Cardano is a well-known public blockchain platform that operates on a proof-of-stake consensus mechanism called Ouroboros. Developed through evidence-based methods, Cardano is an open-source and decentralized blockchain. $ADA is the native cryptocurrency of the Cardano blockchain. Parties can use the Cardano chain for developing dApps, DeFi systems, and, like every blockchain platform, they offer NFTs.
NFT marketplaces are platforms used to buy, store, or sell various digital art forms. Tokens are either auctioned off or made available for purchase at a set price. Cardano has several NFT marketplaces operating on its platform. These are the only marketplaces where Cardano-based NFTs are available for trade. This article will discuss, review, and compare various Cardano NFT marketplaces.
Cardano Marketplaces Overview
Many Cardano marketplaces are available for users, but they are all different in various aspects like features available, mint cost, etc. Some of the popular Cardano NFT marketplaces are:
- CNFT.io is the first Cardano NFT marketplace. The platform hosts some of the most popular Cardano NFTs like SpaceBudz, Clumsy Ghosts, Pavia, Clay Nation, and The Ape Society.
- JPG Store is an NFT marketplace growing at full pace and is the biggest Cardano NFT marketplace in terms of volume. They are gaining more popularity among creators and users because of their modern UI and user experience similar to OpenSea.
- Tokhun is a place to buy or sell NFTs from verified artists. They only list NFTs that qualify for their pre-determined registration policies.
- Galaxy of Art (GOA) offers NFTs apart from photos. Digital arts in the form of videos and audio are available here.
- Cardahub is another NFT marketplace where you can buy, mint, or sell NFTs. It has a very simple user interface.
Cardano NFT Marketplace Features
Cardano marketplaces offer its users a variety of buy/sell options like:
- Open market: Users can buy or sell NFTs by negotiating the prices, with the marketplace essentially acting as an open market where the buyers and sellers often bargain with each other for the price of the product.
- Auction: NFTs can also be auctioned in these markets, with the token going to the highest bidder.
- Fixed price: Here, each NFT will have a predetermined and fixed price that the buyer will have to pay to own the NFT.
Business is always done in $ADA, so the only available trading pairs are $ADA and the corresponding NFT.
Cardano NFT Wallets
To buy or sell an NFT from a Cardano marketplace, the user must have a Cardano wallet. Some examples of Cardano wallets are Gero, NuFi, Typhon, Flint, Nami, Etrnl, etc.
Since these marketplaces are operating on the Cardano blockchain, they will inherit all the security features that are available on the platform. Some of these security measures include:
- Cryptographic hashing
- Digital signatures
- Smart contracts
- Access control mechanisms
- Private key management
- Multi-factor authentication
It is also to be taken into consideration that since these marketplaces are different entities with different features, they will most likely have different security measures in place regarding their design or the security features that were intentionally added to the marketplace.
For every minted NFT, the creators will have to pay a mint fee to the marketplace in $ADA. This fee may differ from one marketplace to another. The creators must also pay a network fee for using the network as well.
The user interfaces of these marketplaces may differ from one to another but are also similar to each other in the sense that they all provide necessary information on the items that are hosted on the platform.
CNFT.io and JPG Store Cardano NFT Marketplaces Review
CNFT.io: Launched in 2021, CNFT was the very first Cardano NFT marketplace. Users can choose NFTs from various listed categories including art, music, photography, collectibles, gaming, and the metaverse. Every NFT listed in this marketplace comes with a fixed price and can be bought using $ADA. The platform charges a 2.5% commission for every NFT sold and has a minimal transaction fee.
JPG Store: It is the largest Cardano NFT marketplace. The platform has already paid $12 million in royalties and has a trading volume above $300 million. To mint an NFT, the creator will have to pay a mint cost of one $ADA and a network fee of 0.1 $ADA. Users must connect a Cardano wallet with the NFT marketplace to buy, sell, or create NFTs.
Other Notable Cardano NFT Marketplaces
Tokhun: This marketplace has a verified roster of artists from whom you can buy your NFTs. Tokhun has listed over 6,000 verified NFTs and has sold over 11,000 NFTs to date. Creators have received 12,000+ $ADA on royalties. To buy or sell NFTs in Tokhun, you need to create a free account. A free Cardano wallet will be made available to the user along with the free account. Tokhun charges 2.5 $ADA or 2% as mint cost, whichever is the largest.
Galaxy of Art (GOA): This marketplace helps creators to mint NFTs on audio and video, apart from photos. It has a simple user interface and helps select NFTs from different categories like books, comics, luxury, games, etc. Other than buying and selling, GOA also provides an option to auction the NFTs. The platform doesn’t collect any commission from creators on the sale of their NFTs. However, it charges a small transaction fee. It has its own GOA wallet and does not support any external wallets. Users are provided with these wallets on signing up. 2-factor authentication is provided for the users to protect their assets.
Cardahub: Launched in 2021, Cardahub is a platform that allows users to buy, sell, or mint NFTs. Cardahub includes NFT collections like Mocossi, Clay Nation, and Boss Cat Rocket Club, with each collection having 10,000 NFTs. Service fees and commissions charged by the platform vary from one NFT to another. Buyers will have to pay the desired royalty set by the creator. It is necessary to connect a Cardano wallet to Cardahub to buy, sell, or create NFTs on the platform. Cardano wallets like Nami, Gero, and Etrnl are compatible with Cardahub.
Conclusion
Cardano marketplaces are one of the most used NFT marketplaces in the community right now. Also, it does come with the features and security offered by the Cardano blockchain. Being built on Cardano, these marketplaces are also sustainable. Also, the high speed of transactions offered by Cardano, which is about one million transactions per second, makes these marketplaces seamless to use. To conclude, the Cardano chain, along with the projects built on it, are exciting to look forward to and have huge market potential.
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