NFTs have been around since 2014 and are currently gaining prominence in the digital art trade. Since November 2017, NFTs have been valued at $174 million. NFTs are also usually one-of-a-kind, limited run, and feature unique identification codes.
With the Alonzo update, Cardano (ADA) will be able to use blockchain smart contracts. On 1 September, Alonzo Purple received its smart contract live, enabling new Dapps and NFT minting on the testnet before the mainnet launch.
While many doubters remain, the Cardano network has managed to complete critical updates on schedule. In terms of the transfer volume, Cardano NFTs (CNFT) are already coming up to Ethereum NFTs.
With the scalability problem and high gas price for Ethereum, several alternative “Ethereum killers” have emerged, such as Solana, whose NFT marketplace generates headlines with multi-million NFT purchases.
Cardano Derangement Syndrome
Cardano wants a piece of the market after the smart contract is implemented tomorrow by integrating the mainnet. It has overcome all odds to become the third-largest cryptocurrency. The skeptics are still opposing and inventor Charles Hoskinson labels this the Cardano Derangement Syndrome (CDS).
A Coindesk writer stated it was difficult to mint NFTs on Cardano, to which Hoskinson called out. Cardano user mined an NFT for the tweet claiming NFT minting was “impossible”. When it comes to trolling disguised as criticism, Hoskinson has not held back, even warned of an impending “FUD Storm”.
Charles Hoskinson mentioned in a tweet:
In contrast, the Cardano (ADA) price has risen 2.5X since August, claiming third place. Just like Solana, the altcoin was poised to enter the price discovery phase before the Tuesday market flash collapse.
$ADA is now trading at $2.67, down 0.53% in the last 24 hours as per CoinMarketCap. Like Ethereum, the price of altcoin may rise after the Alonzo upgrade on Sunday.
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