Can Cardano Be Next Leading Blockchain for NFTs?




Sabrina Martins Vieira

Second only to Ethereum, Cardano has what it takes to become the next standout in the NFT arena; it remains to be seen if he will be able to develop fast enough

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Right after Ethereum (ETH), the big star of the non-fungible token (NFT) segment was Solarium. However, one of ETH’s main competitors was hit by the collapse of FTX and Alameda Research, leaving room for another smart contract network, Cardano (ADA).

It is important to note that Cardano’s growth in the NFT arena did not come only after the collapse of Sam Bankman-Fried’s (SBF) empire. As an example, on October 27, DappRadar reported that, in just one month, Cardano’s non-fungible token trading volume reached the $19 million mark.

In fact, it was an immense joy for altcoin holders as, in addition to Cardano becoming the third largest NFT protocol, its number of transactions reached a peak not seen since May 2022.

Why Cardano skyrocketed like this?

Shortly after some delays, the Cardano network underwent the Vasil 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 an increased level of scalability, it is only natural that more investors are looking to ADA network NFTs.

Speaking about the successful growth of NFTs on Cardano, Pieter Nierop, a member of the Cardano Fans Staking Pool, argued that there are three factors that make non-fungible tokens grow with the cryptocurrency. Is it so:

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

With these points highlighted, it is possible to say that Cardano can stand out against its main rivals.

At the time of writing, Solana brought to market a completely unstable network, with transactions being interrupted at times of high usability, in a hacker attack, or simply on a misconfigured node. Ethereum, on the other hand, needs no comment when it comes to high transfer fees.

Also, Cardano has a strong community and looks to form major partnerships for its releases, including NFTs.

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

Of course, we cannot fail to point out that with the altcoin, it is possible to send several Cardano NFTs in a single transaction. This is true even if they are from different collections.

It also has ledger-guaranteed accounting integrity (not a smart contract) and Ouroboros consensus-validated security. Also, its monetary policy rules are 100% regulated, no surprises.

But will this make the altcoin the next NFT star?

It is a fact that highlights contribute to increasing the usability of Cardano. However, claiming that that alone may be enough for the altcoin to establish itself as the leader of NFTs may not be Cardano’s best statement.

The Cardano team needs to find a working point where research for cryptocurrency development does not lag development and is fast in the way the market demands.

Investors in cryptocurrency like agile solutions and projects that are slow to deliver end up losing ground to others that do not have as robust a network. Solana is there to prove that the information is true.

Despite being a cryptocurrency with constant interruptions in its blockchain, this did not turn out to be an impediment for Solana to stand out in the NFT segment. On the other hand, the search for a flawless network meant that Cardano did not grow as fast as its rival.

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