a tool such as Truffle or Remix. This will require paying a fee in Polygon’s native token (MATIC) to cover the cost of gas, which is the fee for executing the smart contract on the Polygon network.
Step #4. Mint the NFT
After the smart contract is deployed, you can mint or create new NFTs by calling the appropriate function in the smart contract. This will mint a new NFT and assign it a unique token ID.
Step #5. List the NFT
Once the NFT is minted, it can be listed on a marketplace or platform that supports the trading of NFTs. You can also sell your NFT on OpenSea. Learn more about NFT marketplaces on which NFT collections can be sold.
Step #6. Transfer ownership
When the NFT is sold, the smart contract will handle the transfer of ownership and confirm the transaction on the blockchain, making the ownership transparent and verifiable.
Creating an NFT on Polygon requires some knowledge of smart contract programming and blockchain technology; consulting with a blockchain developer or expert is recommended for help. Also, similar to other layer 2 solutions, Polygon’s ecosystem is relatively new, and the availability of marketplaces and tools is still limited compared to Ethereum.
What makes Polygon unique in nature?
Polygon (previously known as Matic Network) is a unique blockchain platform for several reasons:
- Scaling solution for Ethereum: Polygon is built as a layer 2 scaling solution for Ethereum; it allows for offloading some of the workloads from the Ethereum main net, reducing gas fees and improving transaction speed. This makes it a suitable platform for building decentralized applications that require high performance and scalability.
- Proof of Stake: Polygon uses a consensus mechanism called “Proof of Stake”, which allows for high throughput and low-latency. This mechanism incentivizes token holders to validate transactions and maintain the network’s security, making it more decentralized.
- Tokenization: Polygon supports tokenization, enabling the creation and trading of non-fungible tokens (NFTs) and other digital assets.
- Decentralized Governance: Polygon’s native token, MATIC, is used to pay transaction fees and to participate in the network’s governance. This allows token holders to have a say in the direction of the network and the development of new features.
- Interoperability: Polygon has a modular architecture that allows for easy integration with other blockchain networks, enabling interoperability and a more connected decentralized ecosystem.
- Ecosystem: Polygon’s ecosystem is growing and has a developer-friendly environment, with easy-to-use developer tools and a growing ecosystem of decentralized applications (dApps) and decentralized finance (DeFi) projects.
These combined features make buying Polygon based NFTs a unique blockchain platform that provides a scaling solution for Ethereum, allowing for faster and cheaper transactions, making it a suitable platform for building decentralized applications, services and projects requiring high performance and scalability.
In a nutshell
Polygon allows for the creation of non-fungible tokens (NFTs) using the Ethereum Virtual Machine (EVM) on its sidechains. One can use the Polygon SDK to create an NFT on Polygon, which provides a set of tools and libraries to interact with the Polygon network. With the guidelines highlighted in this blog, we hope you maximize the potential of your future NFT usage. Safe Crypto-ing!