The price of Cardano (ADA) increased by more than 17%, reaching an intraday high of $2.78. The price of the currency is being pushed by growing excitement over the impending Alonzo update, which will bring smart contracts to the network.
NFT’s on Cardano poised for a boom!
On September 1st, the smart contract became live on Alonzo Purple, allowing new Dapps and NFT minting on the testnet before the mainnet launch. While many doubters remain sceptical of smart contract support, the Cardano network has successfully completed important upgrades on time.
According to a new statistic, Cardano NFTs (CNFT) are already catching up to Ethereum NFTs in terms of transfer volume. While Ethereum is still the most popular blockchain for many NFT projects, its scalability issues and hefty gas fees have opened the door for many other “Ethereum killers,” such as Solana.
Once the smart contract is deployed into the mainnet tomorrow, Cardano would also seize a piece of the market.
Hoskinson slams naysayers
As skeptics continue to gamble against the network despite its success. Founder Charles Hoskinson has coined the term “Cardano Derangement Syndrome” to describe the condition (CDS). Hoskinson chastised a Coindesk writer for claiming it would be difficult to mint NFTs on Cardano.
Hoskinson in an interview also said, One of the great superpowers of cardano is that it has been created with upgradability in mind.
On Sunday, Cardano’s major “alonzo” upgrade will be released, allowing the network to host a variety of crypto apps. It aspires to give the blockchain “programmability,” as founder Charles Hoskinson describes it.