Cardano (ADA) Founder Raves About CNFTs & 8 Million Assets

Charles Hoskinson has described CNFTs as the most vibrant part of Cardano.

Animated happy Charles Hoskinson in front of a luminescent jellyfish
  • The founder and president of IOG have discussed CNFTs in a recent livestream.
  • Hoskinson has shared that NFTs are the most vibrant part of Cardano.
  • Cardano NFT projects have enjoyed high sales volumes over the past seven days.

On March 6th, 2023, Cardano (ADA) and Input Output Global (IOG) founder Charles Hoskinson hosted a livestream alongside IOG president Tamara Haassen in the first episode of a series titled “Tragically Hip.”

During the session, the IOG executives discussed some scattered topics. Still, they ultimately ended up answering a question from an audience member about CNFTs, which are non-fungible tokens on the Cardano network.

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According to Hoskinson, CNFTs are currently the “most vibrant” part of the Cardano ecosystem. The crypto cowboy has claimed that more than eight million assets have been issued thus far, of which more than half of the projects are “in some way NFT-related.”

He has further exclaimed his excitement for the resilience, durability, excitement, and passion exhibited on Cardano NFT marketplaces like JPG Store and NMKR. Hoskinson has discussed the progress of the Cardano NFT ecosystem from IOG’s perspective.

CNFTs: An Evolving Ecosystem

The Cardano NFT ecosystem is bustling with new partnerships and developments. 

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According to the Cardano and IOG founder, the developers behind Cardano are looking into Marlowe for NFT to issue a “low-code-no-code” solution for issuing NFTs to program out the “logic of how NFTs work” to make the process more accessible and convenient.

Hoskinson added that Atala PRISM, a self-sovereign identity (SSI) platform on Cardano, assisted with a “verified NFT standard” by linking identity with NFTs.

Tamara Haassen has opined that the Cardano NFT ecosystem is “just getting started,” noting that cross-ecosystem enablement” is another opportunity for Cardano to facilitate the interoperability of CNFT projects between different NFT marketplaces. 

Cardano NFT projects have enjoyed high sales volumes within the past seven days, with Goombles claiming the first spot in the ecosystem by surpassing $1.2 million in sales volume. 

Following the live stream video, the price of ADA remains unchanged. At the time of writing, ADA is trading at $0.33, reflecting dips across the board despite climbing to the #7 rank by market capitalization.

Beyond a short-lived boost to $0.42 after the network’s SECP upgrade in mid-February, the price of ADA has not made a notable breakthrough despite major developments and partnerships decorating the ecosystem throughout 2023.

On the Flipside

  • The Cardano blockchain currently claims the #6 rank by NFT sales volumes, recording an increase of 13.66% within the past 24 hours.
  • Ethereum (ETH) and Solana (SOL) NFT markets have also recorded notable increases over the past 24 hours.
  • Cardano’s NFT ecosystem was launched approximately one year ago and has quickly climbed the ranks.

Why You Should Care

Cardano and IOG exhibit ever-evolving innovation, and CNFTs enjoy high sales volumes on Cardano NFT marketplaces. However, market sentiment for ADA is not yet coming into alignment with the Cardano ecosystem as a whole.

Read more about the recent CNFT partnership between CSWAP and Ape Nation:
Cardano DEX CSWAP Partners with Ape Nation in “Long-Term” CNFT Projects

Read more about Bitcoin-related developments in the Cardano ecosystem:
Wrapped BTC on Cardano (ADA) To Unlock $433B Liquidity Market?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.