Cardano NFTS is growing in popularity by the second. This project has 220x in 30 days. This project has 60x in two days.
And despite these huge gains, these projects are still far smaller than Ethereum NFTS. For example, the largest project on Cardano has a volume of about 10.5 million, 32 times smaller than the largest project on Ethereum.
So we’re going to start here from the beginning. First, we’re going to break down what is an NFT we’re going to talk about why Cardano is a better ecosystem for NFTS.
And then we’re going to go step by step how to buy and sell in NFT for profit on Cardano.
And then we’re going to finish off with some tools that you can use to identify projects that are on the rise and could potentially increase in price dramatically.
What Is An NFT
This stands for a non-fungible token. And what exactly does that mean? Fungible means the ability of a good or an asset to be interchangeable with another individual good or asset of the same type.
So a fungible asset is the best kind of asset to use for trade. The prime example of fungibility, which is a wild word in itself, is cash. Cash is very fungible.
If I give you 100 usd- and you give me back two 50s were square, we didn’t lose or gain anything. Because again, cash is fungible.
NFTS are a digital asset that’s stored on a blockchain. This blockchain ledger can’t be altered, so this means that an NFT is non-fungible.
Each has its own unique address. Each is its own unique thing. That is, even though you can still screenshot one and save it on your phone for free, but that’s neither here nor there.
Why do people buy these things? Just like most expensive things, they’re generally purchased as a status symbol or because someone’s a collector or to make money by selling that thing later to someone else at a higher price.
We should point out that this is a very new industry, and most projects will become worthless.
But a percent will hang around for the long haul whether you like this tech or not, and I also want to say that NFTS are extremely high risk in terms of an investment.
Cardano NFTS vs. Ethereum NFTS
Cardano knocks it out of the park here on fees. When I purchased in Ethereum NFT, I paid 52 dollars in transaction fees. On Cardano, it’s less than two dollars.
Ethereum wins here by a long shot. There are by far more projects, more attention, and better sites for Ethereum NFTS. There’s no denying that on the popularity department. Read More…