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Following the spike of interest in the cryptocurrency industry observed during Bitcoin’s peak, some see NFTs as a means to get rich quick. NFTs have made headlines several times in recent months because to their astronomical market values.
Cardano and NFT
As previously reported, Charles Hoskinson revealed his interest in the NFT area in an interview, noting, “For smart contracts, we are virtually through the full deployment… The ability to issue assets on the platform was the next significant milestone, and there are a number of NFT platforms coming in.”
According to the latest Cardano360 podcast series, Wolfram, Cardano, and COTI collaborated with regard to NFTs. Wolfram Alpha used COTI’s ADA pay for a forthcoming NFT auction, according to this collaboration. This project represented a new milestone for the Wolfram team because it was their first foray into the NFT industry.
This partnership fits Cardano’s long-term NFT plan. However, in light of the ADA pay innovations, the following procedures may be necessary:
- ADA Payments for NFTs
- Bidding and Auction mechanisms
- Custody for auctioneers
- Rapid balance analysis
- New APIs
In the said interview, Greta Gawianski, Product Owner NFT Innovation Projects at IOHK, added:
“We want to see more people and companies — like Wolfram — having the opportunity to adopt the benefits of this technology, and joining the Cardano ecosystem. For this scope, we are working on the development of different solutions to support and improve NFTs on Cardano, and this partnership with COTI is crucial to bring this product to life.”
Talking about the importance of this partnership, Joshua Miller, Commercial NFT Business Developer said:
“By utilizing their ADA Pay capability, we can deliver the experience and quality Wolfram would want while still in the pre-Goguen era…”