Robert Steinadler, 4 months ago
Cardano has been late to the NFT party and one of the reasons was the fact that its technical development took longer than expected. Many critics called Cardano a “ghost chain” for its lack of a DeFi and NFT economy. It seems that this assessment is far from being correct and while we are still facing a brutal bear market, Cardano NFT ecosystem is doing great.
Cardano is the third biggest NFT chain after Ethereum and Solana. Which collections are hot right now?
Each blockchain has its own marketplaces that are pillars to its NFT economy. Ethereum has OpenSea and LooksRare, while Solana has MagicEden and SolSea. Cardano’s NFT ecosystem is driven by CNFT and jpg.store.
While it is obvious that Cardano NFTs are still far behind NFTs on Ethereum in terms of trading volume, they have picked up recently. What is even more important is the opportunity for investors to create massive gains despite a more than unfriendly environment on the crypto market.
Some projects have seen massive gains today. Ghostchain is up 674 %, Lazy Llamas is up by 507% and Aquafarmers is up 566 %. Of course, there are also losers, with The Ape Society losing -44 %. Volatility is nothing new in the crypto market and many investors seek volatility in order to increase their chance in return for taking a higher risk.
With Ethereum and Solana taking the first and the second place, Cardano has become the third biggest chain in terms of NFT trading volume. This is a notable success since other blockchain like the Binance Smart Chain have a far bigger DeFi ecosystem and a much higher TVL.
It seems that NFTs are not so much about size, but about community and user adoption. That being said, there are exciting times ahead of Cardano since the growth of its NFT sector has been created during a bear market. There is no telling when the bulls are back in town, but if crypto as a whole should start to pick up again, then Cardano already has set its fundamentals right.
Another question is if NFT technology will stand the test of time. Only a small portion of possible use-cases have been tested and delivered so far. That is not only true for Cardano, but for the NFT sector as a whole. If NFTs are going to become an integral part of Web3 and the way digital content is handled Cardano has a good chance to see more user adoption in the future.
Jan 27, 2023
Cardano has no viable stablecoin solution and that’s not a good thing if you like to see your DeFi ecosystem grow. But there is light at the end of the tunnel! Coti is implying that Djed could launch next week and this would boost Cardano’s ecosystem and add a lot of valuable options for traders and long-term investors.
Nov 22, 2022
Last weekend in Edinburgh, Cardano's parent company announced its new sidechain Midnight. It will be a smart contract blockchain that allows users to exchange data without revealing more than they want to. Cardano expects businesses to be interested in Midnight. One of the reasons business shy away from public blockchains, is precisely their lack of privacy.
Nov 18, 2022
Cardano is developing its second-layer protocol dubbed Hydra that is meant to improve its scalability similarly like the Lightning Network is doing with Bitcoin. Recently, Hydra made some progress with a specific development that could boost Cardano and bring micropayments to the masses.
Sep 05, 2022
White smoke from the Cardano camp, finally! After an earlier delay, Cardano parent company Input Output announced the Vasil hardfork to happen on September 22. It will mean more capacity and more elbow room for developers to build powerful applications.
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