This is my biggest thread so far, probably the most important too.
Here is why I think #Cardano will be the leading #NFT blockchain in the years to come. 🧵 1/18
2/18 Current Cardano activity
It has only been 9 months since the new era of smart contract capabilities on Cardano and there are already 5.3 million tokens on-chain and 1017 projects in development. Most related to NFTs, community & social, DEX, oracles, metaverse and gaming.
3/18 Current sentiment with other smart contract blockchains
ETH PoS should take longer than expected. Devs worry about lack of security and robustness.
SOL blockchain suffered multiple outages. Having an ‘off’ button is concerning for decentralization and store of value.
4/18 Blockchain growth
In the last 12 months, the number of Cardano addresses has increased by 96% (3.7M) while on Ethereum it has increased by 38% (83.1M). The number of active addresses on Cardano has decreased by 4% (78.8K) while on Ethereum it has decreased by 28% (495.5k).
5/18 NFT trading volume
Cardano is now the third largest NFT market, all chains combined. There is still a lot of room to grow to reach Solana and Ethereum.
6/18 Cardano NFT user growth
From April 29th to June 8th, Cardano’s biggest marketplace reported that the number of unique wallets connected to its website increased by 50% in 40 days while Opensea increased by only 10%.
In 2021, it took 81 days to Opensea to do the same.
7/18 Opensea vs jpgstore trading volume per user
The Ethereum avg wallet has traded 2.8x more than the avg Cardano wallet in USD equivalent in the last 30 days.
8/18 ETH vs ADA wrap up
ETH market cap is 8.44x higher;
ETH number of active users is 6.3x higher;
ETH number of NFT unique addresses is 11.9x higher;
ETH avg NFT unique address trades 2.8x more in USD equivalent;
Yet, ETH NFT trading volume is 33.4x higher than ADA...
9/18 Cardano eUTXO model is perfect for NFTs and dApps
Compared to ETH, ADA transaction model is a no-brainer for scalability:
Multiple assets in one transaction
Low and steady transaction fees
No fees are spent if the transaction fails
“A picture is worth a thousand words”
10/18 Cardano biggest NFT marketplace is improving fast
Only in the last 3 months @jpgstoreNFT added many features:
☑️Offers
☑️User profile
☑️Notifications
☑️NFT minting
☑️Trait and price filtering
Along with a peer-reviewed open-source contract and new backend infrastructure.
11/18 Opensea vs jpgstore capabilities
User experience and interface is now very similar to opensea which can only make it easier to adopt Cardano NFTs. Team is now focussing on releasing new features including bundles, auctions, collection offers and bulk buy (shopping cart).
12/18 Analytic tools are improving
Tools like @CNFTJungle and @opencnft are always releasing new features and improving user experience.
Just like on Ethereum, you can search for collections, track market stats, and view trends
13/18 The whole NFT ecosystem is innovating
@CnftTools makes role and discord integration seamless.
@nftmakerio handles multiple large collections at once without creating blockchain congestion.
@CNFTPredator launched its automated trading & sniping chrome extension.
14/18 Big names are starting to come to Cardano NFTs
@SnoopDogg, @champmedici and @GoodCharlotte are all partnering with @claymates.
BAYC largest holder @JRNYcrypto is involved with @spacebudz.
@realmartymar recently released its collection.
@antmiddleton is around.
15/18 Key players are adopting Cardano
Grayscale increased their allocation towards Cardano in their Smart Contract Platform Ex-Ethereum Fund, now 32.33%.
Ledger also announced the integration of Cardano on their Ledger Live platform.
16/18 Cardano improvements with Vasil hard fork
Upgrades:
Diffusion pipelining (increase tx speeds)
Reference scripts/inputs (faster, cheaper, and more complex smart contracts)
Inline datums (on-chain data storing capability)
It will lead to better user experience and dApps.
17/18 This is just the start
We may be in the middle of a bear market but the Cardano NFT space doesn't feel like it. There are many improvements to come both on the blockchain and on the projects. I think it's safe to say next few months will be very interesting, buckle up.
18/18 DYOR NFA
Don’t invest money you can’t afford to lose. Diversify. Quality over quantity.
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