Cardano and The Problem With Scalability In The Metaverse
- Disclaimer: This is not financial/investment advice, merely an opinion on the issue of Cardano NFT scalability and mass adoption. As always, conduct your own research, consult with a financial advisor, and/or conduct your due diligence before making any investment in cryptocurrencies.*
Cardano has become one of the leading cryptocurrencies behind Ethereum, Polygon, Tezos, etc. to possibly take the mantle as the premier crypto blockchain capably of truly scaling the NFT Market and the Metaverse as a whole.
Its efficiency and roadmap to process 1,000,000 transactions and its revolutionary smart contract mechanisms allow Cardano to easily become a contender in the NFT space, allowing for feasibility in minting of NFTs, purchases, as well as security using Cardano crypto wallets.
With over a reported “587” projects already on the blockchain, with some processing millions of Cardano since their launch, Cardano has had exponential growth in the NFT Market and the Metaverse. With respected companies like CNFT.io , Jpg.store , and Galaxy of Art leading the way with accessible, user-friendly, and efficient platforms for artists and collectors alike can easily purchase NFTs with their beloved Cardano.
- To check a list of all the NFT Projects currently on the Cardano Blockchain, coindodo.io is a great site to check out all the projects on Cardano and every other major blockchain. PLEASE conduct your own research and due diligence before investing in NFTs on any blockchain or in any project. NFTs are an extremely volatile asset which can turn into a liability at a moment’s notice. Always do your research before investing in any NFT or Cryptocurrency. *
But There is One Problem:
According to CoinMarket, the Top 6 NFT Marketplaces (by Volume) all DO NOT support Cardano NFTs. OpenSea ; the largest NFT Marketplace since its inception in 2017, has continued to not support the Cardano blockchain. OpenSea is a critical marketplace not only for the Cardano blockchain to prosper on and flex its technological superiorities, but to increase awareness on the amazing ability to produce Cardano NFTs. How many individuals engaged in other cryptocurrencies besides Cardano aren’t aware of the fact that Cardano’s blockchain can be an efficient alternative to its NFT capabilities? The remaining five marketplaces; Rarible , Nifty Gateway (although Nifty Gateway does not accept cryptocurrency ironically), SuperRare , Mintable , and NBA Top Shot respectively, do not offer or plan to offer Cardano NFTs on their platform.
Ethereum dominates the OpenSea NFT Marketplace, the largest NFT Marketplace by volume.
Ethereum dominates in this sector currently being one of the first to enter the space, and Cardano’s late entry needs to accommodate for lost time by spreading awareness to their Cardano Blockchain and its capabilities and superiorities over its predecessor. The Cardano community needs to rally together and petition to these marketplaces as well as collaboration between IOHK, the Cardano Foundation, and these marketplaces to make these dreams a reality. Cardano boasts lower fees, more efficient transactions incapable of succumbing to gas-price attacks, and so much more! Cardano needs to show the world its superiorities in a much more mainstream manner if it has any hopes of dominating the sector. In an ever growing and still infantile metaverse, many investors simply thrive off of making a quick buck and not investing into a project and believing in its values and visions, and Cardano needs to reiterate that their technology is superior but they need to illustrate how it becomes more efficient in transaction speeds, fees, and so much more in relations to the NFT Marketplace.
Growing NFT Marketplaces like CNFT.io and Jpg.store (although we must applaud their efforts and the great foundation they have laid for Cardano NFTs, they have truly paved the way for allowing Cardano NFTs to become mainstream) against the giants of OpenSea and Rarible will be very difficult in the long run and will not allow Cardano to grow if it has to compete with NFT Marketplaces dominating the sector. We need to allow Cardano to prosper on these marketplaces, not compete with them. A wide range of consumers; from investors to believers in the NFT space and cryptocurrencies, is missing out on the capabilities of Cardano. It’s time to take action, it’s time Cardano takes over the NFT space.
*The Cardano Times is in no way affiliated with any of these NFT Marketplaces, as always, we advise you to do your own research before investing or using any cryptocurrency, any NFT marketplace, or any NFT project. Please do your own due diligence, this is a very volatile market. *
The Cardano Times: Want To Support Us?
We appreciate our audience immensely, every view helps motivate us to keep providing more and more insight into the Cardano Ecosystem to our viewers as well as the community as a whole.
We appreciate you taking the time to read about how you can support The Cardano Times, we truly thank you for wanting to support our mission! Your donations helps us keep the lights on for this project and fuel us each and every day.
If you are interested in supporting The Cardano Times, we truly appreciate any donations in Cardano (ADA). It helps us keep you informed on the latest updates, news, projects, and ideas coming onto the Cardano Blockchain! I
If you are also interested in joining our team, we need journalists for our page!
You can email us at the follwing address:
thecardanotimes@gmail.com
Check the article here!
