Non Fungible Tokens or NFTs have become a pivotal element of the decentralized, blockchain-based financial landscape. Over time, their use-cases and benefits have diversified significantly, not merely as an asset class but also as a means to certainty in the digital world.
We have also witnessed notable cultural trends in the past year, such as the craze over PFP NFTs. Moreover, NFTs have been a primary enabler of Play-to-Earn (P2E) gaming, with broad economic implications globally. Notwithstanding, the discussion around NFTs has been focused on Ethereum, predominantly, and that is a problem.
The NFT ecosystem is much wider than Ethereum. For example, we have Cardano NFTs and Tron NFTs. And so, to stay updated, let’s explore these promising alternatives.
But let’s jump straight into Cardano and Tron.
Cardano NFTs: Towards Environment-Conscious Efficiency
Overcoming Ethereum’s limitations has been among Cardano’s primary goals, particularly concerning efficiency and scalability. And consequently, the latter has proven highly advantageous for the evolution of NFTs.
There is a lot that Cardano brings to the table in terms of efficiency. For one, its Proof-of-Stake (PoS) consensus mechanism is incredibly energy efficient. Nodes can function efficiently even at low bandwidths, which enhances the overall performance of NFTs and marketplaces running atop the network. The best way to gauge Cardano’s worth is to check out some of its leading NFT projects. So let’s do that, because, why not?
SpaceBudz is an ‘animals in space’ themed NFT. It’s a collection of 10,000 unique tokens, some of which cost over $3 million. Yes, you’ve read it correctly. SpaceBud was in fact the first NFT to hit a million-dollar sale on Cardano’s network. SpaceBudz has a traded volume of about 14M ₳. With a floor price of 3800₳, the NFT’s highest recorded sale to date is 510,000 ₳. Moreover, at present, over 2500 wallets hold SpaceBudz.
Because Cardano is tremendously energy-efficient, it is also a friend to the environment. And taking notice of Cardano NFT’s environmental focus is CardanoTrees. The project is quite unique as it is not linked to mere static images or gifs. The best way to imagine CardanoTrees is as a constantly evolving art medium. It’s a collection of 10,000 Cardano NFTs based on five species of trees. Interestingly, the artwork evolves along with the real-world trees it represents. These NFTs have a floor price of 142 ₳, while their total sales volume is 1,674,390₳ so far.
Drawing their inspiration from CardanoTrees, other environment-conscious Cardano NFT projects are emerging. For example, there’s Earth Native, a sci-fi-themed collection set in a post-apocalyptic world of ecological catastrophe. In the lore, humans have morphed with armadillos to survive the apocalypse. These Cardano NFTs are very rare, only ten in number.
TRON NFTs: Enabling More Than Content Sharing
TRON NFTs constitute another promising alternative to Ethereum-based NFTs. Founded by Justin Sun, TRON is a decentralized platform that has made content sharing cost-effective. In the latter half of 2020, TRON announced its native NFT standard, TRC-721, leading to a flurry of innovation.
Because of their technical superiorities and creative designs, the leading TRON NFTs have gained immense popularity already. For example, the entire collection of 10,000 Bored Ape Yacht Club Tron (BAYCTron) NFTs sold out within 12 hours of its minting event. Similar to its Ethereum-based counterpart, BAYCTron is indeed one of the most popular TRON NFTs. Over 17,000 users own these apes currently, including Justin Sun. And at the time of writing, BAYCTron’s 30-day trading volume is about $210,000.
Any discussion concerning DeFi or NFTs cannot undermine Ethereum’s contributions, even while being critical of its limitations. On this note, the first-ever TRON NFT, namely TPunks, was quite similar to Cryptopunks. It’s a collection of 10,000 tokens, comprising a diverse cast of avatars: 9 aliens, 24 apes, and 88 zombies. Plus, there are eleven Justins, which are extremely rare. The floor price of TPunks is $430, with a total trading volume of over $18 million. The most noteworthy purchase in TPunk history comes from Justin Sun, who cashed in $105 million for punk #3442.
Exploring New NFT Markets
From the preceding discussion on Cardano NFTs and TRON NFTs, one thing is as clear as daylight. Alternative NFT markets are emerging rapidly, and exploring them upfront is well worth our time and money.
Notwithstanding, the quest to try out new platforms and innovations could be daunting for many. Each platform has its intricacies, and presently, given the general nascency, the learning curve is often quite steep. As our experts keep saying, exploring new technology demands active due diligence, caution, and above all education.
For one, it’s necessary to stay updated with timely information and news, which Airdrop Alert brings you, as always. So keep following our page, and together, let’s bask in the future that NFTs promise.
Lastly, make sure to check out the latest Youtube video by CryptoRut on the biggest Metaverses.