The “Mary” upgrade applied to the Cardano mainnet on March 1 introduced multi-asset support and enabled NFT issuance. Since then, Cardano’s growth rate of his NFT ecosystem has surprised even IOG founder and CEO Charles Hoskinson.
On February 18, 2021, Input Output Global (a.k.a. “IOG”), responsible for Cardano research and development, announced that: blog post Under the title “Building Native Tokens on Cardano for Fun and Profit”, they announced:
“Implemented using hard fork combinator technology, the “Mary” protocol upgrade brings native token and multi-asset functionality to Cardano.“
The IOG blog post states:
“Native Tokens brings multi-asset support to Cardano, allowing users to create their own defined (custom) tokens and perform transactions directly on the Cardano blockchain…
“Using tokens for financial operations is becoming more and more popular. Increase transparency, increase liquidity, and of course independence from centralized bodies such as big banks while reducing costs. Tokenization is the process of representing real assets (fiat currencies, stocks, precious metals, property, etc.) in digital form, which can be used to create financial instruments for commercial activity.
“Cardano offers a lot Tokenization optionsWith the “Mary” upgrade, the Ledger’s accounting infrastructure now handles not only ADA transactions, but also transactions carrying multiple asset types simultaneously. Native support provides a distinct advantage to developers, as they don’t need to create custom tokens or write smart contracts to handle transactions. This means that the accounting ledger tracks asset ownership and transfers instead, eliminating extra complexity and the potential for manual error while ensuring significant cost efficiencies.“
Then, on March 1, 2021, IOG tweeted that “Mary” had forked on the Cardano mainnet.
The first Cardano NFT for sale was from the CardanoKidz team who provided the next update on March 10th, 2021.
Cardano’s NFT trading volume in April 2022 was approximately $27 million (“opencnft”):
On June 9, 2022, IOG’s CEO gave an interview with Yahoo Finance and said about Cardano’s NFT market:
“One of Cardano’s amazing growth areas is in the NFT space. About 40% of all applications deployed are his NFT related…about $270 million monthly in NFT volume. So at $3 billion a year, there’s a lot of incredible work in the metaverse space. treasury And so on, it’s really impressive to see how quickly they’ve grown in the last year alone.“
according to “opencnft.io“, Here is the current state of the Cardano NFT market:
As you can see, at 9:25 AM UTC on August 2nd, Cardano NFTs had a 24-hour trading volume of approximately 1.3 million ADA (or approximately $627,000).
So how does this number compare to the 24-hour sales volume of other blockchains?
For data from crypto slam If accurate, Cardano will become the most popular blockchain for NFTs with 24-hour trading volume.
image credit
Featured image To quantitative via unsplash
