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- Disclaimer: This is not financial advice, merely an informative report on Cardano NFTs, please conduct your own research before investing in any cryptocurrency or NFT project. *
Cardano NFTs; or CNFTs, are Non-Fungible-Tokens on the Cardano Blockchain. Non-Fungible Tokens basically refers to the NFT’s ability to be entirely unique and irreplaceable. By placing the token onto the blockchain, the owner of said Non-Fungible Token can easily verify their ownership and its exclusivity by not allowing any copies to ever be able to replace it.
Non-Fungible Tokens can be virtual any digital file; from music, audio files, memes, collectibles, art, and so much more, it truly opens the gateway to allow more adoption into the crypto space as a whole.
Many Blockchains have the ability to allow Non-Fungible Tokens on their Blockchain, but the mechanisms that allow this process to happen differs between them.
Compared to its predecessor; Ethereum, Cardano is a much for feasible, secure, stable, and cost-efficient Blockchain for Non-Fungible Tokens.
First let’s understand how Ethereum produces Non-Fungible Tokens by differentiating the standards of coin. The Cryptocurrency Ethereum is the ERC-20 Token , which allows the cryptocurrency to be fungible and replaced so that if an individual sold then bought 1 Ethereum, the individual would be able to replace the sold Ethereum with the bought Ethereum.
ERC-721 Tokens allows Non-Fungbile Tokens , which allows anyone to be able to tell which NFT is authentic, and which is a mere fraud, with ease by authenticating with the blockchain. These tokens are created through Smart Contracts, and such can prove to be fee-ridden and quite inefficient cost wise as well as the fact the transaction may fail when high amounts of transactions are bring processed at one time. For example; the OtherDeed launch by the ApeCoin founders caused gas prices for a single transaction to sky rocket into the thousands.
Cardano however, allows Non-Fungible Tokens in a completely different manner. Cardano NFT’s are treated as Native Tokens , meaning that these NFTs are treated as any token on the Blockchain and is processed and minted on the Cardano Ledger . Because of these benefits, Cardano becomes much more efficient in amount of transactions it can handle, the amount of fees users will have to pay per transaction, and combatting issues to high volumes of transactions.
It also allows Decentralized Applications (dApps) to be able to integrate NFT’s to their application (Such as the Pavia Metaverse on the Cardano Blockchain.). By treating them as native tokens, they become much for feasible to transfer, integrate, and process as Cardano’s NFT space grows more and more.
These many benefits are some of the many reasons many NFT Projects are launching on the Cardano Blockchain. As of today, there over 500 NFT Projects currently on the blockchain, and more are launching by the day! The Cardano Blockchain is a perfect alternative to Ethereum’s many flaws with the ERC-721 tokens and provides a solution to combat all of them in a efficient manner on a labor and cost perspective.
Even Snoop Dogg has joined the Cardano Blockchain with the Clay Mates NFT Project!
- Disclaimer: We are in no way affiliated with any of the companies or projects mentioned, please conduct your own research as always before investing into any NFT Project and/or cryptocurrency. *
Unfortunately, the Cardano NFT space is limited and is a bit more of an labour inducing endeavour to be able to buy your first NFT , but CNFT.io and Jpeg.store are great exmaples of Cardano NFT Marketplaces to immerse yourself in the Cardano ecosystem.
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