Cardano is a prominent player in NFT since long before smart contracts were possible on the network. Given that the blockchain is still relatively new, collections have had some success. Cardano NFTs continue to be embraced by developers, which is why a new partnership has been established to allow investors to join the Cardano NFTs network.
Fiat Pays for NFTs
NFTs can only be purchased using cryptocurrency, which is one of the reasons they remain unattractive. NFTs can only be purchased using cryptocurrency, not cryptos that investors can buy with fiat. Users must go through an additional layer to get these NFTs. This is beginning to change, however, with the availability of direct fiat currency payment for NFTs in a marketplace.
IOG, developer of the Cardano network has announced a partnership to enable investors to buy Cardano NFTs in fiat currency. NMKR (a Web3 protocol) is helping speed up the adoption of this sector. This partnership will bring together the NFT minting infrastructure and the payment infrastructure to accelerate the adoption of NFTs in Cardano.
This first thing is to make it easy for everyone to mint NFTs and engage on the network. The second is that users can pay for NFTs using both fiat and cryptocurrencies.
“This is an important step for IOG and our mission to build a better tomorrow for everyone through technology,” said Charles Hoskinson, founder of Cardano. “We are excited to be working with NMKR as they develop an entire minting and payment infrastructure ecosystem, making NFTs accessible for everyone.”
The Drive For Cardano Prices
Cardano was also a victim to the bear market. Since September 20, 2021, when the price of ADA had reached $3.10 at an all time high, Cardano’s decline only accelerated. Currently, ADA’s price is $0.5, a level that has been difficult to match.
Trending price for ADA is $0.5| Source: ADAUSD on TradingView.com
Like any asset, the price for ADA changes in response to network developments. News like the IOG/NMKR partnership are crucial. Users will be able to directly purchase NFTs using fiat currencies. This is expected to drive more interest in Cardano networks, contributing to an increase in their price.
This is combined with Cardano’s Vasil hard fork, which is due to arrive sometime in the month, making Cardano the ideal powder keg that will explode in price. These developments and the anticipation surrounding them could make it possible for ADA to surpass the technical barrier of $0.6. The next significant resistance is at $0.8. If ADA can test $0.8 before Merge, the expectation around Ethereum will help drive up the price and provide the fuel for breaking beyond $1.
Featured Image from Investopedia. Chart by TradingView.com
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