*Disclaimer: Cryptocurrency investment is subject to high market risk. The statements made in this article are for educational purposes only and should not be considered financial advice (NFA) or an investment recommendation. Always DYOR. Never invest more than you can lose — you alone are responsible for your investment.
Cardano, the proof-of-stake platform founded in September 2017 by Ethereum co-founder Charles Hoskinson, has made significant strides in the world of blockchain.
In September 2021, Cardano introduced support for smart contracts, a pivotal move that opened the doors to decentralised finance (DeFi) and non-fungible token (NFT) applications.
The integration of smart contracts on Cardano laid the groundwork for NFT marketplaces like Jpg.store
These platforms have revolutionized the NFT landscape by offering a cost-effective and scalable environment for NFT creators and traders.
Cardano NFTs, commonly known as CNFTs, have brought a fresh wave of innovation to the world of digital assets.
CNFTs are unique digital assets minted on the Cardano blockchain. Like their counterparts on other platforms, each CNFT is distinct, possessing its own attributes and metadata that make it completely unique from any other token.
The journey of Cardano’s NFTs traces back to notable milestones in the blockchain’s history.
One of the earliest landmarks occurred on March 1st, 2021, when the first 100 Berry NFTs on Cardano were minted and later airdropped to addresses staking at BerryPool.
Berry NFT by berrypool.io
These 100 NFTs hold a special place in the Cardano ecosystem as the pioneers, introducing the world to Cardano’s NFT potential. Their exclusivity is evident in their current floor price, standing at a remarkable 46,000 ADA, with the highest recorded sale at 85,000 ADA on June 1st, 2022.
Another significant player in Cardano’s NFT space is SpaceBudz, which emerged in March 2021 on the Cardano blockchain.
SpaceBudz by Alessandro
Founded by Zieg and Alessandro, SpaceBudz introduced the concept of 10,000 profile picture NFTs on Cardano, setting the stage for broader NFT adoption. As of now, the floor price for SpaceBudz NFTs stands at 1,849 ADA, with the highest sale reaching an impressive 500,000 ADA.
Notably, both of these groundbreaking projects were spearheaded by the same developer, Alessandro Konrad.
Interview with Charles Hoskinson and Alessandro Konrad on SpaceBudz
The popularity of ADA NFTs isn’t a mere trend; it’s a testament to Cardano’s growing influence in the NFT landscape.
Recent reports, including a comprehensive analysis by StockTwits, shed light on why Cardano NFTs have been steadily gaining ground, particularly in comparison to its competitor, Solana.
StockTwits’ latest report highlights a significant trend in the world of NFTs, indicating that Cardano NFT floor prices continue to surge.
What’s even more compelling is the comparison drawn with Solana, a formidable competitor. Notably, at one point, the Solana Floor Price (FP) index was 102% higher than Cardano’s.
However, the tides have turned, and the Cardano FP index now stands 41% higher than Solana’s.
Another intriguing insight from StockTwits reveals that Cardano stands as the only blockchain with projects that have witnessed a steady increase in value over the past 30 days.
Nonetheless, when it comes to trading volume, Solana still maintains an edge over Cardano, boasting a trading volume of 1,000,000 USD, while Cardano registers at 180,000 USD as of 25th October 2023.
source: Stocktwits NFT
The surge in Cardano NFTs can be attributed to a maturing NFT space where investors prioritize utility and projects that demonstrate the potential to fulfill their promises and more.
In this landscape, several projects stand out for their diverse contributions to the crypto space (NFA):
Focusing on DeFi, The Ape Society presents a token and NFT lending protocol, catering to the growing decentralised finance market.
Each tappy acts as an access pass to TapTools Pro, DeFi, NFTs and wallet tracking platform
Fun-focused digital collectibles project.
They dive into the world of crypto mining rigs, and exposes the masses to diversified cryptocurrency mining in a fun, gamified way.
With a unique niche in the market, Book.io caters to literature enthusiasts, bringing books into the NFT ecosystem.
EarthNode’s NFTs represent ownership of a significant concept – the brain powering the Sharing Economy of World Mobile. This initiative seeks to create the world’s first mobile network owned by the people and built on blockchain technology.
Another player in the DeFi sector, JellyCubes adds depth to Cardano’s NFT landscape, offering a alpha group, helping holders navigate crypto.
This project delves into the realms of anime, lore, and fashion, diversifying the types of NFTs available on Cardano.
When it comes to acquiring Cardano NFTs, there are multiple avenues available for enthusiasts. The Cardano ecosystem offers a variety of methods for NFT acquisition, ensuring accessibility and flexibility.
These marketplaces offer a diverse range of NFT collections, allowing users to explore and engage with the NFT world.
Minting During NFT Collection Launches and Drops
NFT collection launches and drops present a thrilling opportunity to mint Cardano NFTs. During these events, users can create and secure NFTs, often with distinct characteristics and themes. Minting during launches and drops can be an exciting way to own unique NFTs.
Earning NFTs as Rewards
In the Cardano ecosystem, users can also earn NFTs as rewards. Whether through participation in community activities, staking, or other engagement, earning NFTs has become a popular method of acquiring these digital assets.
Native Wallet Compatibility
To engage in buying and selling Cardano NFTs, a vital component is a native wallet compatible with ADA NFT marketplaces and websites.
Users can choose from a selection of compatible wallets.
These wallets provide the necessary infrastructure to seamlessly navigate the world of Cardano NFTs.
At the moment, there are no NFT drops on Cardano this month. As soon as new ones are being launched, we will update here with everything you need to know.
While NFTs have been a prominent part of the crypto landscape for nearly three years, Cardano’s journey with NFTs is just beginning.
What started as a promising venture has now evolved into a thriving ecosystem, driven by the enthusiasm of creators, collectors, and investors. But NFTs are just one facet of Cardano’s story.
Cardano’s decentralised finance (DeFi) scene is also growing. New protocols are emerging, and innovative projects are rapidly taking shape. The big question that looms on the horizon is whether Cardano can bridge the gap and potentially challenge Ethereum’s long-standing dominance.
As Cardano’s ecosystem continues to grow and diversify, it’s a question that may find an answer sooner than we think.
Note: Views presented in this article represents the perspective and opinions of the author and do not necessarily represent Coinlive or of its official policies.