Tag Archives: cardano

Cardano’s NFT Market Resilience Amidst “Ghost Chain” Reputation

Cardano’s NFT Market Resilience Amidst “Ghost Chain” Reputation

Despite a decline in unique NFT buyers on Cardano, labeled the “ghost chain,” recent data from Forkast Labs reveals surprising resilience in the blockchain’s NFT market, outperforming Ethereum, Solana, and Polygon in June.

 

Cardano’s “Ghost Chain” Reputation:

In October 2021, Cardano reached a peak of 254,383 monthly unique NFT buyers, but in June, this figure dropped to 13,559, marking a 10.12% decrease from May.

 

Market Performance Metrics:

Forkast CAR NFT Composite: The index measuring Cardano’s NFT market performance fell by 3.84% to 982.01 in June, reflecting losses for NFT traders in top collections on Cardano.

 

Comparative Losses Across Blockchains:

While the “ghost chain” narrative persists, data indicates that Cardano’s NFT traders suffered fewer losses compared to Ethereum, Solana, and Polygon in June.

 

Ethereum (ETH): Traders on Ethereum experienced an estimated loss of 14.41%.

Solana (SOL): Solana’s NFT market fell by 14.71%.

Polygon (POL): Polygon’s NFT market slumped by 13.49%.

Overall NFT Market: The Forkast 500 NFT Index, representing the overall NFT market, dropped by 16.14%.

 

Cardano’s Position and NFT Ecosystem:

Despite being the world’s eighth-largest cryptocurrency, ADA’s market capitalization is around US$10.4 billion. Cardano ranks sixth in blockchain NFT trading volume, with US$597 million in sales. Despite occasional claims of Cardano’s NFT ecosystem demise, some supporters and projects remain optimistic.

 

Moosa Zaidi, CEO of NFT Hive Club, acknowledges the die-hard Cardano supporters and projects, emphasizing the potential impact of a market bull run.

 

Creators and Enthusiasts:

Despite the decline in buyers, creators continue to release NFT collections on Cardano. Digital artist Mulga’s MulgaKongz NFT collection, launched on June 23, sold out within 48 hours, demonstrating ongoing interest.

 

Challenges and Community Engagement:

Several top Cardano NFT projects remain active, but some have gone silent on social media, sparking discussions within the community about supporting genuine builders.

 

Market Analysis and User Experience:

Anndy Lian, author of “NFT: From Zero to Hero,” highlights Cardano’s user-friendly experience, low transaction fees, and scalability, making it attractive for cost-conscious NFT enthusiasts.

 

Challenges Across Blockchains:

Lian notes that low market liquidity affects NFT market performance across all blockchains, making it challenging for holders to find buyers at desired prices.

 

Community Perspective and Future Outlook:

Despite challenges, Count Stackula, a Space Budz NFT holder, emphasizes Cardano’s overall healthy NFT ecosystem, with developers focusing on building robust infrastructure.

 

While Cardano faces challenges and skepticism, its NFT ecosystem remains active, driven by committed developers and community engagement. The “ghost chain” moniker may not fully capture the blockchain’s ongoing contributions to the NFT space.

 

 

 

Source: https://www.coinlive.com/news/cardano-s-nft-market-resilience-amidst-ghost-chain-reputation

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Cardano ‘ghost chain’ outperforms top blockchains in NFT market

Cardano ‘ghost chain’ outperforms top blockchains in NFT market

The declining number of non-fungible token traders on the Cardano blockchain has given it the “ghost chain” nickname, but data from Forkast Labs show that the network’s NFT market performance in June outperformed some of the top blockchains in the industry.

Cardano picked up the ghost chain moniker as its monthly unique NFT buyers plunged from its October 2021 peak of 254,383, according to CryptoSlam, the data arm of Forkast Labs. The number of unique NFT buyers fell to 13,559 in June, 10.12% lower than May.

The Forkast CAR NFT Composite, a CryptoSlam index to measure the Cardano NFT market performance, dropped 3.84% to 982.01 last month, giving an estimate of losses for NFT traders in some of the top collections on Cardano.

While that looks like all bearish news for the so-called ghost chain, Forkast Labs data suggests that NFT traders on Cardano suffered fewer losses than those on some of the world’s top NFT networks, such as Ethereum, Solana and Polygon.

New picture

Throughout June, the Forkast ETH NFT Composite suggests that traders that bet on the top NFT collections on Ethereum, the most popular blockchain for NFTs, would have copped an estimated loss of 14.41%.

Over the same period, Forkast SOL NFT Composite (Solana) fell 14.71%, and the Forkast POL NFT Composite (Polygon) slumped 13.49%. The Forkast 500 NFT Index, the gauge for the overall NFT market, dropped 16.14%.

Cardano’s native cryptocurrency, ADA, is the world’s eighth-largest cryptocurrency by market capitalization, with around US$10.4 billion in circulation. And despite it being the sixth largest blockchain for NFTs by all-time trading volume with US$597 million in sales, the network’s NFT ecosystem has on numerous occasions been declared dead by social media users.

But Moosa Zaidi, the founder and chief executive officer of NFT advertising firm NFT Hive Club, said he wouldn’t dismiss Cardano from the top NFT blockchains.

“There are still some die-hard Cardano supporters and projects out there that back the chain, and as past crypto portfolios show, a single market bull run can be a game changer,” Zaidi told Forkast.

“New founders and upcoming investors have Ethereum or Solana as their primary preference… Those wanting to venture out in Cardano tend to invest in the projects down the top 10 ranks to make the most out of it.”

Enthusiasts

The falling number of buyers has not stopped creators from releasing their NFT collections on Cardano.

Australia-based digital artist Joel Moore, better known as Mulga, released the MulgaKongz NFT collection on Cardano on June 23, a collection of 5,555 gorilla NFTs that sold out within 48 hours of its launch.

Moore said choosing Cardano to house his digital art was an “easy decision.”

“Cardano is a blockchain with a good future, community and ecosystem,” wrote Mulga, in a Twitter response to Forkast. “There’s been some great support from the community and the future is looking bright.”

See related article: Can Azuki’s new Elementals spark the entire NFT market?

While most top Cardano NFT projects remain engaged with their community, a few notable ones have been inactive on social media.

CardanoBitz, a 10,000-piece NFT collection on Cardano with over US$1.12 million in total sales, has not shared any original Twitter posts since June 10.

Zombie Chains, a collection with over US$1.73 million in total sales, has been silent since May 18. Unsigned Algorithms, a collection with US$423,799 in total sales volume, last posted on Feb. 2, while Clumsy Ghosts, an NFT gaming project with over US$1.78 million in sales, last tweeted on April 11.

“More and more top 50 projects on Cardano are going silent,” a Twitter user posted on June 24. “Do we need to do more as a community to support real builders? Or continue to hype dead weight?”

Input Output Global, the Colorado-based tech firm behind the Cardano blockchain, hadn’t responded to Forkast‘s request for comment by the time of publication.

Buyers

Solana had 65,459 unique NFT buyers in June, almost five times that of Cardano. But average NFT sales on Solana were US$78.79 in June or less than the US$95.22 on Cardano, suggesting that traders on the network were willing to pay a higher average price for their NFTs.

According to Anndy Lian, author of the book “NFT: From Zero to Hero,” Cardano’s forte is offering a user-friendly experience for NFT creators and traders.

“The platform offers low-cost transaction fees, making it an attractive option for enthusiasts seeking cost-effective and scalable solutions,” Lian told Forkast.

Lian added that low crypto market liquidity is affecting the NFT market performance across all blockchains, including Cardano.

“When liquidity is limited, it becomes more challenging for NFT holders to find buyers willing to purchase their tokens at desired prices. This can lead to longer waiting times and difficulties in selling NFTs. Additionally, a decrease in overall market activity may result in a decline in demand for NFTs, which can further affect their liquidity,” said Lian.

Count Stackula, a pseudonymous Space Budz NFT holder, a collection of 10,000 NFTs with over US$46 million in total sales, said that Cardano developers keep building, despite the market conditions.

“There was some more hype around the Cardano NFT scene when smart contracts were still to be announced, but it’s an overall healthy NFT ecosystem,” Count Stackula told Forkast.

“Admittedly, there have been a lot of the typical clone projects that don’t display much originality, but Cardano devs also know it’s important to focus on building the perfect roads and freeways before perfecting the automobile.”

 

 

Source: https://finance.yahoo.com/news/cardano-ghost-chain-outperforms-top-164500757.html

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Cardano futures: ADA price pressure to persist amid FTX fallout

Cardano futures: ADA price pressure to persist amid FTX fallout

The recent FTX crisis has caused a whirl in the crypto world with many investors pulling out their assets from the market that’s already dominated by bearish sentiment.

Cardano’s ADA, has been on a bear run in 2022, losing over 89.8% of its gains since the all-time high of $2.9706 on 3 September 2021 to $0.3032 on 21 November 2021.

How do Cardano futures work and where could the cardano futures price be headed? Read on…

What are cardano futures?

Cryptocurrency futures are contracts between two parties that are betting on the future price of a digital asset. When traders purchase a cryptocurrency’s futures contract, they gain exposure without owning the underlying coin, agreeing to pay a certain price for the asset in future. When the futures contract expires, however, the trader has to settle it – in other words, they buy the coin.

The Cardano blockchain was launched in 2017 as a third-generation cryptocurrency platform. It has a Proof-of-Stake (PoS) consensus mechanism and was designed to be a more scalable, sustainable and interoperable version of Ethereum. For this reason, the blockchain’s supporters labelled Cardano the “Ethereum killer”.

In September 2021, Cardano gained smart contract capability, allowing for the creation of decentralised apps (dApps), non-fungible tokens (NFTs), games, new cryptocurrencies and more.

ADA is the blockchain’s native cryptocurrency named after the 19th century mathematician Ada Lovelace. The coins are used as a secure exchange of value and to pay for transaction fees

Cardano futures, therefore, are contracts between two parties that have agreed to buy and sell a specific amount of ADA at a specified price. Cardano futures are often known as Cardano perpetual futures or cardano perpetual swaps.

Traders who purchase ADA futures are betting that the price of the cryptocurrency will surge in the future. If that happens, they will profit from the price increase. If the price of Cardano falls, however, they will lose money.

Cardano futures history

Cardano futures started trading on Binance at the end of January 2021. They enjoyed bullish momentum, jumping by more than 4,100% between January and May 2021. The surge came as Cardano continued development of its smart contract capabilities and launched a peer-to-peer testnet to a small group of users.

After a slight dip in July 2021, the ADA futures price climbed to the all-time high of $2.9706 on 3 September 2021. The rally came ahead of the blockchain’s Alonzo hard fork, which introduced smart contract capabilities to Cardano.

ADA futures price, January 2021 – November 2022

Following the bull run, the ADA futures contract dipped by more than 35% by 27 October 2021 and continued on a downward trend.

Cardano futures price fell  to $0.3032 on 21 November 2022 amid negative market sentiment. The recent news on the downfall of the FTX crypto exchange and its native FTT  token added to the bearish price action.

What is driving cardano futures?

The collapse of the FTX crypto exchange affected many major cryptocurrencies, cooling investor sentiment. CoinMarketCap data showed that the total cryptocurrency market capitalisation fell below $800bn on 11 November, when FTX filed for Chapter 11 bankruptcy, the lowest level since early 2021.

Total market capitalisation of all cryptocurrencies, 2016 – 2022

“Although aftereffects of the FTX shock will still likely surface at some point and the industry will have to adopt more financially transparent operation and come under stricter regulatory oversight, the worst part may have passed,” Bitbank crypto market analyst Yuya Hasegawa said in his weekly view.

Meanwhile, the Cardano blockchain saw a spike in activity between 9 and 14 November as the number of new addresses on the blockchain surged from 0 to 11,240, according to data on Cardano Blockchain Insights.

The network, however, had seen a surge in the number of transactions on 8 November, which surpassed 391,000 as FTX crashed.

Cardano’s founder, Charles Hoskinson, said in a live YouTube stream on 9 November:

“I think this might be the bottom, one of the last ones to deal with. It’s going to be hard to predict how bad it will be, and it could certainly potentially be very bad. There are not many more firms that were like FTX or Alameda or like, Three Arrows Capital, and so forth. At least in this cycle, I truly do hope that this is the last cycle of this nature.”

In other cardano futures news, Hoskinson told CoinDesk on 18 November that Cardano is looking to launch a new privacy blockchain and digital asset which he stated to be something “the enterprise absolutely wants”.

Cardano futures price prediction for 2023 and beyond

Algorithm-based prediction websites did not provide cardano futures forecasts, so let’s have a look at the latest ADA/USD outlook.

In line with the latest downward price action, algorithm-based forecasting service Wallet Investor gave a bearish ADA price prediction at the time of writing (21 November) noting that ADA was “a bad long-term investment”.

Based on its analysis of past price performance, Wallet Investor predicted that the token could fall to $0.01016  in 2023. The site did not provide an ADA price prediction for 2027.

DigitalCoinPrice, on the other hand, gave a bullish ADA to USD price prediction expecting the token to grow to $0.39 by the end of 2022 and reach $1.30 on average in 2025. By 2027, the site predicted that the price of ADA tokens could reach $1.59. Its long-term token forecast showed the cryptocurrency reaching $4.35 by 2030.

Meanwhile,  Anndy Lian, the chief digital advisor at the Mongolian Productivity Organisation and author of ‘NFT: From Zero to Hero’, told Capital.com that mid-term technical indicators looked bearish (as of 21 November). He added:

“Sellers’ pressure increases in the cardano market. I hope the longer term potential factors like Midnight and USDA can change things for the better.”

News that the group behind Cardano, Input Output Global, is planning to release a new privacy-focused blockchain could have a potential effect on ADA futures, Lian added in his cardano futures price prediction.

In addition, the launch of USDA, the first fully fiat-backed regulated stablecoin on Cardano, will start trading in early 2023, could lead to a hike in the cardano futures price.

“If executed well, I see this will help ADA decentralised finance ecosystem, thus bringing in more liquidity and support into the network,” Lian added.

Final thoughts

Remember, analysts’ and algorithm-based predictions can be wrong. If you’re considering entering the cardano futures market, we recommend you always conduct your own due diligence, looking at the latest news, a wide range of analyst commentary, technical and fundamental analysis. Note that past performance does not guarantee future returns and cryptocurrency markets remain extremely volatile. And never trade money you cannot afford to lose.

 

Source: https://capital.com/cardano-futures-price-prediction-ada

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j