A Sneak Peek from the Unwanted Ones NFT Collection

Why the Cardano NFT Ecosystem Will Lead the Way

By cryptoexistentialism | Cardano NFTs (CNFT) | 5 Mar 2022

At the beginning of 2022, Vitalik Buterin bluntly admitted having missed the NFT wave in a tweet. Although he could predict the DeFi revolution back in 2017, the Ethereum founder entirely overlooked what was coming. As of now, his blockchain is still a decisive leader in the multi-million dollar niche. Still, many early birds and newcomers started searching for a better alternative. Undoubtedly, one of the strong contenders in the category is Cardano.

3. Cardano Monthly On-Chain Stats for February 2022

Perhaps, many skeptics will quickly contempt Cardano’s peer-review concept of work. Besides, we’ve all heard the joke about the ghostchain. At the end of Q1 2022, there have been numerous disproving milestones. Of course, Cardano is still a dwarf compared to competitors like Ethereum, BSC (BNB), and Terra. However, there are already plenty of positive signs that this can be a great prospect, especially if you love NFTs. Here’s why:

What makes the Cardano NFT landscape unique?

Apart from the ordinary talk about the UTXO model and the Plutus/Haskell language, Cardano clearly has more to show. Perhaps, one of the things to consider before you start using the blockchain is the NFT landscape.

While it didn’t kick off right from the start, Cardano’s Goguen phase opened up new opportunities for NFT artists. The update allowed everyone to mint both fungible and non-fungible tokens with ease. Of course, that’s not the only reason why Cardano is superior to other networks in the niche. Here are the main things that make CNFT unique:

Easier minting

As already mentioned, Cardano’s third rollout phase gave everybody a chance to mint native assets. But unlike Ethereum, Cardano can directly mint NFTs on its ledger. In other words, the blockchain doesn’t have token standards that would otherwise make minting difficult. Ultimately, the network considers both fungible and non-fungible tokens as native. That way, developers can easily integrate NFTs into games, dApps, and many more.

Low minting fees

Another signature perk of Cardano is the cheap minting services. While Ethereum remains the go-to choice, IOHK’s network beats the odds in terms of fees. Of course, there’s stiff competition from the likes of Harmony and Solana.

Still, ADA’s very own blockchain is far more convenient, as artists and devs can mint in bulks without digging a hole in their pockets. If you compare it to Ethereum, developers must pay gas fees every time they create an NFT. The following may mean spending thousands of dollars in gas costs if you want to create an extensive collection.

Diverse marketplace choice

Even though it is still very young, the CNFT universe already has several NFT marketplaces. According to OpenCNFT, 12 websites offer Cardano NFT collections. From jpg.store to CNFT.io and Spacebudz.io, developers and users have more than enough options. Indeed, the wide variety allows for a healthy trading experience, which many collectors and traders value.

New use cases

Undoubtedly, the Cardano NFT ecosystem looks quite promising. But what gives Cardano the ultimate advantage is that it presents an entirely new use case to the table. So far, the chance to mint NFTs directly on the ledger has given birth to many DeFi innovators.

Perhaps, prime examples in the category are Aada Finance and VyFinance. While the latter introduces NFT staking, the former implements an entirely new bond strategy. Indeed, Aada’s primary method of operation uses NFTs as a form of agreement between the lender and borrower.

Aada Finance NFT-bond strategy

Ultimately, users can tokenize their bonds without a smart contract and with identical security as ADA. In turn, projects like Aada Finance will revolutionize the fixed income landscape. As a result, this feature will open the doors to a 128-trillion dollar market.

Friendly community

Last but not least, let’s not forget about the impact of the community on the entire ecosystem. In Cardano’s case, all projects have heavy supporters that extend to a web of small fanbases. Most of the time, users are pretty friendly and welcoming towards beginners. If you’re looking for a talk on Twitter or Discord, the ADA Street Bets deserve to be on your follow list.

Arguably, Cardano Lounge is one of the major communities that deliver thrilling community experiences. Initially, the project started as a team of four gem hunters. However, it quickly expanded into a brilliant catalyst for NFT collectors and newcomers.

What is the current value of the Cardano NFT niche?

If you’re an investor, hopping into the Cardano NFT space will likely be among your best decisions for 2022. According to data taken from DefiLlama, the largest NFT marketplace on the blockchain is jpg.store. It boasts merely about 30 million dollars of worth. The next up in the list is CNFT.io, with a volume of roughly 10 million ADA. Platforms like OpenCNFT offer users sophisticated filter systems based on floor price, volume, holders, and more. If you’re an investor looking for a quick come-up, it’s easy to see multiple Xs on most CNFT projects.

Future prospects

To conclude, the Cardano blockchain is still far from its “Ethereum killer” moniker. So far, it’s safe to say that CNFT has a long way to go to reach its potential. Luckily, we’re not far from there, as the so-called “ghostchain” is already very much alive.

Undoubtedly, the CNFT ecosystem has become one of the most promising prospects to watch out for in 2022. The myriad developers, artists, and investors have already put fantastic work on the table. In turn, many newcomers are building up anticipation to take part in the bright future of the Cardano NFT space.