Could Cardano be the next leading blockchain for NFTs?

Right after Ethereum (ETH), the big star in the non-fungible token (NFTs) segment was Solana. However, one of ETH’s main competitors was hit by the collapse of FTX and Alameda Research, giving way to another smart contract network, Cardano (ADA).

It’s important to be aware that Cardano’s growth in the NFT arena didn’t just come after the collapse of Sam Bankman-Fried’s (SBF) empire. As an example, DappRadar reported on October 27 that Cardano’s non-fungible token trading volume in just one month reached $19 million.

In fact, it was a huge joy for altcoin holders, as Cardano became the third largest NFT protocol, and the number of transactions reached a peak not seen since May 2022.

Why did Cardano blow up like this?

Shortly after some delays, the Cardano network underwent the Vasil hard fork in September of this year. This update worked directly on the scalability of the Ethereum competitor. With a smart contract platform launched and a higher level of scalability, it is only natural that more investors will look to the ADA network’s NFTs.

Speaking about the successful growth of NFTs on Cardano, Pieter Nierop, Cardano Fans Staking Pool member, argued that there are three factors that make non-fungible tokens grow with the cryptocurrency. They are:

• NFT transactions do not fail;
• The costs are low;
• You don’t waste your money on gas taxes.

With these points highlighted, it is possible to say that Cardano can stand out against its main rivals.

At the time of the author of this article, Solana showed the market a completely unstable network, with transactions being interrupted in moments of high usability, in a hacker attack or simply in a misconfigured node. Ethereum, on the other hand, needs no comment when it comes to high transfer costs.

In addition, Cardano has a strong community and seeks to form key partnerships for its launches, including NFTs.

In April 2022, for example, the NFT project Clay Nation launched an official collaboration with Snoop Dogg to bring iconic clay animations, dirt fields and music content to Cardano.

Of course, we cannot fail to point out that with altcoin it is possible to send several Cardano NFTs in just one transaction. This applies even if they are from different collections.

It also has accounting integrity guaranteed by Ledger (not a smart contract) and security validated by Ouroboros consensus. Furthermore, its monetary policy rules are 100% regulated, with no surprises.

But will this make the altcoin the next NFT star?

It is a fact that the highlighted points contribute to an increase in Cardano’s usability. Claiming that alone might be enough for the altcoin to establish itself as the leader of the NFTs might not be the best statement from Cardano.

Cardano’s team needs to find a working point where research for cryptocurrency development does not delay development and is fast in the way the market demands.

Cryptocurrency investors like agile solutions and projects that take time to make their deliverables lose ground to others that don’t have such a robust network. Solana is there to show that the information is true.

Despite being a cryptocurrency with constant interruptions on the blockchain, this did not prove to be an obstacle for Solana to stand out in the NFT segment. On the other hand, the search for a flawless network meant that Cardano did not grow as fast as its competition.

Of course, the research work done by the altcoin team should be appreciated, as Cardano users have nothing to complain about in terms of instability. But finding a way to deliver the best services, without taking years to do so, could be what sets Cardano apart in the world of non-fungible tokens.