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Cardano’s NFT market surpasses Solana, Ether as ADA ecosystem explodes in growth

Published by
Nonhlanhla P Dube

Non-fungible tokens (NFTs) have found a home in Ethereum and Solana over the last year, but one NFT analyst believes Cardano will take the lead in the foreseeable future.

Cardano is targeting NFTs

Goofy Crisp, an NFT enthusiast, believes the Cardano network will become the cynosure of NFTs in the future. Cardano’s activity, he claims, has surged after only 9 months of enabling smart contract capabilities. Since then, 5.3 million tokens have been added to the blockchain, and 1017 projects are in the works.

NFTs are crucial to one-third of the projects in development, and Cardano currently ranks third in terms of NFT trading volumes. Only Solana and Ethereum have a higher transaction volume than Cardano, with user growth on the network’s largest NFT marketplace, JPG Store, doubling in a month.

Pundits anticipate that Ethereum’s Proof-of-Stake shift will be delayed and that Solana’s frequent outages will propel Cardano to the top. Other indicators of progress include new JPG Store features like characteristics and price filtering, NFT minting, and a “peer-reviewed open-source contract and new backend infrastructure.”

Technically, the Vasil hard fork is said to move the network closer to being an NFT hub. Diffusion pipelining will enhance transaction speeds, and inline datums will improve on-chain data storing capacity, resulting in a better user experience.

“We may be in the middle of a bear market but the Cardano NFT space doesn’t feel like it. There are many improvements to come, both on the blockchain and on the projects, “Goofy Crispy stated.

The NFT transaction volumes appear to be hampered by the industry’s dismal crypto values, which are a stark contrast to the highs of 2022. Cardano’s ADA is currently trading at R7,60, down 84.70 % from its all-time high of R49,11.

Cardano has a lot of support from celebrities.

Celebrities such as Snoop Dogg, Champ Medici, and Good Charlotte have partnered with some of Cardano’s NFT collections such as ClayMates, while new influencers are joining the network.

Grayscale, an institutional investor, announced a 32.33 % investment to Cardano in their Smart Contract Platform Ex-Ethereum Fund. Ledger, a crypto custody provider, also announced Cardano integration on their Ledger Live platform.

Cardano can potentially benefit from advancements in the NFT space. Analytical tools have made tremendous progress in allowing users to effortlessly browse listings and evaluate patterns. Improved Discord integrations and automated trading and sniping chrome extensions are among the new features.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Cardano NFTs
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