Cardano has revealed details of exciting events expected to take place in its ecosystem as it dives deeper into the NFT space.
In its recently concluded Cardano Summit 2021, the decentralized tech platform dedicated a segment tagged “NFTs and Cardano” to learn more about what Cardano wants to achieve in the NFT space.
According to Miller, there are several use cases in the NFT area. Even though it is still developing, the nascent NFT sector has witnessed a massive flood of users. Therefore, the NFT space provides a unique new outlook to carry out activities that previously couldn’t be done in new and exciting ways.
This is the specific part of the Cardano Summit 2021 agenda of this segment:
Source: Cardano Summit 2021
NFTs Beyond the Collectible Art Space
Despite the vast benefits embedded in NFTs, the potential of NFTs in the Collectible art state is endless. According to Miller, this is the barest minimum (Level 1) for which NFTs can be deployed. However, Cardano is interested in exploring the NFT space beyond just collectible arts. For example: Exploring options of how NFTs can be incorporated in options like blockchain gaming, etc.
On the other hand, Cardano will improve interoperability in the NFT gaming space. Users are not obligated to keep their gaming NFTs within the gaming ecosystem. Therefore, users can transfer such NFTs to other ecosystems increasing exposure and providing new fan bases and awareness. Likewise, Cardano is also all about expansion, adoption, familiarity, and growing the user base.
Cardano Community Building the Interaction with NFTs
The Cardano community has put forward creative ways to incorporate the blockchain ecosystem with NFTs. Likewise, the community has included different ways to purchase using its native token ADA on platforms like Discord and Twitter.
NFT drops on Twitter are very similar to the popular Cardano project Catalyst. People can now run projects and then positively or negatively criticize these projects. This, in turn, will help in accurately defining and building such projects.
In conclusion, Cardano plans to pave the way for how blockchain and the NFT space will interact and evolve. According to Miller, we expect more exciting projects to pop up on platforms like Catalyst. We are talking about unique projects like NFT staking, NFT yield farming, NFT marketplaces, etc. Plans are also in place to enter into strategic partnerships with current top players in the NFT space.
At the time of publication, the $ADA price was trading at USD 2.22 with a market cap of USD 71,231,746,852 and a 24-hour trading volume of USD 2,670,444,920. The token price is also down by 2.0% in the last 24 hours.
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