Why Cardano NFT Will Eventually Dominate The NFT Space?
Why Cardano NFT Will Eventually Dominate The NFT Space? NFT enthusiast Goofy Crisp believes that the Cardano network will one day dominate the NFT market. After activating smart contract capabilities just nine months ago, he claims that Cardano’s activity...
NFT enthusiast Goofy Crisp believes that the Cardano network will one day dominate the NFT market. After activating smart contract capabilities just nine months ago, he claims that Cardano’s activity has skyrocketed. Since then, 1017 projects are under development, and 5.3 million tokens are now active on the blockchain.
NFTs are the focus of a third of the projects currently under development, and Cardano currently ranks third in terms of NFT trade volumes. The largest NFT marketplace on the network, JPG Store, had a spike in user growth of 50% in only one month, surpassing only Solana and Ethereum in terms of transaction volume.
Due to Solana’s numerous failures and analysts’ predictions that Ethereum’s Proof-of-Stake transition may be postponed, Cardano may surpass Ethereum in popularity. New JPG Store features including characteristics and price filtering, NFT minting, and a “peer-reviewed open-source contract and new backend infrastructure” are other indicators of progress.
Technically, the network is said to go one step closer to becoming an NFT hub with the Vasil hard fork. Diffusion pipelining will speed up transactions, while inline datums will enhance the ability to store data on-chain for 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,” wrote Goofy Crispy. “I think it’s safe to say the next few months will be very interesting, buckle up.”
While other influencers are setting up shop in the network, celebrities including Snoop Dogg, Champ Medici, and Good Charlotte have partnered with some of Cardano’s NFT collections like ClayMates.
On the institutional front, Grayscale said that 32.33% of their Smart Contract Platform Ex-Ethereum Fund will be allocated to Cardano. A cryptocurrency custody company named Ledger also announced that Cardano has been integrated on their Ledger Live platform.
The advancements made in the NFT market can also benefit Cardano. The development of analytical tools has allowed users to examine trends and explore listings with ease. Improved Discord integrations and Chrome extensions for automated trade and sniping are more enhancements.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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