As Cardano NFT is on the rise, will CNFT be the next big hit?
How to hold the ever-increasingly popular Cardano NFT?
PART I: What Exactly Is Happening With NFTs
The NFT sector has also been subject to the recent spread of pessimism across the crypto market. The inertia of ETH in the secondary market is a particular burden. Many NFT users with "NFT images" in their hands have experienced a double fortune drain. However, meanwhile, on a macro level, Cardano is bucking the downtrend and performing brilliantly. In October, Cardano NFT trading volume reached $19 million, making it the third largest NFT project after Ethereum and Solana.
In terms of overall rankings, Cardano has seen a significant increase in user activity since the major Vasil upgrade in September.
The latest CryptoSlam data shows that the average daily volume of NFT transactions on the Cardano network has been around $250,000 recently.
Although it still lags far behind Ethereum ($18 million) and Solana ($2.1 million), it is gaining strong momentum and standing out from other new public chains.
In terms of total trading volume, the top three NFT series traded on Cardano exceed $20 million. This figure indicates the potential of Cardano to cultivate quality products.
So, does Cardano NFT merit attention? Which NFT series are currently performing well in the market?
Is Cardano NFT worth paying attention to?
NFT is inherently community-based and requires active vibe among users, rather than simply copying or sharing a random batch of photo elements in the form of JPG images.
The most important thing about an NFT project is its brand awareness and the community consensus it builds, especially the sense of atmosphere.
It is also called the new "Maslow's need" of Web3;
needs → wants → vibes
People of the same kind come together. This can be seen from the gathering of Chinese entrepreneurs such as Li Ning, Zhu Xiaohu, Lin Jiapeng and other traditional bigwigs who have unanimously joined the Bored Ape Yacht Club. Each NFT represents its own kind of vibe.
From the point of view of the NFT trading market, users of a platform often own different kinds of NFTs, and each NFT corresponds to a community with different vibes.
So, if we look at the rising NFT trend on the Cardano network, we will find some positive factors to look forward to. A typical example is the collaboration between the Clay Nation series of NFTs and the famous American singer Snoop Dogg.
The Clay Nation series is a cultural project of clay animation art. Acquired by Snoop Dog and built on Cardano, the series has received increasing attention following the release of a MV produced by Snoop Dogg and his son Champ Medici.
To date, the total trading volume of the Clay Nation NFT collection has exceeded 31 million ADA (approximately $9.5 million), ranking fifth among all Cardano NFT collections.
To become a top project in the NFT world, it needs time and the market test, as is the case with established projects like Cryptopunks. This is also the reason why there are only a few top NFT projects. Clay Nation is gradually finding a way to build its own vibe through the celebrity effect. This is something those shoddy NFT projects can not achieve, despite the large number of images they offer wholesale. Meanwhile, many public chains that are not part of ETH often rely on quantity as the key to the NFT world. But in reality, it is much more important to work hard on brand impact
In general, a group of NFT projects on Cardano, represented by Clay Nation, has been exploring "how to avoid the trap of NFT development." Their efforts and findings, namely to make their brands more famous and understandable through the celebrity effect or the high number of users, are worthy of attention. With this strategy, they gradually build a strong community and open culture, and then build a brand with great commercial value through long-term development
Besides Clay Nation, we can also take a look at some of the other popular and notable NFT series on Cardano.
- Chilled Kongs: one of its series was sold for 8888 ADA (about USD$2700).
- Pavia: the first Cardano-based metaverse NFT project.
- Spacebudz: recorded the first Cardano NFT sale above $1 million
What are NFT tools available for the Cardano network?
It is critical for an emerging NFT platform to know how to help users better identify trading opportunities in the NFT market and provide better service tools to take advantage of the potentially profitable opportunity dividends and secure a long-term future in the NFT sector.
🚀NFT Trading Marketplace: JPG.STORE
Since the birth of OpenSea- the most highly rated in terms of dividends, the "NFT trading market" has become a sought-after stable product in the market. Projects like LooksRare, X2Y2, etc. take turns to become the next hit. Currently, JPG.STORE is the largest NFT trading market in the Cardano network.
The user interface of JPG.STORE is also similar to OpenSea and LooksRare. This means that there is no additional cost for current NFT fans to recognize and use it. The navigation interface is also very simple.
- Support most Cardano wallets.
- Have a wide range of NFT collections.
- 2% transaction fee.
- Provide minting tools.
- Offer NFT series ranking.
- Offer creators with royalty.
- No escrow (no third party temporarily holding funds in the transaction).
With JPG.STORE, users can discover upcoming NFT airdrops and buy/sell their favorite NFTs.
🚀NFT Data Analysis Tool: CNFT Jungle
CNFT Jungle is an NFT market analysis tool for the Cardano network. It can be used to search for NFT series on Cardano, track the current NFT market, and facilitate information gathering for NFT projects. It also supports custom creation services such as bots and NFT minting functions.
The vast majority of ordinary NFT users, with the help of CNFT Jungle, will be able to detect and sort the latest trends on the chain and understand the information hidden in the chain. These skills are enough for many of them to find clues and take a first step towards profit.
PART II: How to buy and sell NFT on Cardano?
How can a normal user buy and sell NFT on Cardano?
⚡The first step is undoubtedly a Cardano wallet, but there are many wallets that can be used to store ADA.
We recommend the Nami and Eternl wallets here.
In this article, we will take Nami as an example and briefly explain how to set up a Nami plug-in wallet and create a corresponding account.
How To Use Nami Wallet
1. Download the Nami plug-in wallet
2. Click on the downloaded plug-in
3. Click on "new wallet"
4. Save the mnemonic (private key)5. Confirm the mnemonic (private key)
6. Enter the “account name” and “password” to create an account
The entire process is the same as using MetaMask in Ethereum. After the wallet is set up, we just need to deposit some ADA before we can trade NFT, buy and sell NFT works that we like or believe have investment value.
NFT is community driven and requires an active atmosphere.
Therefore, it is crucial for the long-term development of the project to enrich the shape and value of the community and the brand, which is also the blind spot of many NFT projects. With its long-term vision, Cardano NFT will be a virgin land with great opportunities for ambitious and committed NFT projects.
For example, Adaverse, a global Cardano incubation fund jointly launched by EMURGO and Everest Ventures Group, has incubated more than ten high-quality projects in various sectors with the support of the official Cardano team. To date, a Cardano ecomatrix has already begun to take shape.
Whether it is long-term brand building of NFT projects or connecting DApps from other sectors such as DeFi, we have the unique advantage of being able to integrate multiple resources to support the development of each project.