Why this new NFT integration could be what Cardano needs to break $0.6
Cardano has made its mark in the NFT space long before the smart contract feature was available on the network. Pools have also found a fair degree of success, given that non-fungible tokens remain relatively young to the blockchain. Nevertheless, the developers continue to push for wider adoption of Cardano NFTs, and a new partnership allows the introduction of a wider range of investors.
Pay for NFTs with Fiat
One of the things that continues to hold NFTs back is the fact that they can only be purchased using cryptocurrency. This means that, unlike cryptos that investors can only buy directly with fiat, there is now an extra layer and an extra step that users have to go through to own these NFTs. However, this is starting to change with the introduction of fiat currency payments for NFTs directly on a marketplace.
IOG, the developer behind the Cardano network, has announced a new partnership that will allow investors to purchase Cardano NFTs using fiat currency. NMKR is a Web3 protocol that helps to accelerate the introduction of this new sector. In this new partnership, the NFT mining and payment infrastructure will provide two things to promote the use of NFTs on Cardano.
The first of these two things is to provide a simple coining app for anyone to easily engage and create NFTs on the network. Next is the main one, which allows users to pay for their NFTs with both cryptocurrencies and fiat currencies.
“This is an important step for the IOG and our mission to build a better tomorrow for everyone through technology,” said Charles Hoskinson, founder of Cardano. “We are excited to work with NMKR as they develop an entire coin and payment infrastructure ecosystem, making NFTs accessible to everyone.”
The Drive For Cardano Price
Like the rest of the crypto market, Cardano had been a victim of the bear trend. This further fueled the decline that had begun since the digital asset had reached its new all-time high of $3.10 back in September 2021. Currently, the price of ADA is trending at $0.5, a price point that has been difficult to beat.
ADA price trending at $0.5 | Source: ADAUSD on TradingView.com
But as with any other asset, the price of ADA reacts to important developments in the network. This is why news such as the partnership between IOG and NMKR is crucial. With users able to buy NFTs directly with fiat currencies, it is expected to trigger more interest in the Cardano network, contributing to a recovery in price.
Couple this with the Vasil hard fork expected to happen sometime this month, and Cardano is brewing the perfect powder keg for a price explosion. The anticipation surrounding these two developments could be what the price of ADA needs to finally break above the critical technical level of $0.6. Beyond this point, the next major resistance lies at $0.8. If ADA is able to test $0.8 before the merger, anticipation around Ethereum will also help push up the price of ADA, providing the catalyst to break above $1.
Featured image from Investopedia, chart from TradingView.com
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