The launch of Cardano smart contracts has been a highly anticipated event. The Alonzo hard fork on the Cardano network was a massive upgrade, adding smart contract capabilities to the blockchain.
This year has been a successful one for Cardano which saw its price increase 1900%, making it the third-highest project ranked by market cap. Expectedly, the announcement of these smart contracts saw a rush in releases on the chain.
The Cardano community recently celebrated the launch of the first NFT marketplace on the blockchain for the NFT project, SpaceBudz.
This launch came from a user, Alessandro, who has been quick with releasing applications on the chain. In a matter of one month, Alessandro had released multiple applications for Cardano. One such application, NamiWallet, is a non-custodial wallet that connects to the Cardano blockchain and is used in the new NFT marketplace.
Another application released by the same creator includes a staking pool called Berry Pool, which is run only on the device, Raspberry Pi. With so much accomplished at an early stage, there seems to be a bright future ahead for this computer science student developer from Munich.
The new marketplace for SpaceBudz functions similarly to NFT marketplaces. Users and SpaceBudz holders can buy and sell their NFTs using bids and offers, these only occur a small transaction fee due to Cardano’s network.
The decentralized nature of the platform allows for the removal of third parties from the equation.
Competing NFT marketplaces for other NFT projects are expected to launch soon and the Cardano supporters are very happy with the quick work Alessandro has done.
There are still many dapps to come for the Cardano blockchain. With low transaction fees and a PoS network requiring less electricity than Ethereum – there can be a big potential for developers on the blockchain.
In the coming months, many new DeFi applications are set to arrive on Cardano including lending platforms, more staking opportunities, and crypto casino games.
If successful, this innovative contract capability could put additional pressure on Ethereum to scale faster, while Cardano sets the bar for high expectations.
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