Is Cardano The Next Leading NFT Blockchain

Right after Ethereum (ETH), the main star of the non-fungible token (NFTs) market was Solana. However, the demise of FTX and Alameda Research, two of ETH’s key rivals, has opened the door for Cardano, another smart contracts network (ADA). It is vital to be aware that Cardano’s expansion in the NFT arena did not merely occur after the fall of Sam Bankman-(SBF) Fried’s empire. As an example, on Oct. 27, DappRadar revealed that, in only one month, Cardano’s non-fungible token trading volume topped the $19 million level. With Cardano’s transaction volume hitting a record high not seen since May of 2022, altcoin investors were ecstatic. Cardano is now the third-largest NFT platform. For what reason did Cardano’s price suddenly surge? Shortly after significant delays, the Cardano network suffered the Vasil hard fork in September this year. The scalability of Ethereum’s main opponent received direct attention in this upgrade. Increased interest in the ADA network’s NFTs is to be expected now that a smart contract platform has been released and the network’s capacity to grow has increased.

Speaking on the successful growth of NFTs on Cardano, Pieter Nierop, a Cardano Fans Staking Pool member, claimed that there are three characteristics that drive non-fungible tokens to expand with the coin. These advantages include the fact that your NFT transactions will always be processed successfully, that your expenses will be reasonable, and that you won’t have to spend any unnecessary cash on unnecessary things like gas.

With these advantages emphasized, Cardano may be set apart from its primary competitors. As of this writing, Solana had shown the market a wholly unstable network, with transactions being halted during peak use due to either a hacker attack or a misconfigured node. Ethereum, on the other hand, needs no mention when it comes to exorbitant transfer charges. In addition, Cardano has a robust community and intends to develop major collaborations for upcoming launches, including NFTs. In April 2022, for example, the NFT project Clay Nation formed a formal partnership with Snoop Dogg to offer renowned clay animations, dirt fields, and music content to Cardano. Of course, we cannot omit to remind you that with the altcoin, it is possible to send many Cardano NFTs in only one transaction. This is true even if they are from separate collections. It also features accounting integrity assured by Ledger (not a smart contract) and security certified by the Ouroboros consensus.

Furthermore, its monetary policy rules are 100% regulated, with no surprises. But will this make the altcoin the next NFT star? It is a truth that the highlighted elements contribute to an increase in Cardano’s usability. However, asserting that just it can be enough for the altcoin to establish itself as the leader of the NFTs may not be the wisest stance by Cardano. Cardano’s team wants to identify a working point at which research for cryptocurrency development does not hinder development and is rapid in the way that the market demands.

Cryptocurrency investors favor agile solutions and projects that take longer to complete their deliveries wind up losing position to those that do not have such a sturdy network. Solana is there to indicate that the information is real. Despite being a cryptocurrency with regular disruptions on its blockchain, this did not seem to be a hurdle for Solana to stand out in the NFT category. On the other side, the search for a fault-free network meant that Cardano did not develop as fast as its rival. Of course, the research effort done by the cryptocurrency team should be valued, as Cardano users have nothing to complain about in terms of instabilities but finding a means to give the finest services, without needing years to do so, could be what differentiates Cardano in the realm of non-fungible tokens.

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