In making sense of Cardano’s (ADA) use cases, founder Charles Hoskinson is recalibrating and now wants to focus increasingly on NFTs. In doing so, he is following market trends for Cardano.
In terms of share price, Cardano is stuck in stagnation; statistics show that currently about 80 percent of all investors in ADA are in the red. Most recently, hopes have not been fulfilled that the launch of DJED as a stablecoin for the Cardano ecosystem will start a run on the Decentralized Finance (DeFi) division. So perhaps an announcement by founder Charles Hoskinso comes at the right time to prioritize pushing the NFTs division at Cardano. In a new video podcast, Hoskinson said currently about half of all projects at Cardano are related to NFTs in one form or another. More than 8 million NFTs under ADA have already been generated, making the division “the most dynamic part of Cardano right now,” according to Hoskinson.
When it comes to how Cardano and ADA should raise their profile, Hoskinson has done many an about-face. Two years ago, he had proclaimed Africa as the market of the future and wanted to establish Cardano there with projects ranging from digital identities to microcredit. Subsequently, DeFi was the declared goal, but Alonzo’s technological update geared toward it with the introduction of smart contracts fizzled out in its effect.
So now NFTs are the feature with which Cardano is supposed to score, and Hoskinson held out the prospect of innovations here. Cardano is to integrate a domain-specific language (DSL) called Marlowe, in this case a simple programming language optimized for NFTs, which also allows special smart contracts, for example to manage copyrights. The goal, he said, is to make NFTs and their uses in Cardano simple enough that people can easily handle NFTs in Cardano without much knowledge of programming and other technological details. However, Hoskinson did not give a target date for a corresponding upgrade of Cardano’s blockchain.
Bottom line: NFTs at Cardano – numbers sobering
In his latest round-about way of talking about Cardano, founder Hoskinson apparently suppressed key figures: NFTs with ADA do not appear at all in market leaders Opensea and Blur (BLUR). Recent data from an analytics service reports typical daily turnover with Cardano NFTs of just over $200,00. The market capitalization of ADA is over 11 billion US_Dollars. There will have to be a lot more digitally unique stuff sold through ADA than there has been so far to make the Cardano Blockchain the number three NFT ecosystem.
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