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More Than 800,000 NFTs Minted on Cardano Since March as Number of Projects Increases

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Sat, 05/21/2022 - 18:45
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Tomiwabold Olajide
Number of native assets issued on Cardano has risen to 4.8 million
More Than 800,000 NFTs Minted on Cardano Since March as Number of Projects Increases
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According to recent statistics shared by IOHK, the number of native assets issued on Cardano has risen to 4.8 million.

On March 23, Morgan Schofield, head of ecosystem growth at Input Output HK, reported that Cardano's smart contracts platform hosts four million non-fungible tokens (NFTs), stating that "the 4,000,000th Cardano NFT is being minted, with 50,000 distinct minting policies."

Charles Hoskinson, quoting this tweet, wrote, "Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong. There are now millions of native assets issued and DApps are now in the hundreds SlowAndSteady."

This difference suggests that since Morgan Schofield's tweet on March 23, more than 800,000 native assets have been issued.

Cardano Network Statistics
Cardano Network Statistics, Courtesy: essentialcardano.io

The Cardano blockchain can natively generate, interact with, and delete custom tokens (or "assets"). "Native" indicates that users can interact with these custom assets straight out of the box, without having to employ smart contracts.

Cardano NFTs are the same as native assets from a technological standpoint. However, a native asset might be a Cardano NFT if it has other properties such as amount or value, name, and a unique policy ID. NFTs can be produced using the Cardano node and, thus, are native assets. However, unlike fungible native assets, which might consist of millions of interchangeable tokens, an NFT is a single native asset that cannot be reminted or destroyed, and it exists on the blockchain in perpetuity.

Number of NFT projects on the rise

In the past week, IOHK gave the total number of NFT projects on the Cardano network as 5,549. Presently, this number has risen to 5,656, representing an increase of 107 projects. The rise in the number of minted pieces of non-fungible art and projects is linked to the Cardano network's growth.

As reported previously by U.Today, Cardano NFT sales touched $27 million in April. ADA traded down 1.64% at $0.52 at the time of publication.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.