Cardano creator Charles Hoskinson is revealing that the fifth-largest crypto asset is gearing up to become one of the best NFT (non-fungible token) platforms in the long term.
In a new Periscope stream, Hoskinson highlights that Cardano already has the technology that would enable the smart contract platform to make a big splash in the nascent sector.
“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.”
True to Cardano’s philosophies, Hoskinson reveals that they plan to succeed in the NFT space by anticipating the trajectory of the business in the next decade and a half.
“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?”
In the short term, Hoskinson notes that they are starting to team up with the largest 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.”