This makes Cardano the ‘literally most anticipated’ smart contract platform in the blockchain space.
Since Cardano rolled out smart contract integration earlier this year, the network has been abuzz with integrated projects and community development. Its native ADA token has also grown significantly over this period due to its increased use cases among creators and developers who rely on the network.
One of the key areas Cardano has focused on is the NFT market, with the craze for these non-fungible tokens showing no signs of slowing down. In a recent Cardano 360 session, the network’s NFT sales manager, Josh Miller, described the various advancements this aspect of the ecosystem has made since the onset of the Alonzo era.
The executive noted that Cardano’s NFT maker has already created over one hundred thousand NFTs, most of which are built in Cardano native markets. The largest of these is arguably the CNFT marketplace, which the network has adopted as a serious competitor to Ethereum.
Miller pointed out that CNFT recently celebrated 100,000 registrations in the Cardano community, as well as the minting of 1.7 million NFTs and 1.5 million ADAs traded within this ecosystem, adding that it is about “Probably low numbers”. Overall, he says,
“We are seeing a lot of technology coming online… we are seeing an explosive growth of the CNFT community. “
One of the reasons for the growth of Cardano’s NFT products is the diminishing role of Ethereum in the industry, due to network congestion and unpredictably high fees. Cardano even took this rivalry one step further by introducing interoperability on the network for those who wish to migrate from ETH without getting rid of their previously created NFTs.
However, there is another aspect that causes users to shy away from the Ethereum network. These are the ESG concerns because “the energy requirements necessary to generate NFTs have been a hot topic.”
Robert Tran, COO of Bondly Finance, also highlighted how the entertainment companies they work with view “mitigating the environmental impact of blockchain” as their primary criteria while opting for a network. Bondly Finance, signed a partnership with Cardano last month to build an inter-chain bridge between the network and Ethereum. Tran added,
“An Ethereum transaction uses literally as much energy as a conventional hospital uses in a day and a half. It is simply not sustainable.
He also highlighted how the Cardano cross chain will help allay those concerns, saying:
“The bridge has the potential to literally hijack a significant portion of these transactions that are happening below on the Cardano chain and that’s huge.”
There are other factors as well that make projects rely on the smart chain platform, according to Tran, who noted:
“Environmental concerns and the speed of transactions, we believe, will be key factors in integrating major consumer brands in the future. The other is that you know our point of view as a business, but the future of blockchain is interoperability. “
He further added,
“Bondly was designed as a transparent and interoperable portable exchange protocol and we believe this is the future of NFTs and Cardano is literally the most anticipated smart contract platform in the blockchain space. “