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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why This New NFT Integration May Be What Cardano Needs To Break $0.6

Best Owie
Best Owie
2 years ago
3 mins read
Cardano

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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.

Cardano (ADA) price chart from TradingView.com

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 TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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