- 40% of all apps are NFT related
- ADA price at the time of writing – $ 0.4225
- Cardano NFTs are special due to their low and deterministic fees
Cardano-powered NFTs received praise from a leading cryptocurrency analyst on Friday 7 October. entrepreneurship, cryptocurrencies, games, music and sports, released a statement on Cardano-based NFTs on June 14, 2022.
In an interview with Yahoo Finance on June 9, 2022, Charles Hoskinson, co-founder and CEO of IO Global, discussed the Cardano NFT market as follows: The NFT industry is a surprising area of expansion for Cardano. NFT represents approximately $ 270 million of monthly NFT volume, which is 40% of all distributed applications.
So $ 3 billion a year, and there’s a lot of overtime going on in the metaverse, like Cornucopias and the like. It’s amazing how fast it grew last year. So here are 3 reasons why Cardano NFTs are special and important to you.
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There is no need to use smart contracts
to hit NFT. Since this is a key feature of the Cardano blockchain, creating cryptocurrencies such as NFTs does not require the use of a smart contract. During the life of a token, this makes it less likely that NFT typing errors and bugs will occur.
Since the extended UTxO (eUTXO) model of the Cardano blockchain natively allows the transfer of customized resources together with the same ADA in the same transactions, it is referred to as a multi-asset network. Cardano tokens are part of the Cardano blockchain.
Most people think of a cryptocurrency transaction as transferring a single cryptocurrency or token from wallet address A to wallet B address.
A new transaction must be initiated every time you want to move a token, which can only be sent to one address.
The eUTXO accounting model, on the other hand, is used by Cardano, which offers the network unique advantages such as batch transactions. Cardano transactions can combine multiple token transfers to multiple wallet addresses into one.
As a result, the owner of an NFT collection can quickly distribute NFTs to a large number of people with low transaction fees.
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Metadata as part of the transaction
In Cardano, the minting transaction includes metadata that authenticates an NFT.
Regardless of the blockchain input, this metadata is a textual description of the token’s attributes.
This metadata is used by Cardano NFT Markets to display information about NFTs on their websites. As a result, the information on the Cardano blockchain and the NFT asset are linked indefinitely.
Since everyone has access to the same data, Cardano NFTs are easier to validate and secure. Third-party archiving solutions that can erase, alter, or even mislab an NFT’s metadata should not be trusted.
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