NFTs on Cardano - The Earliest Projects
Written by Ruma Dass
Cardano has not launched its smart contract capability yet. However considering the recent NFT hype, NFTs on Cardano have already started selling. This is because tokens on Cardano are native. Let’s look into what's really happening.
Charles Hoskinson in a recent interview focused on NFTs. Native capabilities have been built into Cardano from Catalyst to metadata standard. This will resolve a lot of problems about metadata, identity, authentication, governance. In long term, Cardano can become one of the leading platforms to issue, curate, and transfer an NFT from one party to another party. Cardano might also examine trusted hardware. The users can get proofs of a guaranteed eraser, where NFT could be transferred from one place to another and the prior representation of it can be destroyed to have uniqueness.
Cardano does not really have a proper wallet to show NFTs held in a particular account. However, this is not stopping projects from launching NFTs. Many of them are based on trust. CardanoKidz was the first to create NFTs in Cardano. There are a number of projects which followed. Some of these projects are already quite popular.
NFT Dao is building the NFT Standard for Cardano. It is building a rapid NFT marketplace generation DApp on Cardano. Anyone will be able to launch their own niche NFT marketplace. They are gathering specs and assembling open standards can be employed by all Cardano projects.
The Cardano Kidz NFTs celebrate the heroes of Cardano. They do not have any real utilities yet, but still, all are sold out, mainly because they are the first. The sales are currently in Pre-Order. The buyer needs to send Ada and mention the transaction ID and address. The NFTs will later be delivered to the same address. The project is waiting for the Cardano Token standard to launch before minting starts. In the future people will be able to sell or exchange the NFTs in a marketplace.
Professor Cardano project is working with the soon-to-be-launched NFT marketplace, cnft.io. It is based on the Periodic Table of Elements. The First Batch was Oganesson where 118 tokens were minted. Each token was sold for 150 Ada. This is purely based on trust as no smart contract is involved. Transactions are communicated over emails. NFTs will later be shared once minted. The next batches will be Tennessine (117), Livermorium (116), Moscovium (115), Flerovium (114), etc.
LoveAda is a digital art marketplace. It is currently not live but in the process of onboarding new creators. The selection process is curated by the team members to ensure that the original artists of the artworks are onboarded.
Somint is an art marketplace. It is yet to launch. It is backed by James Duneith, Founding Educator at Gimbalabs, winner of Fund 1 & Fund 2 of Cardano’s project catalyst.
Somint is built on NFT Dao.
CNFT (Cardano NFT) is a digital marketplace created by Cardano Buzz, a popular Cardano staking pool.
The NFT sales platform is scheduled to launch on Q2 - Q3 2021
Similar to the concept of CryptoPunks, Spacebudz has 10,000 tokens, each with different characteristics. The Pre-Sale was quite popular and is now completed. The marketplace is scheduled to launch soon.
The purpose of this article is to put forward a picture of the NFT Ecosystem which is currently getting created in Cardano. Most of these projects are still in the early phases and are highly risky to invest in. Any form of investment needs to be carefully done. In my opinion, you should invest in only those NFTs where you see the actual value and have proper utilities.
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