CNFTs Cardano

Why Are These NFTs Pumping? 

It's hard to explain all the reasons for this pump, but one is that there seems to be a brewing of FOMO in the Cardano NFT (CNFT) scene. Many people have been calling it an opportunity to get into an NFT market when it's in its infancy. Also, like all other ETH NFT competitors, Cardano has lower gas fees than the Ethereum blockchain. This has drawn new artists and buyers to the CNFT space. Instead of having to pay hundreds in gas to mint, people can use the CNFT marketplace to sell their works for a fraction of the cost they would pay on the Ethereum blockchain. 

What makes the CNFT different from Ethereum NFTs is Cardano doesn't need a smart contract to mint an NFT. Instead, NFTs on Cardano can be natively minted. This is a good thing considering Cardano's struggles with implementing smart contracts. Another difference of Cardano is it doesn't really have a proper wallet to show NFTs held in a person's account. But this hasn't stopped people from creating websites to display CNFTs. 

Two of the most notable projects to come out of the CNFT scene are SpaceBudz and Yummi Universe. 

SpaceBudz 

SpaceBudz is one of the first and most well-known NFT in the Cardano market. According to the SPaceBudz website, "SpaceBudz is an NFT platform on the Cardano blockchain. 10,000 SpaceBudz are in existence, and each astronaut is unique and only owned by you." Each SpaceBud has different traits and rarity.

Since its launch in March, SpaceBudz has amassed 6,649,964 ADA in total sales. The biggest SpaceBudz sale was Space #3659, which sold for 60000 ADA. The current floor is 3000 ADA. 

Yummi Universe 

The Yummi Universe project started in March 2021 starting as a collectible card NFTs. According to their website, "Yummi aims to follow in the footsteps of projects like Pokemon, Digimon & Moshi Monsters." Since then, the project has become much more; on Sept 29, they released a set of 10,000 pfp NFTs. These pfps have taken off, bringing in 1,991,408 ADA in total sales in just three days.

The good thing about seeing more NFTs on different blockchains, it allows for more artists and more people to get into the NFT space. The Cardano NFT space is still in its infancy and has tons of room to grow. It will be interesting to see where it goes.