NFTs have been around since 2014 and are now gaining popularity in trading digital artwork. From the end of 2017 to late 2021, there was an astonishing 7400% increase in the use of NFTs. These tokens are typically unique, part of a limited edition, and have disidentification codes.
In simple terms, NFTs create a sense of digital scarcity, unlike most digital creations, which are usually available in unlimited quantities. This scarcity can increase the value of a particular asset if there is demand for it.
Cardano NFTs contain identifying information stored in smart contracts, making them irreplaceable by any other token. They cannot be divided or shared like you can’t split a concert ticket into fractions.
As the NFT blockchain platforms continue to grow, choosing the right platform becomes crucial for better digital transaction performance. Platforms like Ethereum, Flow blockchain, and Polygon (Matic) have been competing to offer faster transaction speeds and enhanced security. Then there’s Cardano, a blockchain platform known for its verification, security, speed, and seamless exchangeability. This ensures a smooth experience for those involved in NFT transactions.
What is Cardano Blockchain?
Cardano is a third-generation blockchain platform based on distributed proof-of-stake. While it shares similarities and applications with other platforms like Ethereum, Cardano distinguishes itself by emphasizing peer-reviewed scientific research as the foundation for its updates.
Founded in 2015 by Charles Hoskinson, a co-founder of Ethereum, Cardano positions itself as an alternative to Ethereum. Both platforms, including smart contracts, are designed for similar purposes, aiming to create decentralized, interconnected systems.
Cardano sees itself as an improved version of Ethereum, belonging to the third generation of blockchain platforms, while Ethereum is considered second generation. Additionally, Cardano has a mission to provide banking services to the unbanked populations worldwide.
Cardano has gained prominence in the blockchain space, following Bitcoin and Ethereum. However, it was only sometimes this way. Not too long ago, Cardano’s native cryptocurrency, ADA, hit an all-time low of less than $0.02.
But, ADA has experienced a remarkable surge since 2017, increasing by nearly 7000%. As of now, ADA ranks as the ninth-largest cryptocurrency globally by market capitalization according to CoinGecko.
Exploring Cardano NFTs
Cardano has emerged as a leading blockchain for NFTs, catching the attention of artists and collectors alike. While other options are available, Cardano’s newcomer status comes with valuable lessons learned from its predecessors, making it a reliable and profitable choice.
In under a year, artists and collectors have traded over ₳391 million assets on Cardano, totaling more than 1.6 million native assets. The top 15 collections in the Cardano CNFT space are collectively valued at more than ₳195.73 million. During a particularly active month this year, Cardano NFT marketplaces facilitated the trade of over 182,400 native assets, equivalent to nearly $27 million.
What sets Cardano apart, especially for those prioritizing safety and best practices, is that it’s the first proof-of-stake blockchain platform developed through peer-reviewed research and evidence-based methods. This commitment to security and reliability makes Cardano an attractive choice for NFT enthusiasts and creators.
How to Mint NFTs on Cardano
Minting Cardano NFTs have become more accessible for non-technical NFT enthusiasts, similar to the process on Ethereum or Solana. Cardano provides clear guidelines to assist creators through this process.
Creating an original NFT can range from a single artwork to a collection of unique items akin to famous collectibles like the Bored Ape Yacht Club and CryptoPunks on Ethereum.
Set Up a Wallet: To begin, you’ll need a digital wallet that supports Cardano. This wallet will store your NFTs and allow you to manage them. Keep your wallet’s recovery phrase safe, as it’s essential for accessing your wallet in the future.
Deposit ADA: ADA is the cryptocurrency used on the Cardano blockchain. You’ll need some ADA in your wallet to cover the costs of minting your NFT and the transaction fees.
Choose an NFT Maker Platform: Cardano offers user-friendly platforms designed specifically for creating NFTs on this blockchain. These platforms simplify the process and provide step-by-step guidance.
Mint NFT: Once on the NFT platform, look for the “Mint NFT” button. Click on it, and you’ll be prompted to upload the image or music file you want to turn into an NFT.
Add Metadata: Metadata includes information about your NFT, such as its title, description, and author. You can provide these details on the platform to make your NFT more informative and appealing to potential buyers.
Use IPFS: Use the InterPlanetary File System (IPFS) to store your NFT’s content securely. IPFS ensures that your NFT’s data is distributed across the network, enhancing its accessibility and durability.
Send ADA for Minting: After setting up the NFT details and ensuring everything looks good, you’ll need to send a transaction with ADA to the payment address provided on the platform. This covers the minting process.
Receive Your NFT: Once the minting process is complete, your newly created Cardano NFT will be sent to your wallet. You can now view, manage, and sell it on NFT marketplaces.
Cardano NFT Wallets Simplified
Cardano wallets serve as your gateway to the ADA ecosystem, allowing you to send, receive, store, and even stake ADA and Cardano’s fungible and non-fungible tokens (NFTs). These wallets also grant access to decentralized applications (DApps) on the Cardano blockchain, such as decentralized exchanges (DEXs), DeFi apps, and NFT marketplaces. To make the right choice, it’s essential to consider the wallet’s security and reputation to minimize risks.
Nami Wallet is a browser extension that works seamlessly with browsers like Brave, Google Chrome, and Microsoft Edge. Its user-friendly interface simplifies the management of all Cardano tokens, including Cardano NFTs. It allows you to create multiple accounts with ease.
Nami wallet connects to all Cardano DApps and NFT marketplaces and is compatible with major hardware wallets like Trezor and Ledger. While you can stake ADA with Nami, you’re limited to delegating it to one developer’s stake pool, the Berry Pool.
Daedalus is an open-source desktop wallet supported by IOHK, known for its strong security features. It’s compatible with Windows, Mac, and Linux and offers straightforward backup and recovery options.
Daedalus lets you manage all Cardano blockchain tokens, including native assets and Cardano NFTs. Unlike Nami, Daedalus allows users to stake and delegate ADA to multiple pools. It also supports major hardware wallets like Ledger and Trezor.
Flint Wallet is a Cardano-native browser extension wallet that, like other Cardano NFT wallets, provides access to Cardano DApps, DEXs, and NFT marketplaces. It’s compatible with Ledger, Trezor, and most popular hardware wallets, offering flexibility for users.
Cardano NFT Minting Platforms
When it comes to minting Cardano NFTs, you have a variety of platforms to choose from, each offering unique features to cater to creators and collectors. Here are some notable options:
JPG Store is a leading Cardano NFT marketplace and provides a straightforward minting process. To start, visit the JPG Store minting page, connect your wallet, click “Start Express Minting,” and follow the user-friendly steps.
Cardahub stands out for its user-friendly interface and supportive community. The minting process here is also simple. Visit the Cardahub minting page, input the NFT details, upload your image, connect your wallet, and make the necessary payment to complete the minting process. Cardahub currently supports Nami, Gero, Flint, and Yoroi wallets.
This platform offers a comprehensive ecosystem for Cardano projects. The minting process on Cardano Cube is more selective. You must submit your project for manual review, ensuring it meets the required high-quality standards. If approved, your project will be listed on the marketplace. To mint on Cardano Cube, visit the project submission page and complete the online form.
CNFT, short for Cardano NFT, is the first NFT marketplace on the Cardano blockchain, established in July 2021. Since its inception, this platform has been a hub for launching thousands of unique NFTs and hundreds of Cardano NFT art and music projects. This rapid growth has placed CNFT in direct competition with well-known NFT marketplaces like OpenSea and Foundation.
CNFT supports various Cardano NFT wallets, including Nami, Gero Wallet, Eternl, and Flint Wallet. Additionally, it offers valuable tools such as the CNFT Calendar, a first-of-its-kind event calendar tailored to the Cardano NFT industry. This calendar keeps enthusiasts informed about upcoming NFT drops and events.
The CNFT Jungle deserves special mention as the most comprehensive automated Cardano NFT rarity database and market analytics platform. Like Cardano Cube, CNFT Jungle serves as a market aggregator for Cardano projects, but its primary focus is identifying and prioritizing rarity among NFTs.
CNFT continues to be a dynamic force in the Cardano NFT ecosystem, providing creators and collectors with a vibrant marketplace and essential tools to navigate the world of Cardano NFTs.
Buying and Selling NFTs on CNFT: A Simple Guide
To engage in buying and selling NFTs on CNFT, you’ll need to follow these straightforward steps:
Create an Account: Registering on the CNFT platform is the first step. During this registration process, you’ll be asked to provide basic information, including a username, email address, and password. This account is essential for you to participate in NFT transactions.
Connect Your NFT Wallet: To sell NFTs on CNFT, you must link your NFT-loaded wallet to your CNFT account. CNFT.io is compatible with various wallets that support Cardano NFTs, including popular options like Nami and Daedalus. This connection allows the platform to recognize your ownership of NFTs and facilitates transactions.
Add Your Wallet: Within the CNFT platform, a section is typically dedicated to “wallets.” Here, you can add your wallet by either scanning a provided QR code or copying and pasting your wallet’s public address. This step helps establish the connection between your wallet and the CNFT platform.
Send ADA: ADA is Cardano’s native cryptocurrency, often used to cover transaction fees and facilitate connections. To finalize the link between your wallet and CNFT, you must send a required amount of ADA to the platform. This step ensures that your wallet is recognized and integrated into the CNFT marketplace.
Once your Cardano NFT-supported wallet is connected to the CNFT platform, you can buy and sell NFTs. This connection lets you interact with the marketplace, view your NFT holdings, and transact with other users. It’s an essential set up to participate in the exciting world of Cardano NFTs.
The world of Cardano NFTs offers a dynamic and accessible ecosystem for both creators and collectors. CNFT, as the pioneering marketplace, has played a crucial role in this burgeoning landscape. As we’ve explored, buying and selling NFTs on CNFT is relatively straightforward, involving creating an account, connecting your NFT wallet, adding your wallet to the platform, and sending ADA for integration.
This simplified process, combined with the compatibility of various Cardano NFT wallets, ensures that individuals can easily participate in the Cardano NFT marketplace. The diversity of platforms and tools available within the Cardano NFT ecosystem, including the CNFT Calendar and CNFT Jungle, further enhances the overall experience.
As the Cardano blockchain continues to evolve and gain prominence, it’s evident that CNFT and similar platforms will play a pivotal role in the growth and adoption of Cardano NFTs. Whether you’re an artist looking to mint your unique creations or a collector seeking valuable NFT assets, CNFT provides a user-friendly gateway into the exciting world of Cardano NFTs, offering both accessibility and security.