A deep dive into the Cardano NFT ecosystem

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Non-fungible tokens (NFTs) are undoubtedly among the most popular aspects of blockchain technology so far this year. The concept of NFT, which started catching and grabbing the attention of major stakeholders as early as 2017, received huge mainstream media coverage in 2021, when tons of successful NFT projects were launched.

An NFT is a one-of-a-kind digital asset that can be used to represent anything from art (digital or otherwise) to music and is verifiable through data stored on a particular blockchain. Currently, the most popular form of NFT is digital art and collectibles, however, a good number of successful projects on NFTs that represent physical elements such as earth, fashion, and music have been launched. The authenticity of NFTs can be verified, allowing different key players to participate in NFT trading, on various NFT marketplaces such as OpenSea, Foundation or CNFT.IO.

The Cardano Blockchain, which is one of the most popular blockchains in existence today by volume, is considered by major stakeholders to be better and more convenient than the Bitcoin and Ethereum blockchains because it is a blockchain of third generation. It is driven by a proof-of-stake system, which makes it more scalable and efficient for transactions.

Cardano Blockchain is distinguished by its approach based on research and development by peers following a “right first time” model. This peer review model enables the successful development and launch of on-chain projects, a factor that has largely contributed to their success so far. The Cardano ecosystem uses the ADA token for buying and selling NFTs in the ecosystem. At the time of writing, 1 ADA is equivalent to 0.91 USD.

The Blockchain Cardano, which was rolled out in five thoughtful phases, only saw the rise of its NFT ecosystem in its third phase; the Goguen phase. Cardano developers have launched Plutus – a platform for the development of smart contracts and are developing a multi-currency ledger on the chain to enable the creation of fungible and non-fungible tokens on the blockchain.

These smart contracts paved the way for the development of several NFT marketplaces such as CNFT.IO, ADA NFT, jpg.store, and Genesis Auction House, among others. These NFT marketplaces facilitate transactions for the various NFT projects on Cardano in a cost-effective and scalable manner, making the chain attractive to the NFT community.

Cardano is also home to various blockchain-based games that integrate NFTs as in-game assets. Some notable games include Dracards, Drunken Dragon, and Cardano warriors.

The Cardano NFT ecosystem faces fierce competition from other blockchains and more so from Ethereum and Solana. Ethereum, which was the first blockchain to support NFTs, has been a leader in the field, emerging as an attractive option for creators, artists, and investors looking to build NFT projects. However, as construction and transactions on Cardano are cheaper and more efficient, the number of projects has steadily increased over time. For example, Ethereum only allows up to 15 transactions per second while Cardano allows up to 257 transactions per second.

Cardano, due to its research and development peers, faces a challenge, especially in the timely delivery of projects, as various decision makers are involved in the process. To limit this, the Cardano team is looking to integrate various technologies that will automate the process and set reasonable timeframes that consider community involvement.

While there have been several successful projects launched on the Cardano NFT ecosystem so far, here are some of our favorite picks.

CNFT.IO

Launched in July 2021, CNFT.IO was the first NFT marketplace built on Cardano. Since its launch, the marketplace has hosted 100,000 unique NFTs and hundreds of NFT projects. It is a leader in the field and seeks to compete with other traditional NFT marketplaces such as OpenSea and Foundation.

SpaceBudz

The SpaceBudz NFT Project is a collection of 10,000 unique NFT assets on the Cardano Blockchain. The digital art consists of different animals, robots and other mysterious characters, all with different properties that make them unique. The SpaceBudz NFT project is currently ranked #1 in terms of volume traded on CNFT.IO.

Pavia

Pavie would not miss this list as it incorporates two major concepts of blockchain technology. Pavia is a metaverse project consisting of 100,000 lands which have all been minted as NFTs on the Cardano Blockchain. This gaming project is a game-changer for the chain and seeks to place Cardano on the Metaverse space in competition with Ethereum.

ADA Ninjaz

Ada Ninjaz is an NFT collectible project consisting of 8888 unique pieces with 450 different attributes. The anime-based project is a tribute to the digital age, which represents the billions of people who have grown up being stubborn and integrating with blockchain technology. Currently, ADA Ninjaz is the top anime project on Cardano.

Besides these choices, there are many other outstanding Cardano NFT projects worth mentioning, such as Claymates, Yummi Universe, and Cardano Kidz, among others.

The Cardano NFT ecosystem is among the most promising spaces to watch in 2022 and beyond. According to data from CoinMarketCap, the value of Cardano has increased by more than 691% in 2021. This growth could be attributed to the increase in the number of Cardano users which is expected to be even greater this year.

The developers, artists, investors, and other key players on the team seem to be taking safe and calculated steps towards growing the ecosystem. Since its inception, Cardano was considered the “Ethereum killer” due to its focus and approach to scalability and interoperability. Could the Cardano NFT ecosystem be the Trojan horse? Well, we’ll have to wait and see.

Image courtesy of Pixabay

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