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Non-Fungible Tokens (NFTs) are without a doubt among the most popular aspects of blockchain technology so far this year. The concept of NFTs which began getting traction and attention from key stakeholders in as early as 2017, got huge coverage in the mainstream media in 2021, when tons of successful NFT projects were launched.
What is an NFT?
An NFT is a one-of-a-kind digital asset that can be used to represent anything from art (digital or otherwise) to music and is verifiable via data stored on a particular blockchain. Currently the most popular form of NFTs is digital art and collectibles, however, a good number of successful projects on NFTs that represent physical items such as land, fashion and music have been launched. The authenticity of NFTs can be verified hence allowing different key players to participate in trading NFTs, on various NFT marketplaces such as OpenSea, Foundation or CNFT.IO.
The Cardano Blockchain, which is among the most t popular blockchains in existence today by volume, is considered by key stakeholders better and more convenient than Bitcoin and Ethereum blockchains as it is a third-generation blockchain. It is driven by a proof-of-stake system, making it more scalable, and efficient for transactions.
Cardano Blockchain stands out as its approach is based on peer research and development following a “get it right the first time” model. This peer review model allows for the successful development and launch of projects on the chain, a factor which has largely contributed to their success so far. The Cardano Ecosystem utilizes the ADA token for the buying and selling of NFTs in the ecosystem. At the time of writing 1 ADA is equivalent to 0.91 USD.
Cardano NFT Ecosystem
The Cardano Blockchain, which was rolled out in five thought-out phases only saw the rise of their NFT ecosystem during their third phase; the Goguen Phase. Cardano developers launched Plutus- a platform for smart contract development and develop a multi-currency ledger on the chain to allow for the creation of both fungible and non-fungible tokens on the blockchain.
These smart contracts paved the way for the development of several NFT marketplaces such as CNFT.IO, ADA NFT, jpg.store, and Genesis Auction House among others. These NFT marketplaces facilitate transactions for the various NFT projects on Cardano in a cost-effective and scalable manner making the chain attractive to the NFT community.
Cardano is also home to various blockchain-based games that incorporate NFTs as in-game assets. Some notable games include Dracards, Drunken Dragon, and Cardano warriors.
The Cardano NFT ecosystem faces stiff competition from other blockchains and more so Ethereum and Solana. Ethereum, which was the first blockchain to support NFTs has been a leader in the space, hence appearing as an attractive option for creators, artists, and investors who are looking to build NFT projects. However, since building and transacting on Cardano is cheaper and more efficient, the number of projects has steadily increased over time. For example, Ethereum only allows for up to 15 transactions per second while Cardano allows up to 257 transactions per second.
Cardano, due to its peer research and development, faces a challenge, especially in the timely delivery of projects as various decision-makers are involved in the process. To curb this, the Cardano team looks to integrate various technologies that will automate the process and set reasonable timeframes that account for the community involvement.
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