The Cardano blockchain has been talked about a lot for launching its Alonzo update. This enabled the blockchain to manage smart contracts, an essential element for the development of decentralized applications. Another booming market is emerging on the Cardano blockchain: NFTs!
NFTs have a ‘bright future’ on the Cardano blockchain
NFTs are digital works of art. Concretely, an NFT can be in the form of a GIF, a video, a photo, a card, etc. It is a growing market. Sales records are regularly broken.
For example, recently the NFT CryptoPunk # 7252 was sold for a tidy sum of 1,600 ETH, or about $ 5.33 million ! Last month the NFT Fidenza # 313 created by artist Tyler Hobbs has sold for over $ 3.3 million.
However, until now, NFT transactions most often took place on the Ethereum blockchain or even Solana. From now on, the Cardano enters the dance! Several NFT projects are hosted on the Cardano blockchain (ADA), such as:
- Zombits: this is a collection of 10,000 NFTs launched on August 29;
- SpaceBudz: The collection has 10,000 NFTs. Each NFT represents an astronaut as a unique animal;
- Clay Nation: It’s a collection of 10 characters. Each character is declined according to a hundred different traits in 8 categories.
These important projects will generate significant amounts exchanged in ADA. This makes crypto analyst Ben Armstrong say that NFT Cardano has a “bright future”!
Cardano creator questions NFTs
This success is not to displease the creator of Cardano, Charles Hoskinson. This can only help to boost the notoriety and volume of Cardano transactions. However, this does not prevent Charles Hoskinson from keeping a cool head in the face of the new phenomenon of NFT.
“Then what you do, you have this stone image, you sell it to yourself through your other account, supposedly the ‘another person’ account. This other person is buying this NFT, and you have actually just transferred money from an illegal source to a legal source. »Charles Hoskinson, creator of Cardano
Thus, for him, the dazzling success of NFTs is an “irrational exuberance”! More seriously, he also cast doubts on the reasons behind this success. For him, one of the reasons is that NFTs facilitate money laundering. However, money laundering did not wait for the arrival of the NFTs. As Charle Hoskinson recalls, this practice was already done in the art field before the NFTs, for example in the form of so-called conferences paid for at a high price.