NFTs, or non-fungible tokens, have upended the traditional world of investments. Non-interchangeable and unique forms of data like NFTs can be anything from a tweet, a poem, a meme, a song, a logo to a digital piece of art.
The bottom line: If you own an NFT of something, you are the owner of its purely original form. But how do you go about buying NFTs, and can you start investing in them with Ethereum Classic? Here’s what you need to know.
What is Ethereum?
NFTs are supported by blockchains, which is a system of recording information that acts as a ledger of digital transactions.
Most NFTs are stored on the Ethereum blockchain, a platform that powers blockchain technology and implements its own form of currency, usually called Ethereum or ETH.
Ethereum is a highly valuable form of cryptocurrency, second only to Bitcoin in market value in 2022. The blockchain that powers Ethereum ensures that highly secure digital ledgers can be maintained and created publicly.
New blocks on the Ethereum chain are created every day as new transactions using Ethereum are processed, and new Ether coins are minted.
What is Ethereum Classic?
Created in 2015, Ethereum Classic is the result of a hack of the blockchain Ethereum network. Ethereum Classic is the original blockchain, while Ethereum is now considered the new blockchain.
Ethereum Classic is still a cryptocurrency platform that is blockchain-based, runs smart contacts, and is decentralized and open-source, plus it implements smart contracts. Smart contacts are digital applications that are self-executing, capable of running on their own as they are programmed.
The contracts in Ethereum Classic can be enforced without involvement from a third party, like an attorney.
The Hack That Made the Split
In June 2016, we witnessed the infamous hack where $55 million in funds were stolen from the Ethereum blockchain. The solution was to split the Ethereum network to make it secure again and return the stolen money to the original owners, dictated by the ledger recorded before the massive hack.
Now the two versions of Ethereum run simultaneously. Ethereum uses ETH or ether as its form of currency, while Ethereum Classic, the older version, uses the ETC cryptocurrency.
Can You Buy an NFT With Ethereum Classic?
Ethereum remains the primary blockchain to both buy NFTs and mine them. Will this last forever? Nobody knows, but there is a strong push to find blockchains with little to no minting costs. Minting an NFT can be an expensive endeavor and can hold creators back from creating their NFTs. How much does it cost to mint an NFT? We explain the costs and show a real-world example in this article.
Yet, some developers are choosing to launch NFTs on Ethereum Classic, according to capital.com.
In fact, one of the first NFT launches on Ethereum Classic was a new version of Crypto Punks (not developed by Larva Labs), which sold out. We are talking 10,000, just like the original Crypto Punks that were minted on Ethereum.
So, to answer the question on whether or not you can buy an NFT on Ethereum Classic, the answer is, Yes.
Personally, I have minted two digital art pieces on Ethereum and have them listed on Rarible and Foundation. Perhaps in the future, I’ll try to use Classic.
Where We Are We at with ETH and ETC?
Initially, exchanges and minors supported both of the blockchains, allowing the old-school Ethereum Classic network to continue with its own native coin.
The Ethereum blockchain continues to evolve through updates that created Ethereum 2.0, which includes a shift in algorithms from proof-of-work to proof-of-stake mining.
While there is no similar official development team devoted to Ethereum Classic, several individual groups are however creating updates to the open0-source code, which may allow Ethereum Classic to convert to proof-of-stake mining.
Such updates and upgrades may attract more users and NFT miners to Ethereum Classic, especially those who preferred the original Ethereum version. Network security enhancements to Ethereum Classic progressed in 2021, including several different hard forks on the blockchain.
These changes have led to optimistic predictions for the future price of Ethereum Classic — and a possible new popular way to buy NFTs securely.
How to Get Involved?
NFTs are not going anywhere. It’s time to jump in and learn how you can buy, mint, and collect them. The cool thing is that it is not at all that difficult. We have put together numerous easy-to-use guides and articles to get you started. Some of our most popular and useful posts are:
- How To Sell NFTs Without Gas Fees (or less) | Complete Guide
- How Much Should You Sell Your NFT Art For? Pricing Guide
- How Much Does It Cost To Burn & Destroy An NFT? (Complete Guide)
- How Much Does It Cost to Create an NFT? A Simple Answer