Cardano, a proof-of-stake platform founded by Charles Hoskinson, has gained popularity since its launch in September 2017. In September 2021, Cardano introduced smart contract support, opening up opportunities for decentralized finance (DeFi) and nonfungible token (NFT) applications. In 2022, NFTs arrived on Cardano’s blockchain, with the platform’s native cryptocurrency, ADA, being used for buying and selling them.
The deployment of smart contracts on Cardano enabled the creation of NFT marketplaces like CNFT.IO and Jpg.store. These marketplaces provide a cost-effective and scalable way for NFT projects on Cardano, attracting many creators and traders with their user-friendly interfaces and low transaction fees.
Minting Cardano NFTs is a straightforward process, similar to Ethereum or Solana. The platform provides guidelines to help creators through the process. After creating the artwork, it is minted into an NFT. The next steps involve choosing the right platform to mint the NFT and selecting a suitable marketplace to sell it.
Cardano offers various NFT wallets that allow users to access decentralized applications (DApps) like decentralized exchanges (DEXs), DeFi apps, and NFT marketplaces. Nami wallet is a browser extension wallet compatible with major browsers and hardware wallets. Daedalus is an open-source desktop wallet known for its security features and compatibility with multiple hardware wallets. Flint Wallet is a browser extension wallet native to Cardano and compatible with popular hardware wallets.
To buy Cardano NFTs, users can trade on specific Cardano NFT marketplaces, participate in NFT collection launches and drops, or receive them as rewards. A native wallet compatible with ADA NFT marketplaces and websites is needed for buying and selling Cardano NFTs. Minting a cryptocurrency is the process of creating an NFT by turning an image or music file into a nonfungible token on the Cardano blockchain. Each Cardano NFT collection item must display a policyID to verify its identity and authenticity, protecting users from scams.
Cardano’s growing popularity as an NFT platform has led to the emergence of new marketplaces. Jpg.store, Cardahub, Cardano Cube, and CNFT are some popular platforms for buying and selling Cardano NFTs. CNFT, founded in July 2021, was the first Cardano NFT marketplace and has launched thousands of unique NFTs and art/music projects.
Cardano has seen significant trade volume and demand for its NFTs and metaverse projects. SpaceBudz, launched in March 2021, became one of the most popular projects on Cardano, offering 10,000 collectibles representing cute astronaut animals. Pavia is a decentralized gaming NFT metaverse project focused on building sustainable spaces for the community. Yummi Universe is an ecosystem of NFT creatures, cards, and artwork collectibles, collaborating with a UK merchandise brand.
Despite the bear market and negative crypto news, Cardano’s NFT ecosystem is expected to attract new users throughout 2023 and beyond. Ethereum’s high gas prices and Solana’s issues may contribute to Cardano’s expansion as its scalability and interoperability approaches yield positive results.