Is This Altcoin About To Dominate The NFT Market?

Is This Altcoin About To Dominate The NFT Market?

Image provided by Masterworks

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It’s currently trading for $1, and many are calling it the Ethereum killer 

With $338 million in sales in 2020, and $24.9 billion in 2021 (a 73x difference), there’s no denying the NFT’s (Non-Fungible Tokens) market is on fire. And many analysts predict things are just heating up, with Nasdaq.com’s Luke Lango speculating “the NFT Market Could Really Grow by 1,000x.”

And it’s not slowing down. According to The Block Research, NFT trade volume jumped almost 3x this past month of January to $6.86 billion  — up from $2.67 billion in December. With this surge in interest and the NFT market at an all time high, investors are looking for ways to invest.

One option with a lot of potential is the tiny altcoin, Cardano ADA/USD. Dubbed the “Ethereum killer” by many, it’s focus is on transaction speed and low fees — the very problems currently plaguing projects on the Ethereum blockchain.

Cryptocurrencies with blockchain technology to host, mint, and handle transaction speed are key to the NFT market's growth. And with more than 100,000 NFTs Cardano hosted on Cardano-based marketplaces, and a talented team of software developers working tirelessly on the project, Cardano looks promising.

Bondly COO Robert Tran agrees and preaches about the benefits of Cardano. His biggest concern is that Ethereum’s current energy consumption is unsustainable. He was recently quoted saying:

“One transaction on Ethereum literally uses as much power as the conventional hospital uses in a day and a half. It’s simply just not sustainable.”

He goes on to say that interoperability is key to sustainable growth.

“Environmental concerns and the speed of transactions we feel will be key drivers in onboarding major consumer brands in the future. The other one is you know our view as a company but the future of blockchain is interoperability. Bondly has been built as an interoperable transparent portable swap protocol and we feel that this is the future of NFTs and Cardano is literally the most anticipated smart contract platform in the blockchain space.”

As more and more companies start to work with NFTs and the market continues to expand, Cardano is perfectly positioned to seize a large percentage of the market share.

Another interesting byproduct of the interest in NFTs is the renewed interest in contemporary art. And it’s not just digital art, but physical, tangible artwork by masters. Platforms like Masterworks have become very popular with over 320,000 investors buying shares of million-dollar paintings by famed artists like Monet, Banksy, and Picasso.

Paintings have been selling out in hours, with crypto investors opting to buy art versus Lamborghinis. One example is the $7,428,000 Banksy called “Mona Lisa” which sold out in 3 hours, handing investors on Masterworks a 32% annualized appreciation, net of fee.

With the recent market dip, Cardano has dropped in price, trading for just $1.05 at the time of publishing. That’s a drop of 64% from its all-time high. But that gives investors the opportunity to take advantage of this recent market pullback with this undervalued altcoin.

While nothing is certain in the market, many in the space predict Cardano (ADA) is positioned to capture the lion's share of the market with its increased transaction speed and low fees.

See important disclaimers at Masterworks.io/disclaimer.

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