Cardano Could Support NFTs Marketplaces Soon

As the popularity of NFTs (Non-Fungible Token) grows, Cardano’s co-founder Charles Hoskinson is planning to integrate NFT marketplaces into the protocol, adding that negotiations are already being made with top marketplaces.

Currently, the project is working on Alonzo, its next fork, and Hoskinson has been exploring the NFT movement in the meantime. In a podcast, he said that Cardano has the capacity to develop an ecosystem for these marketplaces to operate seamlessly next to decentralised exchanges.

With NFTs we’ve already approached several of the top-10 marketplaces and begun discussions porting them over to Cardano. It’s an easy conversation, and it’s just engineering resources.

NFTs Being Sold for Millions

Hoskinson spoke about NFTs in a previous podcast, stating that current DAapps only work for speculation, like NFT items being sold for millions of dollars and not addressing the real issues of the DeFi community:

“Most DApps are currently centralised by a small group of actors who control the changes in the protocols, we have to actually listen to what people are saying”

While Cardano is currently in the middle stage of its upgrade, working on the programmability at the base layer, the protocol is “overwhelming subscribed” from companies interested in its network.

We’re overwhelmingly subscribed. At the moment, our company has no more capacity to service the deal flow that comes in for Cardano. People come to me, unless it’s a super high-value deal, and some have, we jump them up the queue, we say ‘No’ and turn them down.

Hoskinson previously said that over 100 companies could migrate to Cardano once the Goguen upgrade is finished. Despite not having smart contracts yet, the protocol will not host Ethereum-based smart contracts, which would “lead the company to the same issues such as scalability and high gas fees.”