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Elevenews

09/01/2023

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Cardano Founder’s Unbiased Stance on NFT Ventures - ELEVENEWS

Charles Hoskinson, founder of the Cardano blockchain and engineering firm Input Output Global, shed light on his position concerning his involvement in NFT [Non-Fungible Token] initiatives. In a YouTube...

Cardano Founder’s Unbiased Stance on NFT Ventures - ELEVENEWS

Charles Hoskinson, founder of the Cardano blockchain and engineering firm Input Output Global, shed light on his position concerning his involvement in NFT [Non-Fungible Token] initiatives. In a YouTube video, Hoskinson clarified that he does not endorse or receive any sort of payment from NFT pioneers.

Pointing out a huge painting of Apes Society artwork in his office, the founder stated that he received it as a gift. He also denied owning any NFTs linked to projects within the Cardano sphere. With transparency at the forefront, Hoskinson asserted that his appreciation of the NFT art he’s received should not be misconstrued as an endorsement of any specific project.

Moreover, his decision to stay away from these NFT ventures stems from his commitment to establish an impartial foundation. In order to prevent any perception of bias towards a particular NFT endeavor, he remained steadfast in never publicly revealing an address to receive NFTs, despite numerous offers.

Further, the founder called for collaboration among communities, urging open discussions about their collective needs as NFT enterprises. Even though he would not be involved in the day-to-day decisions of any specific NFT project, he still enjoys interacting with various NFT creators and communities, particularly during Cardano-focused conferences.

In the larger context, the non-fungible token arena has expanded exponentially, growing into a billion-dollar sector primarily dominated by Ethereum. In contrast, Cardano has faced criticism from various quarters, often labeled a “ghost chain” due to its lack of a developed DeFi and NFT ecosystem. Nevertheless, the dynamics within the NFT sphere are undergoing a transformation.

Cardano’s Evolving NFT Landscape

As evidenced by the weekly chart shared by Stocktwits NFTs, the floor price index for Cardano NFTs now stands 22% higher than that of Ethereum. The most recent update from the platform underscores a notable shift in sentiment, indicating an increasing inclination among market participants to consider Cardano as a significant hub for NFTs.

A pivotal element that significantly contributed to boosting the ecosystem’s trajectory was the Vasil upgrade. This upgrade played a vital role in propelling Cardano to secure the position of the third-largest NFT protocol, following Ethereum and Solana, as of last September.

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