NFT Still on a Run! Cardano Might Soon Support NFT Marketplaces

Will NFTs be a part of the cardano network? Is it happening? Charles Hoskinson hints at the potential possibilities.

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Charles Hoskinson hinted towards non-fungible token (NFT) marketplaces may soon find backing on the Cardano blockchain and the project is negotiating with several leading marketplaces about shifting onto its network.

The founder has been busy with the upcoming Alonzo hard fork , an upgrade that will get smart contracts to the Cardano network, the team will focus on NFTs as well.

Although these platforms are generally built on Ethereum, Hoskinson has often referred to the network as Cardano’s competitor. But he is optimistic that in the future these projects will shift to Cardano. It is believed that Hoskinson has contacted the top ten NFT marketplaces for the negotiations.

He explained:

“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.”

He went on to say that Cardano is working on increasing the capacity required for such marketplaces to run smoothly, and that the company has agreed to do the same for other protocols, such as decentralised exchanges.

PROJECT CATALYST

He also spoke and discussed Project Catalyst which was launched in 2020, a governance program for Cardano, and  an “experiment” that is a part of the final iteration ‘Voltaire that funds several crypto-related protocols..’ IOHK announced earlier that in “less than 7 months,” Project Catalyst has grown to “become the world’s largest decentralized autonomous organization (DAO).”

“What we can do is to show up and give them support and advice, and in some cases perhaps funding above and beyond what Catalyst provides to incubate and bootstrap them. But really, it’s more of a conversation for the crux of the business model. So where will NFTs be in 5 or 10 or 15 years, and what business model has the highest chance to succeed?”

In other news, Hoskinson intended to sell his own tweets, taking a cue from Twitter CEO Jack Dorsey’s NFT “tweet sale.” He confessed that he had lately sold a tweet as NFT and donated the proceeds to charity.