‘Cardano Blue-Chip #NFTs Are Holding Relatively Strong’, Says VP at Hit Network

On Tuesday (June 14), Justin Williams, Vice President of NFT Development at Hit Network, “a conglomerate of creators that drives client vision via entertainment and education around the pillars of entrepreneurship, crypto, gaming, music, and sports”, commented on Cardano-based NFTs.

Yesterday, Williams pointed out that Cardano-based NFTs seem to be weathering the current bear market better than their Ethereum counteparts:

The most well-known Ethereum-powered NFT collection and ecosystem is Bored Ape Yacht Club (BAYC), which was developed by Yuga Labs. As a Decrypt report published yesterday noted, “the floor or entry-level price for a Bored Ape Yacht Club NFT has fallen below $100,000 for the first time since August 2021.”

Source: NFT Price Floor

Meanwhile, Cardano’s NFT scene appears to be still going strong.

As you may remember, on June 7, Lawrence announced — during a conversation on Twitter Spaces with Patrick Tobler, Founder and CEO of NFT-MAKER, and Charles Hoskinson, Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), the company responsible for Cardano’s research and development — that he was going to release a Cardano-powered NFT collection consisting of 30 unique pieces.

Here is what Hoskinson said about NFTs during this chat:

“I didn’t expect Cardano to be a major player in the NFT space, at least initially. It kind of caught us all by surprise. We worked really hard at trying to create great asset standards… We didn’t expect to to have NFTs be quite large, but then it was completely community led. So, all these projects materialised out of nowhere, and about 40% of the 1000+ projects on Cardano are NFT-related, and there’s over five million assets that have been issued on Cardano, and the transaction volume is remarkable…

“There’s about $270 million worth of sales that are occurring on a monthly basis when you look at this in the last three months average. So, it’s an unexpected surprise, but in hindsight it makes perfect sense. When you look at the native asset standard, when you look at the eUTXO model in particular, it makes it really easy to do an airdrop, it makes it really easy and low cost to issue things and manage these things that that are coming through. So, in hindsight, it does kind of make sense.“

Then, on June 10, Lawrence announced that his “Martin: The Reunion” NFT collection had gone on sale on his website www.martincnft.com and that holders of any of these 30 NFTs would be invited to attend on June 15 the Hollywood premiere of “Martin: The Reunion”, which is set to air on Black Entertainment Television (BET) on January 16.

In April, American rap legend “Snoop Dogg“, alias “Cozomo de’ Medici”, and his son, “Champ Medici”, launched their collaboration with crypto project Clay Nation. The result was a Cardano-based NFT collection called “Clay Mates“. Clay Mates are “characters who are brought to life in stop motion animation and re-homed on the blockchain as CNFTs.”