Solana was the second-biggest star of the non-fungible token (NFTs) market after Ethereum (ETH). However, the demise of FTX and Alameda Research hurt one of ETH's key rivals, opening up space for another smart contracts network, Cardano (ADA).
It's crucial to understand that Cardano's development in the NFT space did not begin with Sam Bankman-Fried (SBF) empire's demise. For instance, DappRadar announced on October 27 that the trading volume of Cardano's non-fungible tokens had hit $19 million in just one month.
Indeed, it was a great day for holders of alternative cryptocurrencies because, in addition to being the third-largest NFT protocol, Cardano also saw a spike in transaction volume not seen since May 2022.
What's With Cardano's Quick Rise?
In September of this year, the Cardano network underwent the Vasil hard fork shortly after some delays. This update specifically addressed the competitor to Ethereum's scalability. It is only logical that more investors will turn to the NFTs of the ADA network now that a smart contract platform has been developed and has more scalability.
Pieter Nierop, a member of the Cardano Fans Staking Pool, stated that there are three elements that drive non-fungible tokens to expand alongside the cryptocurrency while discussing the successful growth of NFTs on Cardano. As follows:
🔹 NFT transactions never fall through;
🔹 Cheap prices;
🔹 Gas costs are not a waste of your money.
With these factors in mind, it is reasonable to assert that Cardano can distinguish itself from its primary competitors.
As of the time this article was being written, Solana had demonstrated to the market a network that was utterly unreliable, with transactions frequently being halted by hacker attacks, misconfigured nodes, or periods of high usage. When it comes to large transfer fees, Ethereum, on the other hand, does not require further explanation.
Cardano also has a vibrant community and seeks out significant alliances for its launches, including NFTs.
For instance, the NFT project Clay Nation began working formally with Snoop Dogg in April 2022 to bring classic clay animations, dirt fields, and musical content to Cardano.
Of course, it goes without saying that using the alternative coin, several Cardano NFTs can be sent in a single transaction. Even though they come from various collections, this is still true.
Additionally, Ledger (not a smart contract) guarantees accounting integrity, and the Ouroboros consensus verifies security. Additionally, there are no surprises in its fully regulated monetary policy rules.
Will the Altcoin Now Become the Next NFT Star Though?
The points that have been noted do, in reality, improve Cardano's usability. Cardano may not have made the finest remark when it asserted that alone it could be sufficient for the altcoin to establish itself as the leader of the NFTs.
The Cardano team must determine a compromise where research for cryptocurrency development does not impede development and moves as quickly as the market requires.
Investors in cryptocurrencies prefer agile solutions, and projects that take a while to produce lose out to rivals with weaker networks. Solana is present to demonstrate the veracity of the information.
The fact that Solana is a cryptocurrency with ongoing issues with its blockchain did not prevent it from succeeding in the NFT market. However, Cardano did not have the same rate of growth as its competition because to the ongoing search for a fault-free network.
Cardano users have no reason to complain about instability, hence the study conducted by the altcoin team should be valued. But finding a means to provide the finest services quickly might be what sets Cardano apart in the realm of non-fungible tokens.