Second only to Ethereum, Cardano has everything it takes to become the next highlight in the NFT space.I don’t know yet if it can be developed quickly enough
Shortly after Ethereum (ETH), the big stars in the non-fungible token (NFT) segment are SolanaHowever, one of ETH’s main competitors suffered the collapse of FTX and Alameda Research, making room for another smart contract network, Cardano (ADA).
It’s important to note that Cardano’s growth in the NFT space wasn’t just after the fall of Sam Bankman-Fried’s (SBF) empire. As an example, on October 27, DappRadar report In just one month, Cardano’s non-fungible token trading volume reached $19 million.
In fact, in addition to Cardano becoming the third largest NFT protocol, its trading volume has reached a peak not seen since May 2022, to the immense joy of altcoin holders.
Why did Cardano surge like this?
Shortly after some delays, the Cardano network experienced Vasil’s hard fork in September of this year. This update directly affected the scalability of Ethereum competitors. With the launch of the smart contract platform and a higher level of scalability, it is no surprise that more and more investors will look to his NFTs in his ADA network.
Speaking about the successful growth of NFTs on Cardano, Cardano Fan staking pool member Peter Nierop argued that there are three factors that make non-fungible tokens grow with cryptocurrencies. they are:
- NFT transactions never fail.
- Cost is low.
- No wasted gas bills.
With these points highlighted, Cardano stands out from its main rivals.
At the time of writing this article, Solana has presented a completely unstable network to the market. Transactions were interrupted at usability moments, hacker attacks, or simply misconfigured nodes. Ethereum, on the other hand, does not have to comment on its high transfer costs.
In addition, Cardano has a strong community and is looking to form key partnerships for its launch, including NFT.
For example, in April 2022, NFT project Clay Nation began an official collaboration with Snoop Dogg to bring iconic clay animation, dirtfield, and music content to Cardano.
Of course, we should point out that altcoins allow you to send multiple Cardano NFTs in a single transaction. This is true even if they are from different collections.
It also has accounting integrity guaranteed by the Ledger (not smart contracts) and security validated by the Ouroboros consensus. Moreover, its monetary policy rules are 100% regulated, no surprises.
But will this make altcoins the next NFT star?
It is true that the highlighted points have contributed to improving the usability of Cardano. However, it may not be Cardano’s best statement to claim that Altcoin’s position as the leader in NFTs is enough.
The Cardano team needs to find a working point where cryptocurrency development research does not slow down development and does it quickly in the way the market demands.
Cryptocurrency investors with agile solutions and projects that take a long time to deliver will lose out to other investors who do not have such a robust network. Solana is there to show that the information is true.
Despite being a cryptocurrency with constant interruptions on the blockchain, this did not prevent Solana from standing out in the NFT segment. On the one hand, the quest for a network without obstacles meant that Cardano did not grow as fast as its rivals.
Of course, Cardano users have nothing to complain about instability, so the research done by the altcoin team should be appreciated. However, finding ways to provide the best service without taking years could be what differentiates Cardano in the world of non-fungible tokens.