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Cardano wants to join the NFT game

Photo of: Joseph Stone
by Joseph Stone

Despite his criticism of the NFT business, Cardano’s boss hopes to develop the uses of blockchain in this sector. Discussions have been initiated with NFT marketplaces.

Charles Hoskinson makes no secret of the fact that he thinks Ethereum and the projects that the rival blockchain hosts are bad. Thus, he believes, the latter is characterized by “transaction fees of $ 100, yield farming, useless DeFi, NFT sold millions, but useless and uninteresting.

Those worthless NFTs, Cardano would nevertheless hope to attract. This is what its founder confided on Twitter. A contradiction? You be the judge. In any case, Hoskinson says that discussions have been started with NFT marketplaces.

These non-fungible tokens are currently experiencing a real boom. Some companies have already made a specialty of it, even before the NFT mania of the moment. This is the case of Dapper Labs with the blockchain flow.

Its success has obviously given Cardano ideas. The NFT markets have “become a very big business. Go figure,” says Charles Hoskinson laconically. So why not take advantage of it too?

However, the majority of these services and applications based on NFT monetization now reside on Ethereum. Rivalry or simple opportunism, the competing blockchain intends to seduce these players

According to Hoskinson, they would be inclined to migrate. He has therefore contacted several of the top 10 marketplaces in the hope of negotiating their adoption of Cardano. The executive displays his pragmatism.

“It’s easy to clone these protocols; it’s easy to partner with them. For NFT alone, we have approached several of the top ten marketplaces and have already started discussions to bring them on Cardano. Because – why not? ” he says.

The team is therefore working on adaptations of the blockchain to provide these marketplaces with the scaling capabilities they need. However, there is no question of confining itself to NFTs.

The leader promises comparable developments to meet the needs of other protocols, including DEX, the decentralized exchanges. Here again, Cardano is looking for protocols that are mostly present on Ethereum.