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How do I create NFTs on the Cardano Blockchain?

NFTs were introduced in 2014 and they are currently gaining recognition in the world that trades digital art. Since the beginning of November, an astonishing 7400% growth will be witnessed in NFTs before the end of September 2021. In addition, NFTs are typically one-of-a-kind and are of a limited edition, and come with distinctive identifying codes. "In essence, NFTs generate digital scarcity" Arry Yu, chair of the Washington Technology Industry Association's Cascadia Blockchain Council and the managing director of Yellow Umbrella Ventures, explains. This is a striking explanation contrasted to other digital products that are available for an indefinite amount. Cutting off supply can in theory increase the value of an asset, assuming that it is in need.


Non-fungible tokens consist of unique information kept within Smart Contracts. The information that NFTs have distinguishes them and makes them incomparable to the other types of tokens. NFT is defined as the inability of giving or transfer a fraction of your ticket to a concert. This fractional part of the ticket is unredeemable and worthless.


With the increasing NFT blockchain platforms' development, it is essential to select the right platform to ensure better efficiency of digital transactions. Platforms such as Ethereum, Flow blockchain, and Polygon(Matic) are contesting for better transactions speed and security. Then, there's the blockchain platform called Cardano which is backed by security, verification, rapid processing, and easy exchangeability.


What exactly is what is a Cardano Blockchain?


Cardano is a distributed blockchain platform for proof-of-stake that is part of the 3rd generation. While Cardano has many similarities in terms of features and features similar to other platforms, such as Ethereum but it distinguishes itself from its competitors by committing to scientific research peer-reviewed to serve as the basis for updates to the platform.


Cardano was founded in 2015. It was founded by Charles Hoskinson, a co-founder of Ethereum. Cardano has placed itself as an Ethereum-alternative. Both systems are utilized in similar programs, including smart contracts. Both aim to create a decentralized, connected system. Cardano considers itself to be an enhanced variant of Ethereum and has called itself a third-generation platform in contrast to Ethereum's second-generation credentials. Furthermore, the platform intends to provide banking services to the non-banked.


Cardano has gained a lot of attention as a blockchain-based platform in the wake of Bitcoin along with Ethereum. However, this wasn't always the situation. In the past, the Cardano native cryptocurrency, ADA, had plummeted to a record lowest of less than US$0.02. However, a significant change is happening in the last year. Since it was first introduced, ADA has increased nearly 7400 percent. The Cardano ADA coin is currently the third-largest cryptocurrency worldwide in terms of market capitalization, putting it behind Bitcoin and Ethereum's ETH at the date of publication.


How can I make NFTs using the Cardano Blockchain?


With the current craze regarding NFTs, It is worth creating your own NFT using the Cardano blockchain. For those who are not familiar with crypto, the NFT is a token that is not fungible meaning that it cannot be exchanged with other tokens other than bitcoin (or other digital currencies). The characteristic of currency that is not exchangeable in NFT creates the appearance of digital scarcity. This naturally increases the value of the token.


Prerequisites:

  • Ownership of a whole Cardano node.
  • Basic understanding of Cardano CLI and its terminologies.
  • The owner is a requirement for an ADA wallet that has a minimum of two ADAs.

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