- 40% of all the applications are NFT related
- ADA Price at the time of writing – $0.4225
- Cardano NFTs are special because of their Low and deterministic fees
Cardano-powered NFTs received high praise from a prominent crypto analyst on Friday, October 7. Justin Williams, Vice President of NFT Development at Hit Network, which is described as a conglomerate of creators that drives client vision through entertainment and education around the pillars of entrepreneurship, crypto, gaming, music, and sports, made a statement regarding Cardano-based NFTs on June 14, 2022.
In an interview with Yahoo Finance on June 9, 2022, Charles Hoskinson, Co-Founder, and CEO of IO Global discussed the Cardano NFT market as follows: The NFT industry is a surprising area of Cardano’s expansion.NFT accounts for approximately $270 million in monthly NFT volume, or 40% of all applications deployed.
So, $3 billion annually, and there is a lot of amazing work in the metaverse, like Cornucopias and others. It’s amazing how quickly it has grown in the last year. So here are 3 reasons why Cardano NFTs are special and important to you.
No need to use smart contracts
to mint NFTs. Because it is a fundamental feature of the Cardano blockchain, creating cryptocurrencies like NFTs does not require the use of a smart contract. During a token’s lifetime, this makes it less likely that NFT minting errors and bugs will occur.
Because the extended-UTxO (eUTXO) model of the Cardano blockchain makes it possible to natively transfer custom assets alongside ADA itself in the same transactions, it is referred to as a multi-asset network. The Cardano tokens are a component of the Cardano blockchain.
The majority of people envision a cryptocurrency transaction as the transfer of a single cryptocurrency or token from the address of Wallet A to that of Wallet B.
You must initiate a new transaction each time you wish to move a token, which can only be sent to a single address.
The eUTXO accounting model, on the other hand, is used by Cardano, which gives the network unique advantages like batch transactions. Cardano transactions can combine multiple token transfers to multiple wallet addresses into a single one.
As a result, the owner of an NFT collection can quickly distribute the NFTs to a large number of people for a low transaction fee.
Metadata as part of the transaction
In Cardano, the minting transaction includes the metadata that helps authenticate an NFT.
Independent of the blockchain entry, this metadata is a textual description of the token’s attributes.
This metadata is used by Cardano NFT marketplaces to display information about the NFTs on their websites. As a result, the Cardano blockchain’s information and the NFT asset are linked indefinitely.
Because everyone has access to the same data, Cardano NFTs are easier to validate and protect. Third-party storage solutions that are prone to erasing, altering, or even mislabeling an NFT’s metadata should not be trusted.