NFTs

Non-Fungible Tokens (NFTs)

The implementation of the native tokens feature enabled the creation of Non-Fungible Tokens (NFTs) on Cardano.

The native tokens feature extends the existing accounting infrastructure defined in the ledger model (originally designed for processing ada-only transactions) to accommodate transactions using a range of assets.

Native support offers distinct advantages for developers: there is no need to create smart contracts to handle custom tokens, for example, which removes a layer of added complexity and potential for manual errors since the ledger handles all token-related functionality.

Due in part to the ease of creation and low minting costs, the NFT space has rapidly grown to be one of the most vibrant and creative elements of the early Cardano ecosystem, with over 400 projects and NFT marketplaces launched and live by early 2022. As of late March, 2022, over 4 million NFTs have minted on Cardano.