If you follow us on a regular basis, you know that NFTs are popular. So, Ethereum is the leading chain in the NFT space. However, other blockchains like Cardano started to have more exposure.
Cardano is different in many ways. Having NFTs on offer in their ecosystem is an exciting prospect. So, let’s have a look at Cardano NFTs.
How Do Cardano NFTs Work?
When you want to get a Cardano NFT, you will need to start with installing a Cardano wallet. There are already quite a few different Cardano wallets out there. For example:
- Yoroi Wallet — This is a very light wallet. That is because Yoroi doesn’t download the whole blockchain. Desktop and the app version are available.
- Daedalus Wallet — The official Cardano wallet. It’s backed by the development team. It downloads the complete blockchain. So, installation may take up to 30 minutes. Currently, desktop only.
- Eternl — Has many functionalities. Available as web, desktop extension, and as an app.
- Here’s a list of up to 19 Cardano-compatible wallets.
More secure and cheaper to mint – created on the ledger itself
No smart contract required – fungible and non-fungible tokens are treated as native assets
Easy to design – devise various applications without needing customized code
— Cardano Foundation (@CardanoStiftung) June 10, 2022
Once you installed a Cardano wallet, you’re ready for action. With it, you can start:
- Mint NFTs: You do it directly on Cardano’s blockchain.
- Buying/selling Cardano NFTs.
Note: Cardano fees are lower compared to Ethereum.
In contrast, Ethereum creates a smart contract. This holds the ERC-721 and ERC-1155 tokens, used for NFTs. In Cardano, we refer to CNFTs as the NFT standard.
How to Mint Cardano NFTs?
Minting Cardano NFTs is easy and cheap. So, let’s look at the steps you need to take.
- Go to the Cardano token and NFT builder page. You see two options, so, you click on the right option, for NFTs. Now click the blue ‘Forward’ button. See the picture below.
Source: ADA token and NFT builder
- On the next page, you must fill in information about your NFT. For example, the name of your NFT, author, and description. Don’t forget to add a file. This can be an image, audio, or video. Max size is 15MB. See the picture below.
- Finally, make a validation for your NFT. So, you need to answer two questions. Can they display your NFT in the future? You must accept the terms and conditions. Once you ticked one or both boxes, hit ‘Submit’. See the picture below.
- Then, send the amount of ADA mentioned. You will receive 2 ADA back, once they send you your NFT. Minting costs are around 5 ADA.
- The platform mints your NFT. Just relax and kick back, and wait for your NFT.
- Once minted, the Platforms sends the NFT to your wallet, with 2 ADA. See the picture below.
This process should take no more than five minutes. You can find the official Cardano explanation.
Where to Buy/Sell Cardano NFTs?
There are various Cardano NFT marketplaces around. We show you a few of them. These are popular ones that have a good trading volume as well.
- JPG Store — This is the most popular Cardano marketplace. They have 95% of the Cardano NFT market. You can check that out here. To clarify, that’s a total market volume of ₳280.3k, that’s ₳226,2K or $120,000.
- Epoch.art — The second-biggest Cardano marketplace in volume. They have 2.46% of the CNFT market. Connect a compatible Cardano wallet and start interacting. For example, your Eternl or Yoroi wallet.
- CNFT.io — This is the OG of Cardano marketplaces. They launched in July 2021.
There are other Cardano NFT marketplaces. However, their market share is rather small.
Best Cardano NFT to Buy
There are plenty of CNFT collections out there. So, let’s have a look at some popular CNFT collections.
- Chilled Kongs — They lead the CNFT collections. One sold earlier today for ₳8,888 or $4,206.08.
— ChilledKongs Sales (@ChilledKongBot) September 13, 2022
- CardanoGoldMiners CNFTs — They mine 60% of the Cardano Gold $CARGO tokens total supply for 9 years! Talk about a utility token!
- Pavia — This is the first Cardano-based metaverse. For an introduction, read our article on Pavia.
- Spacebudz — The first $1 million CNFT trade was a Spacebudz CNFT. Currently, they’re not as hot as they once were. However, they still stick it out in the top 5.
The picture below shows you the top 15 CNFT collections.
Source: CNFT Jungle
Is Cardano NFTs Worth It?
Looking at the overall popularity of NFTs, yes CNFTs is worth it. However, they are still a small player in the bigger field. It will take some time, but they are up and coming. There are also a couple of good and worthwhile CNFT collections. The other thing that makes CNFTs stand out, is that they are a token, just like ADA. On the other hand, it’s a competitive market out there. Cardano will have to fight hard to get their spot in the NFT sun. Read our FAQs About Cardano NFTs article for more information.
Finally, CoinGecko tells us that the current ADA price is $0.474891. That’s 5% up during the last 14 days. The market cap is $16 billion and there are 33.8 billion ADA in circulation out of 45 million.
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