NFTs will exist for decades on Cardano

Education 31.01.2023

NFTs will exist for decades on Cardano


The longer an NFT collection exists, the more historical value it can acquire. This is true only under one important condition. The blockchain on which the collection is minted must remain relevant and adopted by NFT enthusiasts.

The choice of the blockchain on which authors mine their NFTs is extremely important. If they choose one that ceases to be popular or degrades its decentralization or security, the significance of all NFTs may also decline. No one wants the price of NFTs to fall just because blockchain has technological or existential problems. The authors of NFTs, who seek to make the collection exist for as long as possible, need to think about the blockchain's long-term prospects.

Which blockchain to choose? I dare say that the relevant ones are those that have been around for a long time, have not had any problems so far, and have a strong community. The quality of the team that maintains the blockchain is also important.

Cardano clearly belongs among such blockchains. Cardano is being built to become a global social and financial system. The IOG team is building Cardano as a mission-critical project, i.e. with the same quality as software development for nuclear power plants or aeroplanes. Cardano will be around for decades and with it all the NFTs that have been minted on it. If Cardano is good for building an alternative financial system, it's certainly good enough for your beloved NFT collections.

As much as we would not like to damn other blockchain networks, the reality is that Solana, for example, requires regular reboots. Wallets were hacked. Moreover, there are doubts about the quality of the decentralization of this blockchain. These negative aspects discourage users, as well as third-party developers who want to build on Solana. A network outage of several hours may not be a problem for NFTs, but it is a problem for financial services. It can be expected that relevant projects will migrate to competitors and Solana will cease to be a relevant project for certain services. What will be the value of NFTs on Solana in 10 years? Will Solana even be around?

Cardano has been using PoS consensus since 2020. The network has never needed a reboot and has never had any serious problems. Cardano is considered one of the most decentralized networks. Additionally, Cardano treats all assets including NFTs the same as native ADA coins. There is no need to use smart contracts to handle tokens.

If you want to make sure that you will be able to own, use or sell the NFTs you buy in 10 years, think about the ones issued on Cardano. I'm sure Cardano will be around for a few decades. Of course, do your own research.