Wondering what the Polygon NFT is and how the Polygon Bridge can be used? Read on!
Introduction
The onset of blockchain technology has ushered in many investment options yielding great returns. Providing a platform for creators and developers to thrive, the applications of blockchain are insurmountable. Crypto assets and NFTs (Non-Fungible Tokens) are use cases of blockchain technology that function in a decentralised environment. Decentralisation helps lower costs and increase transparency, contributing to the rising popularity of crypto assets and NFTs.
NFTs are non-fungible tokens that derive their value based on how rare and unique they are. Most NFTs are attached to a smart contract created on the blockchain. The platforms that facilitate the buying and selling of NFTs are most often created on the Ethereum blockchain and can be traded using any kind of crypto asset through linked crypto-wallets. To tackle the high fees needed to mint the NFTs, new NFT platforms like Polygon have now entered the fray.
What is Polygon’s NFT network: an overview?
Polygon, previously called Matic Network, is a layer 2 blockchain that exists on top of the layer 1 blockchain – Ethereum. This enables the minting of NFTs to take place outside the Ethereum network, avoiding the high gas fees.
The layer-1 blockchains often face the problem of over congestion of transactions in the network. Unable to handle too many transactions, the speed of processing each transaction reduces, and the fees charged to facilitate a faster transaction become extremely high. Layer-2 blockchains solve the issue of scalability, tackling more transactions at lesser prices as well as reducing the burden on the layer-1 blockchains.
As a layer-2 blockchain, Polygon provides faster transactions at lesser speeds. The next challenge was the need for sharing tokens between different networks, which led to the creation of bridges for asset transfers. The Polygon Bridge enabled the interoperability between the Polygon and Ethereum Blockchain.
What is the Polygon Bridge?
The unique features of Polygon also extend to Polygon Bridge which allows users to swiftly convert their other crypto assets to Ethereum. By doing so, users get access to a wide range of decentralised apps that can only be accessed through Ethereum.
Polygon Bridge is a cross-chain bridge between Polygon and Ethereum in order to enable transactions between the networks. Users can transfer ERC tokens and NFTs to the two-way bridge using smart contracts.
Using the dual consensus architecture that uses Plasma bridge and Proof-of-stake bridge, a trustless channel (the core of decentralisation) is created.
How can the Polygon Bridge be used?
A token’s supply in circulation does not change when it passes through the Polygon Bridge. Tokens leaving the Ethereum network are locked and minted as Polygon tokens in a 1:1 ratio. Once the tokens move back into the Ethereum network, they are unlocked, and the Polygon tokens are burned.
How to use the PoS Bridge
Here are the ways:
Connect your crypto wallet like Matamask on the Polygon Web Wallet and authorise it with your sign
This will lead you to the Polygon Bridge interface, where you can choose to deposit a token of your choice. The PoS Bridge supports MATIC, ETH, ERC20, ERC721, ERC1155 and other tokens.
The important notes will cover the tentative time it will take to process the transaction and the gas fee.
To transfer the tokens back, you can click on withdraw and follow the same process. You will receive the tokens back after a certain amount of time, as mentioned in the notes.
Once the transaction is validated, you can claim the tokens to your crypto-wallet.
How to use the Plasma Bridge
If you choose to buy MATIC and wish to transfer it to ETH, ERC20, or ERC721 tokens, you can also use the Plasma Bridge. Furthermore:
Once your Metamask wallet is connected to the Polygon wallet, click on ‘Switch to Polygon’
Your Metamask extension’s popup will show the Polygon network’s details. Once approved, you can switch from Ethereum’s Mainnet to the Polygon Network. You will also see your MATIC tokens.
Now, you can go back to Polygon Bridge and click on withdraw. Follow the same steps as before.
On the Plasma bridge, there are 3 transactions that need to be validated. The first is to withdraw from the Polygon Wallet. The second is to start a challenge period of 7 days, during which anyone can challenge the transaction on Matic. This challenge period is meant to provide additional security. Once that is complete, you can finally send the MATIC to the Metamask wallet.
While PoS Bridge is a much faster way of processing transactions, the Plasma Bridge offers premium security. Why should users opt for this conversion method to mint NFTs on the Polygon Network?
3 reasons why you should mint NFTs on the Polygon Network
One of the biggest challenges faced on the NFT platforms is the high gas fees needed to mint the NFTs. The predominant token for minting NFTs is Ethereum tokens. The Polygon NFT platforms target this and enter the market at a time when most popular platforms are extremely cluttered with all sorts of NFTs. Here are 3 reasons you should mind NFT from the Polygon Network.
Lower Gas Fee when compared to Ethereum.
Transactions are finalised faster on the Polygon Blockchain
NFT Projects built on Polygon Matic Network are swiftly gaining popularity and seeing a rapid increase in volume as well.
Parting Thoughts
As a layer-2 blockchain, whether Polygon will be able to maintain the benefits it offers is something to pay attention to. Polygon has been extremely active with its widespread projects in the crypto ecosystem. Stay tuned to ZebPay to learn more about the latest updates around the Polygon Network and the crypto world!
Disclaimer:Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.
NFTs on Polygon work similarly to projects on other blockchains. Users get to mint and list projects such as artworks, photos, music etc., on polygon-compatible NFT marketplaces and connect with buyers to trade. Now that AirNFTs incorporates the polygon blockchain, users can mint directly on the network using AirNFTs.
Click “Sign” and you will be directed to their bridging portal to transfer your assets from Ethereum Mainnet to Polygon. Simply select which tokens you want to send, and click “Transfer”. It should take about 7-8 minutes to deposit your funds.
Although the OpenSea NFT marketplace runs on the Ethereum blockchain, it allows users to buy, sell or trade NFTs from various other blockchain platforms, namely Solana, Klaytn and Polygon.
First, to use the Polygon network to purchase NFTs, you will need MATIC tokens in your wallet. You will also need some Ether (ETH) in your wallet, as this will be required to buy Polygon NFTs in certain marketplaces. To get these assets to your Polygon wallet, you must “bridge” them into the ecosystem.
The Strategy. Find projects that are going to launch on Polygon and OpenSea. Research those projects and try to see what the sentiment for them is. Buy in on launch day (with multiple NFTs) Relist NFTs.
First, to use the Polygon network to purchase NFTs, you will need MATIC tokens in your wallet. You will also need some Ether (ETH) in your wallet, as this will be required to buy Polygon NFTs in certain marketplaces. To get these assets to your Polygon wallet, you must “bridge” them into the ecosystem.
Polygon is a Layer 2 blockchain that aims to help Ethereum with its scalability. By acting as a Layer 2 protocol, Polygon doesn't aim to duplicate Ethereum's functionality. Instead, it helps improve transaction speeds and lower costs for developers.
It acts as a speedy parallel blockchain running alongside the main Ethereum blockchain. To use it, you can “bridge” some of your crypto over to Polygon, and then interact with a wide range of popular crypto apps that were once exclusive to the main Ethereum blockchain.
A creator can mint NFTs on Polygon through the OpenSea marketplace and sell them with the ETH cryptocurrency. The platform will charge a 2.5% service fee, deducted from the NFT selling price.
Polygon blockchain allows users to mint NFTs for free. Polygon enables the creators to mint and lists the NFTs for free. It is known as lazy minting. Lazy minting allows you to create NFTs 'off-chain' (not within the main blockchain) and pay you the fees only when the NFT is sold.
The bridging process from Ethereum to Polygon takes a few minutes. Once it's complete, you'll see your bridged ETH on Polygon (PoS) in your wallet. For additional confirmation of your bridged funds, you can search for your wallet address on Polygonscan and check the tab for ERC-20 Token Transfers.
Users will incur Polygon bridge fees, though they're a lot lower than if you would use the Mainnet. You can transfer almost anything to Polygon. Most will use it to lock in their ETH. Some will transfer NFTs.
Bridging means users can move their tokens between blockchain networks quickly and cost-effectively. The Polygon Bridge is used for cross-chain transactions between the Polygon (MATIC) and Ethereum (ETH) blockchains. It allows users to transfer ERC tokens and NFTs to the Polygon sidechain through smart contracts.
Solana is one of the blockchains that can cater to the creation of 10,000 NFTs. While the platform previously charged only 0.21 cents per NFT, its current fee to mint a single NFT stands at $2.16. At this rate, the cost of minting 10,000 NFT will be over $21,000.
The direct and effective method of making money with NFTs is to create and sell them. Yes, you can create and sell anything digital such as arts, images, videos, memes, properties, etc., as NFTs. If you have a notch to creativity, you can monetize all your creations by selling them as NFT.
Minting your own non-fungible tokens (NFTs) on Polygon has just gotten a whole lot easier. The Polygon team released a redesigned version of its NFT Minter that lets anyone create NFTs with custom utilities and pay zero gas fees doing it.
Open up your Coinbase Wallet mobile app. Navigate to Settings, select Active Networks, and then Polygon network from the list. Once you enable “Polygon”, you will conduct transactions and access DApps on the Polygon network. (Don't see Polygon?
You should see your Polygon (PoS) wallet dashboard and all current tokens bridged to Polygon (PoS). Locate the Ether (PoS-WETH) token and click Withdraw.In the pop-up window, enter your desired withdrawal amount and click Transfer. You'll have to click Continue on three pop-up windows.
There are two ways to bridge from Polygon to Ethereum mainnet, either through the Plasma Bridge — which takes 7 days to withdraw; or the PoS Bridge — which takes 3 hours to withdraw. Select the token to bridge, in this case, we have selected USDC.
The Polygon platform operates using the Ethereum blockchain and connects Ethereum-based projects. Using the Polygon platform can increase the flexibility, scalability, and sovereignty of a blockchain project while still affording the security, interoperability, and structural benefits of the Ethereum blockchain.
Polygon's versatility is critical for developers who want to create fully interoperable dApps that take advantage of the benefits of numerous linked blockchains.
A polygon is a flat two-dimensional shape with straight sides that are fully closed. The sides must be straight, not curved. However, polygons can have any number of sides.
A Polygon wallet allows users to send and receive crypto assets, stake MATIC on the Polygon network to earn interest and access the Polygon bridge to deposit and withdraw between blockchains.
Do I need to pay gas for my transaction? Yes, always. To transact on the Polygon network, you are charged a fee, which is paid out to a miner who processes and validates the transaction. It is important to note that not all transactions will cost the same amount of gas.
Which Marketplace Has No Gas Fees? You can list an NFT for sale without paying any fees (even if you have 0 eths in your wallet ) if you use Mintable Marketplace or Use the Polygon Network on Opensea. At the time of writing this post, Opensea is the largest and most popular marketplace for NFT artworks.
The fees come in many forms, but the most common complaints are about gas fees, the term for transaction fees on the Ethereum network. The high fees are in part a symptom of success: The more people who use the Ethereum network's limited capacity, the more it costs to push a transaction through.
Polygon (CRYPTO:MATIC) is a popular Ethereum network sidechain, and some marketplaces such as OpenSea support NFT sales using it. A key feature of Polygon is that it has no NFT gas fees. This makes it an ideal solution for digital creators looking to save on the cost of minting and selling NFTs.
NFTs are digital certificates of ownership that live on the blockchain. When you mint an NFT, you publish it on the blockchain so it can be bought or sold. The NFT market grew dramatically in 2021 but shrunk last year.
How much do NFTs sell for? The average price of an NFT can vary anywhere from $100 to $1,400, depending on its scarcity, utility, and popularity. Additionally, fluctuations in the value of the underlying cryptocurrency may impact a non-fungible token's price.
Polygon is the best blockchain to launch an NFT project with high-frequency and low-value transactions. On the other hand, ETH is the best blockchain NFT project with low frequency and high-value transactions.
To do so, click on the ”Deploy” tab just below ”Solidity Compiler”. Then, select ”Injected Web3”, the right contract, and click on ”Deploy”. Once deployed, you'll receive a contract address that you can utilize to view the NFTs on the testnet version of OpenSea. That's it for this tutorial on how to mint 10,000 NFTs!
The integration of Polygon with OpenSea offers users with a seamless purchasing and minting experience. Partly due to Polygon's low transaction fees, OpenSea is able to pay for all gas costs making transactions free for users. Gas fees are only required when transferring ETH funds to the Polygon network.
More excitingly, OpenSea has recently announced that it is going to introduce an NFT marketplace on Polygon that would be free from any Gas Fee. So, if you have a huge collection of NFTs and plan to sell them to a niche audience, Polygon is the best choice as it charges minimal or almost no gas fee.
The Proof of Stake Bridge takes around 45 minutes to 3 hours for withdrawal or bridging tokens from Polygon to Ethereum. On the other hand, the Plasma Bridge could take around 7 days to complete the withdrawal. Here are the steps for transferring tokens to Ethereum from Polygon through the Proof of Stake Bridge.
The best ways to lower gas fees on transactions is to bridge your assets from networks like Ethereum and pay your bills with tokens on the Polygon network. Bridging is fast and easy, and will let you easily migrate your assets from one network to another without having to swap assets.
In 2021, when the price of Bitcoin and several cryptocurrencies experienced a decline, Polygon was able to try to maintain its position. Even Polygon had experienced a price increase during a bear market in 2022. This condition certainly makes traders and investors start to look at this crypto.
The sides must be straight. Polygons may have any number of sides. A shape with curved sides is not a polygon. A shape that is not fully closed is not a polygon.
A crypto bridge is a protocol that enables two or more blockchains to work and share data with each other. It connects blockchains so users on one network can participate in the activities of another. This allows crypto users to utilize their holdings outside native chains.
Polygon used to be known as MATIC network in the past. It is a framework and a protocol that allows you to build and connect blockchain networks that are Ethereum-compatible. It can allow alt chain scalability and adaptability of every alt chain while bringing the liquidity and security of Ethereum.
The Polygon platform, powered by the MATIC token, was launched to connect and grow Ethereum-compatible projects and blockchains. MATIC tokens are used to govern and secure the Polygon network and pay transaction fees.
Polygon believes in Web3 for all. Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security. Join the Community. Polygon Loves Creators - 2022.
Polygon has its own cryptocurrency, called MATIC, which is used to pay fees on the Polygon network, for staking, and for governance (which means that MATIC holders get to vote on changes to Polygon).
To withdraw funds, click on the Withdraw link from any of the Plasma token type on Your tokens on Polygon Mainnet section. You will be redirected to the bridge page where you need to enter the Withdraw Amount. Once you have added the amount that you want to withdraw, you can then click on the Transfer button.
Despite Polygon's significantly lower transaction costs and higher throughput, Ethereum still boasts a higher total value locked (TVL) market cap. For NFT buyers and sellers, it's significantly cheaper to mint, sell and buy NFTs on Polygon OpenSea than on Ethereum OpenSea.
Polygon is a decentralised scaling solution that uses Ethereum blockchain networks. It tackles a number of problems faced by the Ethereum network using a parallel blockchain (sidechain) that facilitates faster and cheaper transactions. This allows developers to create secure, user-friendly and scalable DApps.
How much does it cost to mine an NFT? The gas price, which is the fee that you pay to the blockchain, plays an important role in creating NFTs. Your cost to mint NFT can be as low as $0.01, or as high as thousands . The average cost of minting NFT is $500.
It is actually a trustless, two-way, cross-chain transaction channel for facilitating communication between two networks. The work of the bridge on Polygon Network helps users in transferring NFTs and ERC tokens to the Polygon side chain by leveraging smart contracts.
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