Blockchain

Cardano conquers trillion-$-NFT market and drives blockchain adoption for billions of people

  • One of the notable Cardano events in 2022 was the cNFTcon, in Las Vegas, which brought together artists and entrepreneurs who inferred more similar events going forward.
  • Cardano (ADA) is ranked ninth by market capitalization and traded around $0.265451, up 4.5 percent today.

The Cardano network is on the precipice of global mainstream adoption through vigorous community engagement. With immense technical support from Cardano Foundation, IOHK, and Emurgo, the underlying blockchain network promises to solve real-world issues at scale. Moreover, the Cardano ecosystem has attracted popular NFT artists and developers who are well-incentivized to keep building.

In 2022, the Cardano community held several meetings to enhance knowledge sharing in different parts of the world. Having successfully engaged community members at ground level, the Cardano network is readying for more such events in 2022. David Taylor, Cardano’s Global Marketing Director, noted:

From CardanoRio 2022 to Blockchain Sydney, the Foundation granted different types of support to community events. As a fundamental part of the Cardano Summit 2022, we are also sponsoring over 50 community-led events throughout the world,

One of the notable Cardano events in 2022 was the cNFTcon, in Las Vegas, which brought together artists and entrepreneurs who inferred more similar events going forward.

As 2022 came to an end, the Cardano network also held the W3BX event in Las Vegas. Notably, the W3BX brought together Web3 businesses among other interested parties to discuss the future of a decentralized financial ecosystem, particularly on Cardano. Similar events are planned to continue in 2023 to enable Cardano globalization and the crypto market to go mainstream.

“As the Foundation prepared for W3BX, we left cNFTcon already looking forward to the 2023 edition, hoping for eventful updates and to see more exhibitors, more projects, and an ever-thriving Cardano community,” Taylor added.

Cardano (ADA) Market Outlook

As a top ten crypto project, Cardano (ADA) has received a significant spotlight from both institutional investors and retail traders. The proof-of-stake blockchain network has recorded tremendous progress since its inception back in 2017. Furthermore, the Cardano network is an open-source project that allows developers to build decentralized financial applications with top-notch security and scalability.

According to market data provided by Defillama, the Cardano network has a total value locked (TVL) of approximately $52.53 million. Top projects with high onchain activity on the Cardano ecosystem include Indigo, Minswap, WingRiders, SundaeSwap, and MuesliSwap, among others.

Nonetheless, the majority of Cardano’s daily traded volume emanates from centralized exchanges. According to market data provided by Binance-backed Coinmarketcap, Cardano’s 24-hour volume on DEXs totaled about $282,852 while that from DEXs is $249,834,504.

With a total supply of 35 billion ADA coins, the Cardano network takes pride in a market capitalization of approximately $9,121,522,200. As such, market strategists forecast ADA to help unlock trillions of dollars in the next decade as digital assets go mainstream.

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