Have you been in conversations about NFTs and the blockchain and just quietly nodded along while not really understanding? You're not alone, which is why we're here to explain the connection between the two.
Public blockchains act as distributed ledgers that record information, data, and transaction details that anyone can see. It is more secure due to the public record tracking ownership, which would reveal theft and other bad actors. Cryptocurrencies (such as Bitcoin and Ethereum) and NFTs live on public blockchains. As a result, NFTs are minted, listed, and sold via the blockchain, but not every blockchain supports NFTs.
The Ethereum blockchain is one of the biggest player in the NFT world and has also been working since 2021 to develop a proof of stake (PoS) blockchain. Unlike the primary proof of word (PoW) system, PoS would make blockchain transactions use less energy. This in turn would work to solve one of the biggest issues many people have with NFT and cryptocurrencies — the harmful impact the increased energy usage has on the environment.
Of course, Ethereum isn't the only blockchain that supports NFT marketplaces. That's why the Protect Protocol currently scans NFTs on nine different blockchains and will continue to add more as they become relevant. With a contract address and token ID, you can even search those specific blockchains to check for copyright infringement before purchase or for any other reason. Sign up for DeviantArt Protect in order to have your artwork scanned to check if there are similar NFTs infringing upon your work, allowing you to begin the takedown process.
Protect Protocol has already indexed hundreds of millions of NFTs to date, and that number is growing every day. The blockchains currently being scanned are: