Cardano Network Expected To Dominate Future NFT Marketplace

Cardano focuses on developing the NFT marketplace. (photo: Bitcoinist)

JAKARTA – Since the successful launch of its smart contract last year, more than 1000 projects have entered the Cardano network. This time, NFT fan Goofy Crispy believes that Cardano will be at the forefront of leading the future NFT marketplace.

A third of the total is focused on NFT projects on the Cardano network. In addition Cardano currently ranks third of the total NFT trading volume. The network's largest NFT marketplace, JPG Store has seen a 50% jump in user growth in the past month. It only surpasses Solana and Ethereum in terms of transaction volume.

Due to Solana's many failures and analyst predictions that Ethereum's Proof-of-Stake transition could be delayed, Cardano could surpass Ethereum in popularity. The new JPG Store features including price characteristics and filtering, along with NFT printing are another indicator of progress.

Technically, the network is said to be one step closer to becoming an NFT hub with the Vasil hard fork. Vasil upgrades are believed to accelerate transactions and the ability to store data on-chain for a better user experience.

“We may be in the middle of a bear market but Cardano's NFT space doesn't feel that way. There are many improvements to come both in the blockchain and in the project,” said Goofy Crispy. "I think it's safe to say the next few months will be very exciting, fasten your seat belts."

While other influencers are setting up shop on the Cardano network, celebrities including Snoop Dogg, Champ Medici, and Good Charlotte have partnered with some of Cardano's NFT collections like ClayMates.

On the enterprise side, Grayscale said that 32.33% of their Ex-Ethereum Platform Smart Contract Funds will be allocated to Cardano. Cryptocurrency storage company Ledger also announced that Cardano has been integrated into their Ledger Live platform.

The progress made in the NFT marketplace could also benefit Cardano. The development of analytical tools has allowed users to check trends and explore lists with ease.

Improved Discord integration and Chrome extensions for automated trading and sniping are even more improvements. Therefore, it is said that the Cardano network will dominate the NFT marketplace in the near future.