Why This New NFT Integration May Be What Cardano Needs To Break $0.6
16 Agosto 2022 - 8:00PM
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Cardano has been making its mark in the NFT space long before smart
contracts capability was available on the network. Collections have
also found a reasonable level of success, given that non-fungible
tokens remain relatively young for the blockchain. Nevertheless,
developers continue to push for broader adoption when it comes to
Cardano NFTs, and a new partnership is allowing the onboarding of a
broader range of investors. Pay For NFTs With Fiat One of the
things that continue to hold back NFTs is the fact that they are
only purchasable using cryptocurrency. This means that, unlike
cryptos which investors can just buy directly with fiat, there is
now an extra layer and an added step that users have to go through
to own these NFTs. However, this is starting to change with the
introduction of fiat currency payments for NFTs directly in a
marketplace. IOG, the developer behind the Cardano network, has
announced a new partnership that will be able to allow investors to
purchase Cardano NFTs using fiat currency. NMKR is a Web3 protocol
that is helping to accelerate the adoption of this new sector. In
this new partnership, the NFT minting and payment infrastructure
will provide two things to further the adoption of NFTs on Cardano.
Related Reading: Ethereum Hits New Milestone, Investors Accumulate
Ahead Of Merge The first of these two things is providing an easy
minting app for anyone to be able to engage and mint NFTs on the
network easily. Next is the most important one, which is allowing
users to be able to pay for their NFTs with both cryptocurrencies
and fiat currencies. “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 Price Like the rest of the crypto
market, Cardano had been a victim of the bear trend. This further
fueled the decline that had begun since the digital asset had hit
its new all-time high of $3.10 back in September of 2021.
Presently, the price of ADA is trending at $0.5, a price point that
it has found difficult to beat. ADA price trending at $0.5 |
Source: ADAUSD on TradingView.com However, like with any other
asset, the price of ADA responds to important developments in the
network. This is why news like the partnership between IOG and NMKR
is essential. With users being able to purchase NFTs directly with
fiat currencies, it is expected to trigger more interest in the
Cardano network, contributing to a recovery in price. Related
Reading: Bitcoin Price Gears Up For Another Rally After Testing
$25,000 Pair this with the Vasil hard fork that is expected to
happen sometime this month, and Cardano is brewing the perfect
powder keg for an explosion in price. The anticipation around these
two developments could be what the price of ADA needs to break
above the critical technical level of $0.6 finally. Beyond this
point, the next major resistance lies at $0.8. If ADA is able to
test $0.8 before the Merge, anticipation around Ethereum will also
help push up the price of ADA, providing the catalyst for breaking
above $1. Featured image from Investopedia, chart from
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