Just 2 days after launch, Cardano has successfully completed 100 smart contracts, taking the crypto world by storm. The highly anticipated Alonzo Hardfork allows users to finally use the Cardano network for dApps, DeFi and NFTs.
Cardano Blockchain released the Alonzo upgrade enabling smart contracts and NFTs
Cardano NFTs, DeFi and dApps are finally here
The smart contract compatibility comes as part of Cardano’s 3 step upgrade plans. Essentially, they plan to revolutionize the NFT world with lower fees – aiming to solve Ethereum’s biggest issue. Especially now, Ethereum gas fees are astronomically high and many projects are starting to look towards alternatives.
Actually, unlike their competitors, you can mint NFTs directly on the Cardano blockchain ledger. Basically, that allows developers to integrate NFTs (and also fungible tokens) with ease. This is driving up the price of ADA, with $3 firmly in their sights.
Smart Contract Controversy
However, they did receive some backlash. Unfortunately, some holders have been anything but positive about the highly publicised Cardano updates.
Mainly, the criticism came from Cardano’s very slow release. Despite said criticism, Cardano actually released the Alonzo Hardfork on schedule, much to the dismay of many. In fact, many of the first NFT projects are already sold out! For example, CardanoKidz launched their collection and not only sold out, but ended up having to turn away sales due to oversubscription!
CardanoKidz sold out so quickly, paving the way for new NFT collections on Cardano. Credit: @cardanokidz
Cardano’s NFT Marketplace: CNFT
Want to get yourself some Cardano NFTs? Go and check out CNFT, a Cardano NFT marketplace. Actually, they launched without any VC funding whatsoever in July 2021 and are already seen as the ‘OpenSea’ of Cardano. It’s a great place to check out the latest NFTs on the Cardano network, and potentially bag yourself something legendary.
However, they do take 2.5% commission on each sale, plus a minimum of 1ADA. Luckily though, the seller covers this cost rather than the buyer. So, if you want to collect some reasonably priced NFTs with the potential to moon, perhaps Cardano’s CNFT is a good answer.
Top NFT Collections on Cardano
One of the top collections on Cardano today, must be SpaceBuds. Since launch, they made over $4 Million worth of ADA! With their 10,000 tokens, they base themselves on a similar format to top collectible project Bored Ape Yacht Club. However, Cardano’s SpaceBuds are decidedly different. Their NFTs feature cute Spacemen with a variety of common to rare traits.
The SpaceBuds NFTs on cardano have taken the industry by storm!
Another project of note is Cardano trees. Amazingly, CardanoTrees NFTs actually grow and change as you own them. Each tree is linked to a specific part of the real world and they grow, shed their leaves, fruit and shrink in tandem with their location’s season and weather patterns.
In conclusion, it’s still early days for cryptocurrency’s 3rd biggest currency. However, the recent NFT capabilities have seen ADA’s price rise steadily. Perhaps, $3 is just on the horizon. Until then, we look forward to whatever collections drop on CNFT and the Cardano network soon!
