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Could Cardano be the next leading blockchain for NFTs?

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Sabrina Martins Vieira

Second only to Ethereum, Cardano has everything it needs to become the next high point in the NFT space; It remains to be seen if it will grow fast enough

Content

  • Why did Cardano jump like that?
  • But will this make altcoins the next NFT star?

Right after Ethereum (ETH), Solana was the big star of the non-fungible tokens (NFTs) segment. 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’s important to note that Cardano’s growth in the NFT space didn’t come just after the collapse of the Sam Bankman-Fried (SBF) empire. For example, on October 27, DappRadar reported that Cardano’s non-fungible token trading volume reached $19 million in just one month.

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

Why did Cardano jump like that?

Shortly after some delay, the Cardano network suffered the Vasyl hardfork in September of this year. This update directly affects the scalability of the Ethereum competitor. With the launch of a smart contract platform and a high degree of scalability, it makes sense that more investors will look to the NFTs of the ADA network.

Speaking about the successful development of NFTs on Cardano, Peter Nierop, a member of the Cardano Fans staking pool, argued that there are three factors leading to the emergence of non-fungible tokens alongside the cryptocurrency. they are:

  • NFT transactions do not fail;
  • the cost is low;
  • Don’t waste your money on gas costs.
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With these points emphasized, it is possible to say that Cardano can stand out from its main rivals.

At the time of writing this article, Solana was showing the market a completely unstable network, where transactions were disrupted at times of high utility, attacked by hackers or simply by the wrong node. On the other hand, Ethereum needs no comment when it comes to high transfer fees.

In addition, Cardano has a strong community and is looking for key partnerships leading up to launch, including NFTs.

For example, in April 2022, NFT project Clay Nation launched an official partnership with Snoop Dogg to bring iconic clay animations, dirt balls, and music content to Cardano.

Of course, we can’t help but point out that with altcoins it is possible to send multiple Cardano NFTs in just one transaction. This is true even if they come from different collections.

It also has ledger-guaranteed accounting integrity (no smart contracts) and security validated by Ouroboros consensus. Moreover, the monetary policy rules are 100% regulated with no surprises.

But will this make altcoins the next NFT star?

It is a fact that the highlighted points contribute to increasing the usability of Cardano. Claiming that this alone could be enough for the altcoin to establish itself as the leader among NFTs may not be the best explanation for Cardano.

Cardano’s team needed to find a working point where cryptocurrency development research doesn’t slow down development and accelerates the market.

Crypto investors prefer nimble solutions and projects that take time to deliver and lose ground to others who don’t have such a strong network. Solana is there to show that the information is true.

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Despite being a cryptocurrency with frequent halvings on its blockchain, this has not proven to be a deterrent for Solana to stand out in the NFT segment. On the other hand, the quest for a flawless network meant that Cardano did not grow as fast as its rival.

Of course, the research work of the altcoin team should receive due attention, as Cardano users have nothing to complain about when it comes to volatility. But finding a way to provide the best services, without taking years to do so, could set Cardano apart in the world of non-fungible tokens.

Source: news.google.com

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