CARDANO & NFTS - AN INTRODUCTION
IN THIS LESSON
Unlike on other blockchains, Cardano NFTs are native tokens, the purest representation of a digital object. Beyond the hype, there are compelling reasons why artists and creators are choosing Cardano for their NFTs. We'll delve into Cardano's security-first approach, ease of use, and the vibrant community actively building innovative NFT tools and standards.
Unlike other blockchains where NFTs exist as part of a smart contract, Cardano is a multi-asset network - NFTs are native tokens, the purest representation of a digital object. This means they coexist on the same level as ADA, the chain's base token, and don't require a separate smart contract for minting. This design not only reduces the potential for exploitation but also enhances the overall security of the NFT ecosystem. This is why Cardano stands out as a unique platform for NFTs, offering an unparalleled level of integration and security.
Furthermore, Cardano allows NFT metadata to be stored directly on the blockchain's base layer, ensuring an inseparable and secure connection between the NFT and its associated data. While there is a limit to the amount of data that can be stored in a single Cardano transaction, it is generally more than enough for most use cases. For example, our Icons collection, which was released alongside Cardano's smart contract introduction, contained the code for an entire token transaction and royalty payment smart contract within the NFT's metadata – fully functional and compilable.
To date, more than 9 million NFTs have been minted across approximately 90,000 NFT collections on Cardano. While these numbers may initially seem significant, they represent just a fraction of the activity on the more established Ethereum NFT ecosystem. Thus, Cardano holds significant growth potential, not just of the NFT ecosystem, but for the entire platform. By joining the Cardano community now, you'll most likely be among the early adopters who help shape its future. The spirit of innovation and pioneering inherent to Cardano is reflected within its NFT space. Creators and projects continually try to introduce new features and ideas, and while not all attempts succeed, innovation is rarely a straight line.
Moreover, Cardano boasts a vibrant and supportive NFT community, with collectors and developers eager to engage and answer questions, both technical and non-technical. As a result of this passionate community, there are multiple ongoing efforts to develop and grow Cardano’s NFT infrastructure, as demonstrated by the multiple NFT focused Cardano Improvement Proposals (CIPs). This collaborative ethos is also exemplified by the NFT Guild, an organization dedicated to empowering NFT creators and developers by promoting the development of standards and tools for the Cardano NFT community. To learn more about the NFT Guild and its initiatives, visit https://www.nft-guild.io , or to find out more about the current NFT related CIPs and initiatives, visit the NFT Guild Rountables section.