Cardano network, a non-profit Blockchain platform known for its unique scaling Blockchain solutions, is yet to incorporate smart contracts offering into its space. However, it appears that the network, whose native token- ADA has witnessed a dwindling turn of fortune, has gotten itself into the recent craze of the Non-fungible token (NFTs) market.
The network developers have now announced that they have discovered a new technique to mint NFT on the networks, despite the lack of smart contracts like Ethereum. However, the developers have also confirmed that the new methods are still in their experimental stages but will provide further updates on them to its users.
Cardano developer set to bypass the smart contract requirement
One of the network’s staking pool operators- ADA Technology Management (ATM), was the first to reveal the news, much to the network’s users’ delight on the popular social forum- Reddit. ATM claimed that the two images were NFTs and they were minted on the Cardano network. ATM has also confirmed that the network already has plans in its pipeline to offer its delegators NFT mining service in the future, as these NFTs are currently successful experiments.
However, while Cardano’s plans to launch an NFT mining service are great, the lack of a smart contract on the network is currently a deterrent to the plans of launching an NFT token standard in the future. According to ATM, most tokens on the Cardano network are native-like ADA and are currently controlled by minting policies instead of smart contracts.
However, one of the Cardano project developers- Alessandro, in his post on Twitter, believes that the launch of a Cardano NFT metadata standard will solve the hurdle. Allesandro believes that developers will have to tweak a few things in the NFT metadata standard to produce a unique token that can be stored or transferred, just like an NFT.
The Cardano SpaceBudz NFT becomes an instant success
Apart from being one of the project developers, Alessandro is also one of the co-founders of SpaceBudz- the digital marketplace that handles the digital collectibles/NFTs obtained on the Cardano Blockchain. Alessandro confirmed that the SpaceBudz NFTs had generated massive revenue, despite the extra hurdle developers have to go through to create them.
The Cardano developer confirmed that more than $620,000 had been generated from selling the NFT pieces on SpaceBudz, in barely three days. Each of the NFT tokens was pegged at 50 ADA tokens each, while some of them were subjected to high bids of almost $50,000. This is not the first time Cardano has been involved with NFTs, as CardanoKidz- a native digital marketplace like SpaceBudz, had sold more than 30,000 Cardano-native NFTs in August last year, generating massive revenue in the process.
However, according to the project’s pioneers, it was not an easy one, as it required specialized technical know-how. However, while the success of the Cardano-native NFTs has been remarkable, the network is yet to confirm if they will be integrating smart contracts into its networks.