What’s Cardano’s game-plan when it comes to NFTs?

Post the surge in interest cryptocurrency space witnessed during Bitcoin’s high, NFTs too are considered by some as a way to get rich fast. In the last couple of months, NFTs have hit the news couple of times now with their sheer valuations in the marketplace.

Cardano and NFT

As covered previously, Charles Hoskinson in an interview expressed his interest in the NFT space by stating, ‘“For smart contracts, we are almost through that entire rollout… The next major milestone was the ability to issue assets on the platform and there are a lot of NFT platforms coming in.”

According to the latest Cardano360 podcast series, Wolfram, Cardano, and COTI collaborated with regard to NFTs. According to this partnership, Wolfram Alpha adopted COTI’s ADA pay for an upcoming NFT auction. This marked a new milestone for the Wolfram team as this project was its very first step into the NFT sector.

This collaboration falls in line with Cardano’s long-term NFT strategy. However, with the innovations around ADA pay, the following steps could be important:

• ADA Payments for NFTs
• Bidding and Auction mechanisms
• Custody for auctioneers
• Rapid balance analysis
• New APIs

In the said interview, Greta Gawianski, Product Owner NFT Innovation Projects at IOHK, added:

“We want to see more people and companies — like Wolfram — having the opportunity to adopt the benefits of this technology, and joining the Cardano ecosystem. For this scope, we are working on the development of different solutions to support and improve NFTs on Cardano, and this partnership with COTI is crucial to bring this product to life.”

Talking about the importance of this partnership, Joshua Miller, Commercial NFT Business Developer said:

“By utilizing their ADA Pay capability, we can deliver the experience and quality Wolfram would want while still in the pre-Goguen era…”