Cardano founder touts NFTs, despite collapsing trading volumes of DailyCoin
Cardano founder touts NFTs, despite collapsing trade volumes- NFTs have been in a massive downtrend in the second half of 2022.
- Despite that, founder Charles Hoskinson believes NFTs have great potential.
- He explained how Cardano would harness the potential of NFTs.
Just as most are abandoning ship, Cardano is going all in on NFTs. Despite NFT floor prices at record lows, Charles Hoskinson, the founder of Cardano (ADA), believes there is great potential in the space. Cardano’s founder even said that NFTs could be bigger than crypto tokens.
In a Monday talk on Twitter Spaces, Hoskinson discussed his plans for Cardano’s ecosystem. The focus will be on the many potential use cases for NFTs.
According to Hoskinson, NFTs are useful for representing all assets that are outside of standardization. “So, for example, a deed to land, mineral rights, water rights, any notion of property rights,” Hoskinson said.
In the gaming industry, NFTs can represent a player’s character and progress in a game, as well as any special powers or rewards they may have earned. Hoskinson also mentioned the potential for using NFTs to represent experiences, achievements and credentials, such as diplomas.
“Obviously, if you went to medical school and graduated, it’s specific to you. It’s not fungible—it’s specific,” he added. “So it’s actually a bigger space than the fungible world,” Hoskinson said.
Cardano’s plans for NFTs
Hoskinson went on to explain how Cardano aims to leverage the space. He said he wants to be personally involved in the NFT space to “see how things develop.”
“What I want to do is just get involved in the high level, you know, metaverse, GameFi and anything related to collectibles and then see how those things develop.”
He also said that he is not worried about making money from NFTs at this point.
“And then I’ll worry about things like governance, interoperability and these kinds of things and kind of let the commercial people figure out different ways to make money,” he added.
He also noted that NFTs can become assets that generate income streams. The team has already discussed how NFTs can represent intellectual property.
“A lot of what’s at the end of the rainbow is going to be complex negotiations around intellectual property — licensing agreements. Like, we’ve had some discussions about how you represent a patent portfolio as an NFT. How you can sell the rights to the portfolio and then how that can become interest-earning future profits on it,” explained Hoskinson.
Charles Hoskinson founded Cardano (ADA) after he left the project. His goal was for Cardano to be a next-generation blockchain platform with improved security and scalability.
Cardano also emphasizes a strong focus on research and development, with a team of academic and industry experts working full-time on the project.
On the other side
- NFTs have not fared well, with transactions falling to new lows. In August, NFT marketplace OpenSea processed just $5 million in transactions. That’s about 99% lower than the May 2022 record.
Why you should care
Hoskinson, Cardano founder and co-founder of Ethereum, is an influential voice in crypto. Cardano is the ninth largest cryptocurrency by market capitalization.
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