On Thursday, InputOutput (IO Global) the official Cardano software developer announced that it was working with Bondly in creating an official cross-chain “bridge” that would bring NFTs from Ethereum to Cardano.
Bondly is a decentralized e-commerce platform that seeks to develop new technologies to increase the security of NFTs and cryptocurrencies. Furthermore, it aims at making the utilization of NFTs and cryptocurrencies more decentralized and efficient.
According to the announcement, the move which is their first partnership project will enable NFT creators to easily transfer their digital art pieces from the “energy-intensive” and expensive Ethereum network to Cardano with the first bridge expected to roll out in early 2022.
Ethereum ERC-721 Unfriendly for NFT creators
Given that Ethereum and Bitcoin are still using the Proof of Work mechanisms on their networks, NFT creators are often faced with the persistent problem of energy inefficiencies and high transaction costs. Currently, creators shell around $15 in transaction cost on Ethereum compared to Cardano’s $0.4. This means that Ethereum is 37.5% more expensive than Cardano.
Ethereum and Bitcoin also use a huge amount of energy as much as Oman and Columbia combined according to recent data from Digiconomist which poses a serious challenge to the NFT ecosystem.
Cardano which uses a more eco-friendly proof of stake mechanism to run its network operations seeks to change this status by offering efficient price predictability and stability for transaction costs eliminating the risks of loss and high costs associated with using Ethereum to mint and transfer NFTs.
In confirming the partnership, Cardano’s co-founder Charles Hoskinson said,
“We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so crucial, as it will allow NFT creators access to a leading solution for token creation which doesn’t compromise on environmental credentials.”
Harry Liu, C.E.O of Bondly also lauded the union noting that the creation of a cross-chain NFT bridge between Ethereum and Cardano would be a great milestone in transitioning “from legacy blockchain projects to one of the most hotly anticipated third-generation networks”.
Bondly also announced that it would be minting a special collection of eco-friendly NFTs in honor of Cardano’s smart contracts launch which enables developers to build applications that will utilize the “capabilities of the world’s most advanced green blockchain, as well as NFTs marking the launch of the cross-chain bridge”.
NFTs have been live on the Cardano network for a while. Before smart contracts capability had debuted on the network, users were able to mint and sell NFTs without needing a smart contract address. This has been one of the pulls towards the network and users have taken full advantage of this capability to trade their NFTs on the blockchain.
However, compared to leading NFTs blockchain Ethereum, Cardano NFT sales have been minute. Where the Ethereum network has seen NFTs sold for as high as $69.3 million in the case of Beeple, Cardano had yet to see its first million-dollar sale. This is mostly due to the network rolling out NFT capability later than Ethereum and having less interest from buyers.
SpaceBudz Sells First Million-Dollar NFT
The NFT market on Cardano has boomed ever since smart contracts capability was introduced on the blockchain. Although these smart contracts are not required for minting NFTs, they brought more users to the network, which, in turn, brought more interest into NFTs minted on the platform. Various artists have released and sold their NFTs on the blockchain, and now, SpaceBudz has successfully recorded the first Cardano NFT sale above $1 million.
SpaceBudz is an NFT platform that is built on the Cardano blockchain. The SpaceBudz consists of 10,000 unique NFTs which users can personally own after they purchase it. The project broadcasts its sale on Twitter via a bot that reports every listing and sale of a SpaceBudz NFT.
On Tuesday, the SpaceBudzBot account reported that SpaceBud #9936 had been sold for 510,000 ADA. Going by ADA’s current price of $2.11 at the time of this writing, the NFT sold for $1,076,100. A record sale on the Cardano network.
Cardano Celebrates Ada Lovelace
Cardano’s native token ADA is named after one of the earliest programmers on record. Ada Lovelace is one of the women who pioneered software programming after the first computers were used in the 1940s. Members of the community refer to themselves as Lovelaces, an ode to the mathematician.
IOHK joined the scientific community in celebrating Ada Lovelace Day, which commemorates the contributions and achievements of women in STEM fields.
Cardano Foundation has been making marked contributions to innovation and growth in the science and technology sector, and founder Charles Hoskinson is set to tour the continent of Africa as the foundation invests in startups building on the blockchain in the region. The Africa tour is scheduled to start in South Africa but a departure time has not been announced yet.
Featured image from The Cryptonomist, chart from TradingView.com
The release of smart contracts capability on Cardano has brought with it some interesting projects. Cardano had revealed multiple partnerships over the course of its two-day Cardano Summit. These projects aimed at increasing utilizing the capability of the blockchain to its fullest potential. But before smart contracts had debuted on the platform, non-fungible tokens (NFTs) had been supported.
Cardano network has seen thousands of NFTs being minted. This had been actively encouraged by the developers in order to entice the community into using the blockchain as its default for minting NFTs as opposed to well-established networks like Ethereum and Solana. The latest iteration of the network promoting NFTs on the network has come in the form of founder Charles Hoskinson releasing dance artiste Paul Oakenfold’s album as an NFT on Cardano.
Hoskinson Teams Up With Paul Oakenfold
Celebrities have taken to NFTs like fish to water. From athletes to musicians, NFTs have presented as a new way for public figures to stay connected with their fan base, while also monetizing their image. Now, founder Charles Hoskinson is taking it one step further as he partners with Paul Oakenfiled to release the DJ’s album as an NFT on Cardano.
The announcement was made at the just-concluded Cardano Summit and will cover everything from Oakenfield’s album, down to its cover art and notes. The dance and trance DJ who is of British descent has been nominated for three Grammy Awards over the course of his career and is regarded as a legend in the EDM scene.
Hoskinson has been working closely with the artiste to bring the project to life on the blockchain. The founder believes that blockchain technology is important for the future of the music industry and is interested in how this will work. “Getting to learn about the electronic music industry and how the blockchain can support it has been a revelation,” Hoskinson said.
Bringing Music To Cardano
Oakenfield’s album will not be the first, nor the last, to bring music to the blockchain as NFTs. For Cardano alone, multiple music and music-related acts have brought their talent to the world through the network.
Most notable of these had been the launch of ZZ Top frontman Bill Gibbons’ music NFT collection on the blockchain. Auction for Gibbons’ collection had run in the same time frame as the Cardano Summit, and it included 30-second original jam sessions digital music by Billy Gibbons and one Golden Ticket which conferred a 20-minute one-on-one session with the artiste.
Earlier this month, the blockchain had seen the launch of the first-ever music label to be launched on the blockchain. $GREED is a crypto music label that was launched on the ecosystem as a smart contract.
Following the recent major announcements from Cardano, the project’s commercial arm has launched a $100 million investment fund.
Emurgo to Support Cardano Ecosystem
Emurgo, the commercial arm of Cardano, will invest $100 million to finance crypto startups on the blockchain.
The firm announced the update at Cardano Summit 2021. Under the initiative, Emurgo will allocate capital towards growing Cardano’s ecosystem. The firm will focus on supporting startups working in DeFi and NFTs, and launch Cardano-centric education programs.
Discussing the investment, Emurgo founder and CEO Ken Kodama said that the firm was aiming to “accelerate the development of the Cardano ecosystem.”
Emurgo has already invested in several Cardano projects, including the EVM-compatible sidechain Milkomeda.
Since launching the Alonzo era, the project has made strides to focus on its ecosystem development. The Alonzo hardfork enabled smart contract functionality on the network, which paves the way for project to launch their dApps on mainnet.
It is thought that DeFi projects will go live on the network once teams have developed scaling solutions to adapt to Cardano’s eUTXO model. Cardano is one of the most well-funded blockchains, and its followers are hoping that the ecosystem will develop over the coming months.
Emurgo’s $100 million could play a critical role in that process. Since its inception, Emurgo has been a core contributor to Cardano by engaging with developers, startups, enterprises, and governments. The firm has confirmed it will move to “dedicated operations” of funding the blockchain’s ecosystem starting next year.
Emurgo’s funding project will run in addition to Input Output’s cFund, another capital venture fund for strategic investments in the network. There’s also Project Catalyst, a community-governed decentralized fund with over $1 billion stored in an on-chain treasury.
Everyone Wants DeFi!
DeFi or decentralized finance is an innovative technology that has given the financial sector an upgrade. Through DeFi, the sector now uses smart contracts and advanced codes that enables peer-to-peer financial services to users.
Presently, most of the DeFi activities happen in the Ethereum blockchain — followed by Solana, Avalanche, and others. Now, Cardano is finally solidifying its DeFi adoption. In fact, Cardano recently launched its Alonzo mainnet, which allows smart contract functionality.
To conclude, this venture from both EMURGO and Cardano gained praise, especially from the Twitter community where Kodama tweeted about it. The public is excited to see what’s going to happen next. What’s more, some even say they can’t wait to see what the future holds.
COTI, an enterprise-grade fintech platform that empowers organizations to build their payment solutions, recently announced that it will be partnering with Cardano’s stablecoin hub, Ardana.
The collaboration will introduce stablecoin crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide.
Speaking in a statement, COTI’s CEO, Shahaf Bar-Geffen, said,
“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”
Cardano (ADA) expands its bet on DeFi and NFT
Ryan Matovu, founder of Ardana, stated that Cardano (ADA) and its DeFi segment look very promising in terms of e-commerce adoption worldwide:
Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain, to financing actual farming off-chain.
Ardana is going to bring decentralized stablecoin payments to ADAPay, a native payment system for the Cardano (ADA) community. Ardana customers will be able to purchase goods with their stablecoins wherever ADAPay is accepted.
Also, Cardano-based stablecoin payments will be accessible for millions of merchants worldwide, protecting them from being exposed to the volatility of cryptocurrency assets.
COTI Price Jumps 50%
Just a few hours after COTI made the announcement, it received a lot of attention from crypto users, and its coin’s price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60.
Although COTI has retraced and is now trading at $0.51 following another wide-market crash induced by fresh China FUD, it has still retained a 24-hour increase of 25%, according to live data from CoinMarketCap.
The Cardano Foundation has launched a developer portal to aid developers to build on the network.
Ten NFTAs were minted in celebration of the launch.
The Cardano Foundation on July 12 announced the launch of the Cardano Developer Portal. The portal launch was announced in a tweet. According to the tweet, the goal of the portal is to make building on Cardano easier using ‘brand new content and resources.’
Created by Ethereum co-founder Charles Hoskinson, Cardano is a third-generation, Proof of Stake (PoS) blockchain platform. The decentralised platform was launched in 2017 with its native coin ADA named after the mathematician Ada Lovelace. It was created to be more efficient than existing Proof of Work networks like Ethereum. Scalability, interoperability, and sustainability are touted as key features that put Cardano above PoW networks like Ethereum.
Easier building on the Cardano blockchain
The developer portal showcases some tools and features on the network that developers will find useful. These include; The ability to integrate Cardano into websites and applications, NFT and token creation without the use of smart contracts, and Transaction tracking through the use of metadata.
To celebrate the launch, the team minted the first-ever Non-Fungible Tokens of Appreciation (NFTAs) on the Cardano network.
“After months of writing, polishing and checking, we are confident the portal now has a very solid basis, covering everything currently possible on the Cardano mainnet. Whether you want to implement transaction metadata, mint native tokens, integrate Cardano, operate a stake pool or get your project funded: there is something for pretty much everyone. All this, right before the Alonzo hard fork which will bring smart contract capabilities. So yes, I am super excited,” says Tommy Kammerer, Developer Community Lead.
The ten NFTAs are all based on thumbs-up photos of Cardano community members expressing their approval for the newly launched portal. They come with a QR code, which, when scanned, leads to the Cardano blockchain explorer where a user can verify ownership of the token. The tokens also grant the bearer the chance to highlight a topic of choice on the developer portal.
Sidney Vollmer, head of Brand and Communications at the Cardano Foundation added;
Both the scope of topics covered in the Portal and the way that we are promoting them with these NFTAs show the amazing possibilities Cardano offers. It is something lots of people still need to get accustomed to. With the help of our community, they will.