Could Cardano Be the Next Blockchain Leader for NFTs?

Could Cardano Be the Next Blockchain Leader for NFTs?

Sabrina Martins Vieira

Second only to Ethereum, Cardano has everything it needs to become the highlight of the NFT space; It remains to be seen if it will be able to develop quickly enough

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Right after Ethereum (ETH), the big star of non-fungible tokens (NFTs) has been Solana. However, one of ETH’s main competitors was hit by the collapse of FTX and Alameda Research, which gave way to another smart contract network, Cardano (ADA).

It’s important to realize that Cardano’s growth in the NFT arena didn’t just come after the collapse of Sam Bankman-Fried (SBF) empire. As an example, on Oct. 27, DappRadar mentioned In just one month, Cardano’s non-fungible token trading volume has reached the $19 million mark.

In fact, it was very interesting for altcoin holders, since in addition to Cardano becoming the third largest NFT protocol, the number of its transactions has reached a peak that has not been seen since May 2022.

Why did Cardano rise like this?

After a brief period of some delays, the Cardano network underwent Vasil’s hard fork in September of this year. This update worked directly on the scalability of the Ethereum competitor. With the launch of a smart contract platform and a higher level of scalability, it is only natural that more investors are looking forward to ADA Network NFTs.

Speaking about the successful growth of NFTs on Cardano, Cardano Fans Staking Pool member Peter Nierop argued that there are three factors driving the growth of non-fungible tokens with the cryptocurrency. They are:

  • NFT transactions do not fail;
  • The costs are low
  • You don’t waste your money on gas fees.

With these points highlighted, it can be said that Cardano can stand out against its major competitors.

At the time of writing this article, Solana has demonstrated to the market a completely unstable network, with transactions stopping at moments of high usability, in hacker attacks or simply in a misconfigured node. On the other hand, Ethereum needs no comment when it comes to high transfer costs.

In addition to, Cardano It has a strong community and is seeking important partnerships for its launch, including NFTs.

In April 2022, for example, the NFT project Clay Nation launched an official collaboration with Snoop Dogg to bring cool clay animations, dirt fields, and music content to Cardano.

Of course, we cannot help but point out that with an altcoin it is possible to send multiple Cardano NFTs in just one transaction. This is true even if they are from different groups.

It also has accounting integrity guaranteed by Ledger (not a smart contract) and security verified by Ouroboros consensus. Moreover, its monetary policy rules are 100% regulated, without surprises.

But will this make altcoin the next NFT star?

It is a fact that the points highlighted contribute to Cardano’s usability. However, claiming that it alone could be enough for an altcoin to establish itself as the leader of NFTs may not be the best statement from Cardano.

The Cardano team needs to find a business point where research on cryptocurrency development does not delay development and is agile in the way the market demands.

Crypto investors love agile solutions and projects that take time to deliver end up losing ground to others who don’t have such a strong network. Solana is there to prove the information is correct.

Despite it being a cryptocurrency with constant outages on its blockchain, this has not been a hindrance for Solana to stand out in the NFT sector. On the other hand, the quest for a bug-free network meant Cardano hasn’t grown as fast as its competition.

Of course, the research work done by the altcoin team should be appreciated, because Cardano users have nothing to complain about in terms of instability. But finding a way to provide the best services, without taking years to do so, may be what sets Cardano apart in the world of non-fungible tokens.

#Cardano #Blockchain #Leader #NFTs

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