With the “Mary” update, which went live on the Cardano mainnet on March 1st, support for more than one asset was added. This made it possible to make NFTs. Since then, even IOG founder and CEO Charles Hoskinson has been surprised at how fast Cardano’s NFT ecosystem has grown.
Input Output Global, also known as “IOG”, is responsible for the research and development of Cardano. On February 18, 2021, they wrote a blog post about building native tokens on Cardano for fun and profit.
“The Mary communication update will add support for native tokens and multiple assets to Cardano. This will be done with our hard fork combinator technology.
The IOG blog post went on to say:
“Native tokens will give Cardano the ability to handle multiple assets. Users will be able to design custom tokens and use them to transact directly on the Cardano blockchain.
“More and more people are using tokens in financial transactions. It could save money and increase liquidity, transparency and independence from big banks and other centralized institutions. Tokenization is the process of converting physical assets, such as stocks, precious metals, real estate, and fiat currencies, into a digital representation that can be used to build financial instruments for commercial purposes.
“Cardano will offer multiple identity options. With the ‘Mary’ update, the ledger accounting infrastructure will process not only ada entries but also entries that simultaneously carry several asset types. Native support gives developers distinct advantages as there is no need to create smart contracts to handle custom token creation or transactions. This means the ledger will instead track the ownership and transfer of assets, removing additional complexity and the potential for manual error, while ensuring cost efficiency.”
On March 1, 2021, IOG tweeted about the “Mary” split on the Cardano mainnet:
On March 10th, the CardanoKidz team put the first Cardano NFT devices on sale and gave the following update:
“opencnft” says that NFT trading volume for Cardano in April 2022 was about $27 million:
On June 9, 2022, the CEO of IOG spoke to Yahoo Finance and said the following about Cardano’s NFT market:
“One unexpected area of growth for Cardano is in the NFT space. About 40% of all apps being distributed are NFT related… About $270 million per month in NFT volume. So, $3 billion a year, and there’s a ton of incredible work in the inverted space, like Cornucopias and others, and it’s really impressive to see how fast it’s grown just in the last year.”
“opencnft.io” says that the Cardano NFT market is currently in the following state:
As of 9:25 UTC on August 2, the 24-hour trading volume for Cardano NFT was around 1.3 million ADA, which is around $627,000.
Using the numbers from CryptoSlam, Cardano would be the most popular blockchain for NFTs based on trading volume over a 24-hour period.
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