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Charles Hoskinson reveals his vision and plans for NFTs on Cardano

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  • Charles Hoskinson laid out his vision and plans for NFTs and NFT marketplaces on Cardano. Project Catalyst as well as incubation and grants will play a central role.
  • IOG has already spoken with several of the top 10 NFT marketplaces about partnering and migrating to Cardano

In a new video on “NFTs,” Charles Hoskinson talked about Cardano‘s future in this area and DeFi in general. “We’re talking a lot these days on getting everything in place for Alonzo. And there’s a lot to do: oracles, stablecoins, DEXes, and NFT marketplaces have become a very big deal,” as the CEO of IOG said.

Hoskinson most recently auctioned 2 NFTs on Ethereum-based marketplaces for charity to test the platforms. However, Hoskinson revealed that he has also recently tried out numerous other NFT marketplaces on other blockchains, such as Algorand, Tezos, and EOS, to explore the user experience and the pros and cons of each.

Currently, there are already 6 NFT marketplaces applying for funding through Project Catalyst. For Hoskinson, these NFT marketplaces should be more than just a platform for speculation and quick profits.

What we can do is to show up and give them support and advice, and in some case perhaps funding above and beyond what Catalyst provides to incubate and bootstrap them. But really it’s more of a conversation for the crux of the business model. So where will be NFTs be in 5 years or 10 years or 15 years […] and what business model has the highest chance to succeed.

In creating NFT marketplaces, Project Catalyst is expected to play a central role. As CNF reported, Catalyst has grown to become the world’s largest decentralized autonomous organization (DAO) in just 7 months. As a result, the DAO has already exceeded all goals set for this year, Hoskinson said. But managing this has also proven to be a difficult task, which is why IOG will be bringing new partners on board to do so:

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We keep partnering, we are bringing in Governance Alive, that’s John Buck’s company, […] and we are also looking at an incubator accelerator component, and we are also looking at post-funding, acceleration, incubation, auditing and oversight. So we gonna keep pushing that through. We’ve looked at a lot of partners like IceAddis to others, and in the coming months and weeks, we’ll make some announcements.

One option, Hoskinson revealed, is also to partner with existing NFT marketplaces and migrate them to Cardano. IOG has already made concrete moves to do this.

It’s easy to clone these protocols, it’s easy to partner with these, just in NFTs, we approached several of the top-10 marketplaces and already begun discussions porting them over to Cardano. Because why not? It’s an easy conversation, and it’s just engineering resources.

We’re scaling up capacity there specifically for these types of relationships, and we will do the exact same for other protocols […] eventually we will see these things with other DEXes, oracles and so forth.

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Cardano Price Predicted to Hit $15, While ADA Price Is Still Under Bearish Pressure

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The overall cryptocurrency market traded with mixed results over the last 24 hours. The Flagship currency, Bitcoin breached its 60K mark. On the other hand, Ethereum managed to also regain its uptrend and show another bullrun. However, cardano Price Seems to be still dead ! 

ADA Price Action

The ADA/USD currency pair is presently trading at $2.1, down roughly 13% on the week after a strong increase of around recently. Given that the upside was rejected yesterday after a brief jump above $2.30, Cardano price research shows that this rejection will result in a negative trend. 

For weeks, the price of Cardano has been in a downward trend. However, there was a higher low at the end of September, indicating that bullish momentum was growing.

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Following that, the market rebounded upward on October 1st, driving ADA/USD to a new low of $2.30. This price activity implies that the market is trading in a tighter range now.

ADA consolidated after a fall to $2.15, when another higher low was made. A technical bullish signal was triggered by yesterday’s rise above the previous high of $2.30, signaling that market momentum has turned positive once more.

Cardano Price to hit $15-$20 by year-end?

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Popular crypto Youtuber Ben Armstrong in his recent Youtube session discussed a bullish scenario for ADA. In a tweet that followed he says, he believes ADA will definitely hit the $15-20 range at the end of this bull cycle.

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Ravendex, A Cardano-Based Project, Releases its DEX Demo, to start with Tokens Sales soon

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Ravendex, a new Cardano project has made a demo version of its first decentralized exchange, having features like Swap Pools, Light & Dark Mode.

While the company continues to make rapid progress after the private token sale started, which has 100 million $RAVE tokens available for the investors, while 82 million $RAVE tokens are already said to be sold out.

Ravendex team is committed to launching a working DEX on the cardano ecosystem before the year ends.

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The project will be launched and maintained using funds raised from the sale of $Rave tokens to early investors.

Features Of Ravendex

Ravendex will also have A Staking Platform and also a decentralized lending and borrowing platform, which sets it apart from other Cardano network projects as they are one of the very few projects on the third generation blockchain with the idea conception.

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Investors & Liquidity providers can give liquidity to tokens and in return, they will make profit from transaction fees. Alternatively, users can stake their assets on the staking platform and earn a commission and percentage from borrowers’ fees.

According to the Ravendex team, their decentralized exchange will include wallet connect features, Asset Price display and transaction list features.

They will also keep their payment fees low and secure. As a matter of fact, Ravendex aspires to be the Cardano network’s primary financial hub.

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RAVE TOKEN

Ravendex reveals that the total number of $RAVE coins will be limited to one billion.

Investors will be able to stake, provide liquidity, or vote with their tokens on the Cardano network.

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The Private Sale Phase is almost filled as the company has already reached 82 percent of its goal of selling 100 million tokens by the end of its first private sale and the pricing places it at 0.00225 ADA per $RAVE token.

The Cardano-based project, on the other hand, intends to hold a total of five sales which can be seen in the sale stages page.

Ravendex, like many other cryptocurrency projects, plans to open its sale to the general public later this year.

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200,000,000 $RAVE tokens will be available in the pre-sale phase at a price a little more expensive than the private sale at 0.0027 ADA per coin.

Those who missed out on the first public sale will have another opportunity to purchase $RAVE tokens for 0.0032 ADA each. A total of 100 million tokens will be sold during this stage.

This Medium link provides more information about the Ravendex

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About Ravendex 

Ravendex is a Cardano-based crypto project that aims to create a decentralized exchange.

Its purpose is to provide a platform that has incredibly minimal fees and allows for quick cross-border transactions.

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More importantly, it aspires to include features that will be useful to Cardano supporters. Also, we also look forward to creating a community of active investors who may vote on issues. They can also lend coins or provide liquidity to create a fully functional decentralized exchange.

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Cardano Price Prediction: ADA ready to explode to $4

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  • Cardano price returns to bullish conditions, denying further sell-side control
  • An imminent breakout towards new all-time highs is likely.
  • Little resistance ahead, but bulls should remain wary.

Cardano price has failed to capitalize on the movement generated by its closest peers, Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may change here soon.

Cardano price targets a breakout above $2.45

Cardano price has a very bullish set up on its $0.05/3-box reversal Point and Figure chart. If a new column of Xs forms and hits the $2.45 entry, three things happen simultaneously. First, a double-top is broken, confirming an entry signal. Second, the entry confirms a complete Bear Trap Point and Figure pattern. Finally, the entry at $2.45 is a breakout above the dominant bear market angle.

The breakout could be the very beginning of a new bullish expansion phase for Cardano price. The initial target on the breakout is based on the horizontal profit target method in Point and Figure analysis. $4.05 is the initial range and would be a new all-time high.

However, the current trading conditions still have a significant bearish weight. Therefore, Cardano price must remain above the $2.05 value area. If it fails to hold $2.05 as support, a return to the $1.80 trading range is likely.

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ADA/USD $0.05/3-box Point and Figure Chart

Bulls should also be aware of some resistance on any breakout near the prior swing high and high volume node at $2.80. While the momentum of the breakout may make any near-term resistance moot, $2.80 has been a consistent source of trouble for Cardano, and it would certainly be odd for it not to provide some resistance in the future.

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