Cardano is a relatively inexpensive cryptocurrency. It’s also prone to large price swings, which appeals to traders looking for quick action. Cardano’s proof-of-stake technology allows the Cardano network to validate transactions without the need for a possibly more expensive proof-of-work methodology. Recently, though, some traders have been looking at the platform for a possible link to non-fungible tokens, or NFTs.
NFTs are digital goods or collectibles that are held on a digital ledger or blockchain, similar to how a cryptocurrency token might be.
COTI, a blockchain-based payment platform, said that its collaboration with IOG and the Cardano Foundation is continuing, and that Wolfram Alpha would use its ADA Pay solution for an NFT auction.
Bidding and paying in NFT auctions with ADA is now streamlined thanks to ADA Pay’s innovation.
Core Technology Introduced:
- ADA payments for NFTs.
- Bidding and auction mechanisms.
- Custody for auctioneers.
- Rapid balance analysis.
- New APIs.
Orion, a DeFi ecosystem and crypto trading platform, has announced a cooperation with IOHK, a blockchain engineering firm, to incorporate the Cardano blockchain into Orion’s trading terminal. This connection also aims to add significant transaction volume to the platform using Orion’s offerings.
Orion’s long-term goal is to provide access to both regular and non-traditional financial markets. One of Orion’s reasons for cooperating with IOHK and incorporating Cardano is that it requires a strong, scalable blockchain.
Despite the fact that layer-one smart contracts are still in the works, brave Cardano engineers have recently devised methods for creating bootleg non-fungible tokens. A Cardano staking pool operator, ADA Technology Management (ATM), shared two NFT images they claimed to have minted on the network.
The NFT Ecosystem is presently being built in Cardano, and the majority of these projects are still in the early stages of development. Cardano has the potential to become one of the most popular platforms for issuing, curating, and transferring NFTs from one party to another in the long run.