With the “Mary” update, which went live on the Cardano mainnet on March 1, support for more than one asset was added. This made it possible for NFTs to be made. Since then, even Charles Hoskinson, the founder and CEO of IOG, has been surprised by how quickly Cardano’s NFT ecosystem has grown.
Input Output Global, also known as “IOG,” is in charge of Cardano’s research and development. On February 18, 2021, they wrote a blog post about building native tokens on Cardano for fun and profit.
“The ‘Mary’ protocol update will add support for native tokens and multiple assets to Cardano. This will be done with our hard fork combinator technology.
The IOG blog post went on to say:
“Native tokens will give Cardano the ability to handle multiple assets. Users will be able to design custom tokens and use them to make transactions directly on the Cardano blockchain.”
“More and more people are using tokens in financial transactions. It could save money and increase liquidity, transparency, and independence from big banks and other centralized organizations. Tokenization is the process of turning real assets, like stocks, precious metals, real estate, and fiat currencies, into digital representations that can be used to build financial instruments for business purposes.
“Cardano will provide many tokenization options. With the ‘Mary’ upgrade, the ledger’s accounting infrastructure will process not only ada transactions but also transactions that simultaneously carry several asset types. Native support grants distinct advantages for developers as there is no need to create smart contracts to handle custom token creation or transactions. This means that the accounting ledger will track the ownership and transfer of assets instead, removing extra complexity and potential for manual errors, while ensuring significant cost efficiency.“
IOG tweeted on March 1, 2021, about the “Mary” split on the Cardano mainnet:
On March 10, the CardanoKidz team put the first Cardano NFTs up for sale and gave the following update:
“opencnft” says that the amount of NFT trading for Cardano in April 2022 was about $27 million:
On June 9, 2022, the CEO of IOG talked to Yahoo Finance and said the following about Cardano’s NFT market:
“One surprising area of growth on Cardano is in the NFT space. About 40% of all the applications that are being deployed are NFT-related… About $270 million a month in NFT volume. So, $3 billion a year, and there’s tons of incredible work in the metaverse space, like Cornucopias and others, and it’s really impressive to see how fast it’s grown in just the last year.“
“opencnft.io” says that the Cardano NFT market is in the following state right now:
At 9:25 a.m. UTC on August 2, the 24-hour trading volume for Cardano NFT was about 1.3 million ADA, which is about $627,000.
Using the numbers from CryptoSlam, Cardano would be the most popular blockchain for NFTs based on trading volume over a 24-hour period.
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