- The Cardano-based NFTs for the conference were powered by LEVEL UP and the ADAQuest protocol.
- The Cardano NFT ecosystem has grown significantly with marketplaces and projects working together for increased liquidity.
The Cardano (ADA) blockchain, a scalable smart contract ecosystem with more than $165.1 million in total value locked (TVL), has undeniably shaped mainstream crypto asset adoption. With over 61,000 daily active users of its DeFi ecosystem, the Cardano network has continued to attract key institutional investors including DeFi developers using its algorithmic Djed stablecoins, which have a total value of approximately $11.56 million.
As a result, the Cardano community has continued to grow during the crypto winter that has shaken several digital asset businesses. In addition, the Cardano network has made significant progress to strengthen its decentralized nature
Cardano Open Arms for NFT and gaming enthusiasts
The Cardano network has remained open to all DeFi developers, but has focused heavily on the blockchain gamification industry, which has undeniably been revolutionized by the NFT market. In addition, online gamers can now participate in the economics of Web3 gaming projects and earn while enjoying themselves.
As a result, the Cardano network through its NMKR – an NFT creation, coin and trading infrastructure – recently supported a gaming and Esports conference called LEVEL UP, which was held in Salzburg, Austria. During the two-day event, organizers announced LEVEL UP Citizen Pass NFTs, which provided unique benefits to conference attendees.
“It is the second year that LEVEL UP has released NFTs on the Cardano blockchain and we are pleased to say that all NFTs have already sold out,” noted NMKR.
The use of Cardano-based NFTs to access the LEVEL UP conference has significantly changed the perspective of many investors who previously viewed the digital art as any other JPEGs on the internet and blockchain. The NFT publishers in particular made sure that ultimate rarity was paramount, with only 100 users collecting the LEVEL UP Citizen Pass, including users who completed at least 14 missions of the LEVEL UP Challenge.
In addition, the LEVEL UP NFTs were available in three rarities, including 60 Normal Class 1 IDs, 30 Rare Class 2 IDs, and 10 Legendary Class 3 IDs. Notably, each of the 100 IDs was expected to have a Cardano address with a provider like Flint Wallet to transact. Reportedly, the NFTs were made possible through a partnership between LEVEL UP and ADA Quest.
We are proud to support the LEVEL UP Salzburg Gaming & Esport Conference in their efforts to release the LEVEL UP Citizen Pass on @Cardano.
The Citizen Pass is displayed as an NFT and gives unique benefits to conference attendees.
It is the second year that LEVEL UP… https://t.co/tQLD0iLlaM
— NMKR (@nmkr_io) July 3, 2023
Market outlook and price action
The Cardano ecosystem had a total market cap of about $10.35 billion while the ADA price hovered around 30 cents on Tuesday. From a technical point of view, the ADA price is dangerously holding on to a macro support level reached last year. With recent diminishing losses on the weekly time frame, there is a good chance that the ADA price will recover on a bullish outlook. In addition, the weekly RSI shows a possible bullish divergence on a possible double bottom.
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