The launch of Nifty, a new social media platform set to improve the visibility of the Non-fungible tokens (NFTs) market, highlights the overall progress of the unpopular market in the last week. Fortunately, the new project has gathered support from prominent business names like basketball club owner- Mark Cuban, who believe the project will skyrocket the NFT space’s progress. However, that is not the only event that tells the success story of the NFT space this year so far, as the market has not only continued to flourish, it is also attracting new players.
Bhad Bhabie set to auction her work this week
The announcement by popular NFT digital marketplace Nifty Gateway that one of the world’s famous fictional pieces- Sophia the robot, has generated at least $1 million from its debut NFT sale is another story that sums up a good week for the NFT space. The successful robot-themed NFT, a collaborative effort of popular artists Andrea Bonaceto and Sophia, is one of the closest reality art pieces. At the time of auctioning, each NFT was traded for around $3000.
However, the NFT could generate $1 million quickly via the auctioning of a giant piece of the work, which was bought by another digital artist, 888. Popular rapper, Bhad Bhabie, has also found herself venturing into the NFT space. The artist, who is currently promoting her new single, has converted one of her viral social media memes into an NFT. According to her management team, the NFT works will feature three different unique pieces, set to be auctioned soon. The artist herself has now confirmed that the digital piece will be auctioned on a few NFT digital marketplaces today via Twitter.
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Cardano wants to offer NFTs a new home
Popular Blockchain network Cardano, whose native token ADA has been making waves, are trying to get into the NFT space for a while. However, the founder of the network, Charles Hoskinson, has now hinted that the network is close to realizing its ambitions. The Blockchain network has been trying for a while to incorporate NFTs into its network and going by the words of Hoskinson today; they are almost there. Hoskinson confirmed that he had approached at least ten different NFT vendors about considering Cardano, ahead of the high traffic and high gas fee Ethereum.
Hoskinson believes that Cardano has a better service offering for NFTs, compared to other Blockchain networks. Hoskinson confirms that Cardano is set to incorporate smart contracts into its services with a forthcoming proposed upgrade to place the network ahead of many Blockchain infrastructures. Suppose eventually the statement of Hoskinson is true. In that case, Cardano is posed to be in a competitive position against Ethereum, as the network will be offering low gas fees and low congestion transaction process, ahead of the leading altcoin Network.