- Snowmantastic has announced its movement from Ethereum to Cardano.
- The reason has been linked to the high gas fees on the Ethereum network.
Snowmantastic NFT project has become the latest to announce its transition from the Ethereum network to the Cardano network. According to the team, there was serious deliberation and planning before bringing it to the public domain.
As stated in their announcement, the transition of the Snowmantastic NFT project was largely influenced by the high fee cost present on the Ethereum network. Also, several other factors not disclosed were stated to be part of this move. On the Ethereum network, Snowmantastic has collaborated with over 200 projects.
https://twitter.com/snowmantastic/status/1650591769505964033?ref_src=twsrc%5Etfw
This is just one of the many projects moving from Ethereum to Cardano. In March, a popular NFT collector identified on Twitter as @Alex_ADA_ announced his decision to move to Cardano from the Ethereum network.
According to him, the current limitations of Ethereum have led to slow transactions and high gas fees. Cardano addresses this problem as its Ouroboros Proof of Stake (POS) consensus algorithm makes the network more scalable and efficient. Another reason for his transition is sustainability. According to him, the Proof of Stake model of Cardano is energy efficient and environmentally friendly compared to Ethereum. Another reason is financial inclusion.
Cardano’s mission to bank the unbanked resonates with me. Their focus on empowering developing countries and providing access to the global economy can have a life-changing impact on millions of people.
Alonzo upgrade of Cardano provides a better outcome
Cardano also has a better smart contract capability with the recent launch of the Alonzo upgrade. It has become a viable option for developers seeking to build decentralized applications. This, in addition to its interoperability, influenced his decision and possibly all NFT projects moving to Cardano.
Interoperability: Cardano is built with interoperability in mind, aiming to connect with other blockchains and legacy systems. This is crucial for the future of cryptocurrencies and seamless integration with the broader financial ecosystem. In conclusion, while I appreciate the innovations #Ethereum has brought to the table, I believe #Cardano is better positioned for the future of decentralized finance and applications.
While Ethereum remains the most popular platform for minting NFTs, layer 1 blockchains and layer 2 networks are recording increasing sales recently. Cardano (ADA), Polygon, and Solana are the hottest in the market with Cardano recording 86 percent sales in the last 24 hours.
The surge has been linked to two main projects, Goofy Gophers and Spacebudz that have over $70,000 in trading volume in the last 24 hours. Solana also recorded a jump in unique buyers and sellers on April 22. Mad Lads had so much demand that it had to delay its mint. This contributed to the $8 million of the $9.9 million in sales on April 22. Solana’s sales volume has increased by 129 percent in the last seven days.
Also, NFT collection Y00ts, which recently migrated from Solana to Polygon has led to increased sales in the past days on the network.
