- With Solana recovering from the FTX saga, Cardano can be the next leader in NFT after Ethereum.
- NFTs volume reached $19 million on October 27 for Cardano.
- The Vasil Hard Fork event has made investors re-trust the altcoin.
The race to the top is always exciting and thrilling, and while reaching the pedestal, there are some very fascinating chases. Bitcoin has been ruling the currency market ever since; in the NFTs sector, Cardano is gearing up to be number one.
Currently, the Cardano stands second only to Ethereum, and they have everything required to be on the winning pedestal of Non-Fungible Tokens. Now how and when they win this race remains a question.
Previously Solana was the star of NFTs after Ethereum, but the competitor got severely hit by FTX collapse and can be considered benched off the race. Making way for Cardano to excel in the race.
To be sure, Cardano’s rise should not be confused with the failure of Solana; they had been doing things on their own for a very long time. On October 27, DappRadar reported that the NFT volume of Cardano had reached $19 million. This was joyous news for the altcoin holders to see it becoming the third largest NFT protocol, its new peak since May 2022.
Recently, Cardano went through a paradigm shift, having gone through Vasil Hard Fork in September 2022. This update proved to be wondrous in terms of scalability. Such an announcement should bring more investors and people looking up to ADA NFTs.
To summarize the growth of NFTs, Pieter Nierop, a Cardano Fans Staking pool member, said that the following three factors are responsible for the growing NFT tokens in cryptocurrency.
- NFTs transactions do not fail.
- Costs are low.
- One does not waste money on exorbitant gas fees.
These points, if inculcated properly, might help Cardano beat its rivals in the market.
Solana showed the market a very unstable network, with transaction interruption at the time of high usability, say during a hacker attack or a misconfigured node. And Ethereum provides stable transactions but at a very high transfer cost.
On the other hand, Cardano has a very strong community in hand, and they wish to form strong partnerships for its NFTs launches. In April 2022, the NFT project CLAY nation started with an official collaboration with the legend Snoop Dogg; the collab aims to bring iconic clay animation, dirt fields and music content to Cardano.
Now with increased efficiency, the altcoin allows the transfer of multiple Cardano NFTx; it does not matter if they are from several other collections, just like a grocery bag having multiple items of multiple brands being taken from shop to home.
The accounting integrity of the transactions is guaranteed by a ledger, not an NFT, and is securely validated by Ouroboros consensus. Also, the monetary policy rules are 100% regulated.
Everything mentioned above might be the contributing factors to Cardano’s growth, but are they enough?
The team needs to find a sweet spot where the development is not delayed but manages to provide as per the market demands.