2021-03-24 07:00:00

Cardano (ADA) Could Soon Support NFT Marketplaces, Charles Hoskinson Suggests

Cardano founder Charles Hoskinson has suggested that non-fungible token (NFT) marketplaces may soon be support on the Cardano blockchain and the project has approached several leading marketplaces about moving onto its network.

Hoskinson’s words came through social media as he works on Cardano’s upcoming Alonzo hard fork. The founder of ADA suggested that after “getting everything in place” for the hard fork, the team explored NFTs and noted that these marketplaces “have become a very big deal.”

Non-fungible tokens are unique assets issued on a blockchain with metadata ensuring they are unique and cannot e replicated, stolen, or forged. They cannot be traded at equivalency. While one BTC is equal to one BTC, no two NFTs are alike.

NFTs have become a hot trend in the cryptocurrency space, with Twitter CEO Jack Dorsey selling the first-ever tweet as an NFT for $2.9 million, and one artist selling his work for $69 million in one of the largest art deals conducted online.




While most NFT marketplaces are built on top of the Ethereum network, Hoskinson noted he believes some may migrate to the Cardano blockchain in the future. He has contacted some of the top marketplaces to negotiate with them, he suggested:

It’s easy to clone these protocols; it’s easy to partner with these; just in NFTs, we approached several of the top-10 marketplaces and already begun discussions porting them over to Cardano. Because – why not? It’s an easy conversation, and it’s just engineering resources.

As CryptoPotato reports, Hoskinson added Cardano is working to scale up and have the necessary capacity to handle these marketplaces and other protocols in a seamless way. These would also include other top decentralized finance (Defi) platforms on Ethereum.

Hoskinson also addressed the growing Project Catalyst program, which has been claimed to have become the “world’s largest decentralized autonomous organization.” The program was launched last year as part of the fifth and final phase of Cardano – Voltaire- and works as a decentralized governance projects that funds crypto projects.

At least six marketplaces have applied for funding with the project, according to Hoskinson, who hinted other NFT-related projects tried to take advantage of the DAO.

Featured image via Pixabay.

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