Discovering Cardano NFTs on Fibo.art
NFTs are one of the most important applications of blockchain technology and have managed to capture the imagination of artists, musicians, and collectors about the abilities to have direct ownership over their content creations, and to globally transact their NFTs on an open, digital platform using cryptocurrencies.
NFTs are now an integral part of any blockchain ecosystem and serve as one of the main onramps for people to enter the blockchain and cryptocurrency space.
For this reason, Cardano - one of the largest decentralized and environmentally-sustainable blockchain networks - provides unique benefits to artists, musicians, and collectors wanting to get into NFTs.
Let’s look at three unique features to Cardano NFTs and why they are great for artists and collectors.
#1 - No smart contract required to mint Cardano NFTs
One of the most significant benefits of Cardano NFTs is that they do not require a smart contract.
By eliminating the need to use smart contracts to mint Cardano NFTs, many potential errors are removed.
This fact makes Cardano NFTs more secure to create, and also easier to deploy.
This also means there is no need to pay costly gas or transaction fees for the deployment of a smart contract.
On other networks, in order to mint NFTs, the smart contract in charge of their creation has to be deployed on the network.
This can be very expensive, and add to the costs of the NFT project.
However, this is avoided on Cardano.
#2 - Only pay for minimum fees
Assets that are transacted over the Settlement Layer only incur the minimum fee on the Cardano network, around 0.17 ADA per transaction or $0.13 USD as of today.
Since there is no need to deploy a smart contract to create a Cardano NFT, the assets only move across the Settlement Layer.
So, when you’re transferring a Cardano NFT from two different wallets, only the basic fee will be charged.
#3 - Secured metadata
In other protocols, the blockchain metadata of the NFT is attached to the token via an external storage source like IPFS, Arweave, etc.
On Cardano, the tokens are part of the blockchain itself, and the blockchain metadata is sent as part of the transaction.
That way a direct link between a token and the blockchain metadata can be created and is impossible to separate.
The information contained in the blockchain metadata is secured by Cardano’s network, and can be used to verify the content of the Cardano NFT in the future.
Why Cardano NFTs are Great for Artists and Collectors
For all the properties we described before, Cardano NFTs are an excellent choice for NFT application developers, artists, musicians, and collectors:
Developers: NFT app developers will have a much easier time with the Cardano NFT. The tokens themselves are part of Cardano’s blockchain and there is no need for a smart contract and thus less chances for mistakes or possible exploits.
Artists: Content theft is widespread in the overall NFT market. However, Cardano NFTs are more secure because the blockchain metadata is part of the transaction. It’s much easier to verify the ownership of and origin of the asset. This is great for artists that want to secure their creation and have proper recognition for their creations.
Collectors: NFT buyers will also find many advantages in the Cardano NFT design. As the Cardano NFT tokens only interact with the Settlement Layer of Cardano’s blockchain, the fees for transferring those tokens will be minimal.
Cardano NFTs follow the same rigor and design-first approach that characterizes the protocol. They were built to be affordable to use, easy to deploy, secure to create, and easy to verify. They appeal to all the participants in the new NFT economy.
For all of these reasons, Cardano NFTs will attract more users in the future.
As the Cardano network is still young, and has plenty of room to grow, the Cardano NFT will become the standard for the entire NFT market.
Join our Fibo.art Discord!
Developed by EMURGO, the official commercial arm and a founding entity of the Cardano blockchain, Fibo is a new Cardano NFT marketplace empowering creators and collectors for a positive #socialimpact.
Fibo is designed to make it super easy for artists and musicians to mint NFTs through the click of a button and reach a global community.
To ask questions and join the Fibo NFT community of artists and collectors, please join our Discord using the link below.