CRYPTO NEWS: SPO Explains Why There Are So Many NFT Projects – Cardano NFT

CRYPTO NEWS: SPO Explains Why There Are So Many NFT Projects – Cardano NFT
On Friday (October 7), a prominent crypto analyst gave high praise to Cardano-powered NFTs.

Yesterday, popular crypto analyst and influencer told his over 893K Twitter followers:

Cardano NFTs are the best NFTs
Interestingly, one day earlier, Pieter Nierop, the owner/operator of $ADA staking pool “Cardano Fans” explained the popularity of NFT projects on Cardano:

There are already many NFT projects on Cardano. Transactions on NFTs don’t fail, costs are relatively low, and you won’t loose your “gas-fees”. NFTs on Cardano are reliable and there are already many NFT projects.

On 14 June 2022, Justin Williams, Vice President of NFT Development at Hit Network, “a conglomerate of creators that drives client vision via entertainment and education around the pillars of entrepreneurship, crypto, gaming, music, and sports”, commented on Cardano-based NFTs.

Williams pointed out that Cardano-based NFTs seem to be weathering the current bear market better than their Ethereum counterparts:

The majority of Ethereum blue-chip NFTs have lost their ETH value, but Cardano blue-chip #NFTs are holding relatively strong… Probably nothing

On 9 June 2022, Charles Hoskinson, who is Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), did an interview with Yahoo Finance, during which he had this to say about Cardano’s NFT market:

“One surprising area of growth on Cardano is in the NFT space. About 40% of all the applications that are being deployed are NFT-related… About $270 million a month in NFT volume. So, $3 billion a year, and there’s tons of incredible work in the metaverse space, like Cornucopias and others, and it’s really impressive to see how fast it’s grown in just the last year.“

What is the Metaverse?

In the metaverse, users can create and own virtual land and earn money while playing games. There are many popular metaverses available such as SecondLive, Decentraland, and Axie Infinity, all built on the Ethereum blockchain. Axies are non-fungible tokens that can be used as currency. They are made up of over 500 body parts, and players can breed them with other Axies up to seven times. The offspring can be sold on the platform.

The metaverse can be a great way to bridge the gap between developed and developing economies. The technology is currently available and the market is set to grow. But it will take several years before the capabilities of the metaverse become widely available. Some elements of the metaverse are already available, such as ultra-fast broadband, virtual reality headgear, and persistent, always-on online worlds. Some developers are even testing the concept with their games. The popular Roblox game has experimented with meta events and stores. It has been known to host virtual concerts, and it is quickly becoming the most popular game on the platform. Meanwhile, Fortnite is close to joining the fray.

Entrepreneurs will drive the metaverse, creating content and services that can be sold for real world value. It is important for entrepreneurs to think about how they can monetize their services in the most efficient way possible. For example, online cinemas could issue tokens that represent movie viewing rights. Other types of virtual property could include tickets to events, closed clubs, and even virtual planets.

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