Charles Hoskinson, creator of Cardano, discloses that the fifth-biggest cryptocurrency asset is taking the necessary steps to transform into one of the top NFT (non-fungible token) platforms in the years ahead.
While doing a live show via Periscope, Hoskinson pointed out that Cardano has the technology that would pave way for the smart contract platform to induce a big change in the budding industry.
“What’s cool is that a lot of these problems about metadata, identity, authentication, problems about governance, we have native capabilities built into Cardano from Catalyst to our metadata standard, to how we handle native multi-assets that I think will make us, probably long term, one of the best platforms to issue, curate, and transfer, an NFT from one party to another party.”
Hoskinson, in line with Cardano’s ideology, discloses that they intend to flourish in the NFT domain by expecting the business trend in the forthcoming fifty years.
“If you actually look, it’s basically doing what I thought it would do just seeding all these experiments. For example, NFT marketplaces, there are six at this stage in Catalyst that are seeking funding to get started… But really, it’s more of a conversation of the crux of the business model. So where will NFTs be in five years, or 10 years, or 15 years? What will the dynamics of this marketplace be and what business model do we feel actually has the highest chance of success?”
— Charles Hoskinson (@IOHK_Charles) March 24, 2021
Hoskinson has stated that in the near-term, they will begin to collaborate with the biggest names in the NFT marketplace.
“That said, it’s easy to clone these protocols. It’s easy to partner with these. Just in NFTs, we’ve already approached several of the top 10 marketplaces and already begun discussions porting them over to Cardano because why not? It’s an easy conversation. It’s just engineering resources and we’re scaling up capacity there specifically for these types of relationships.”