Cardano (ADA) Price Turns Bullish as NMKR and Nucast Create First-Ever NFT Ticketing Solution for Million-Dollar Event

In an announcement on Monday, July 17, the Cardano Foundation announced that Nucast and NMKR will serve as the technical collaborators for building the ticketing solutions for the upcoming Cardano Summit 2023, scheduled in November.

Nucast.io is a content streaming and digital media ownership platform built atop the Cardano blockchain network. On the other hand, NMKR allows users to create and sell NFTs on their own websites. Now, the two players have come together to build the first-ever NFT ticketing solution for the upcoming Cardano Summit 2023.

🎊 We are happy to announce @nmkr_io & @NucastIO as our technical collaborators for the community-led event’s ticketing solution!!

Many thanks for your contributions! 👏

🎟️ Registration opening SOON! 👀 pic.twitter.com/xsRtA7FyM2

— Cardano Foundation (@Cardano_CF) July 17, 2023

Last week, Cardano (ADA) also joined the broader altcoin market rally triggered by a favorable judicial decision regarding XRP. The Cardano (ADA) price surged all the way to $0.37 last week. However, the ADA price has seen a major retracement thereafter and is currently trading at $0.30. For the Cardano (ADA) price to rally all the way to $0.40, it should sustain major support at $0.30.

Other potential reasons that can serve as a catalyst to ADA’s bullish momentum ahead are the increased activity of Cardano-based decentralized applications (DApps), the decreased regulatory risks, and the potential to integrate other blockchains.

Cardano (ADA) came under scrutiny when the SEC mentioned it as a potential security in recent court actions. However, it’s important to note that while the staking offering may be considered a security, it does not pose a direct threat to Cardano or its development companies.

After the SEC’s remarks in June, ADA experienced a 36% drop, reaching $0.24. However, the XRP ruling on July 13 reduced regulatory concerns, resulting in a rally for ADA and other affected coins.

Implementing Cardano sidechains and Increased Activity of Cardano DApps

John Woods, chief technology officer at the Algorand Foundation, shared a recent video discussing the staking, security, and the future of the Algorand blockchain. Responding to this, Cardano chief Charles Hoskinson proposed Algorand to become the sidechain of the Cardano blockchain.

It might be prudent for Algorand to consider becoming a sidechain of Cardano. Always here to help.

— Charles Hoskinson (@IOHK_Charles) July 12, 2023

While it may be seen as improbable for the Algorand community to embrace this idea, the proposal becomes more significant in light of AlgoFi’s recent shutdown announcement. The decision was ed by the SEC’s accusations of Algorand having security-like features due to its ICO. This proposal could potentially help Algorand evade regulatory scrutiny and also drive the adoption of Cardano’s eco.

It’s important to highlight that smaller altcoins could receive financial incentives to become a sidechain of Cardano, benefiting from its substantial treasury and marketing opportunities.

On the other hand, the DeFi activity on the Cardano blockchain has been on a strong uptick. As per DefiLlama, Cardano experienced a 10% growth in its total value locked (TVL) in ADA terms, reaching 550 million ADA on July 14. Furthermore, decentralized exchange volumes witnessed a 6% increase in the past week.

In terms of nonfungible token (NFT) sales, Cardano surpassed platforms like Solana and Ethereum, with a remarkable 56% surge to $3.1 million.

Courtesy: DeFiLama