- The Cardano-based NFTs for the conference were made possible by LEVEL UP and ADAQuest protocol.
- The Cardano NFT ecosystem has significantly grown with marketplaces and projects working together for enhanced liquidity.
The Cardano (ADA) blockchain, a scalable smart contract ecosystem with more than $165.1 million in total value locked (TVL), has undeniably shaped the mainstream adoption of crypto assets. With more than 61k 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 had a total value locked of about $11.56 million.
As a result, the Cardano community has continued to grow amid the crypto winter that has shaken out several digital asset-related firms. Moreover, the Cardano network has made significant progress to enhance its decentralized nature
Cardano Open Arms for NFT and Gaming Enthusiasts
The Cardano network has remained open to all DeFi developers but has given significant attention to the blockchain gamification industry, which has undeniably been revolutionized by the NFT market. Moreover, online gamers can now participate in the economic aspects of Web3 gaming projects and earn while entertaining themselves.
As a result, the Cardano network through its NMKR – an NFT creation, minting, and trading infrastructure – recently supported a gaming and Esport conference dubbed LEVEL UP, which was held in Salzburg, Austria. During the two-day event, the event organizers announced LEVEL UP Citizen Pass NFTs, which gave the conference visitors unique benefits.
“It’s the second year that LEVEL UP releases NFTs on the Cardano blockchain and we’re happy to say that all NFTs are already sold out,” NMKR noted.
The use of Cardano-based NFTs to access the LEVEL UP conference has significantly changed the perspective of many investors who previously saw the digital arts as any other JPEGs on the internet and blockchain. Notably, the NFT issuers made sure ultimate rarity was paramount, with only 100 users collecting the LEVEL UP Citizen Pass, including users who completed at least 14 quests of the LEVEL UP Challenge.
Additionally, 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 by a collaboration between LEVEL UP and ADA Quest.
We're proud to support the Gaming & Esport conference LEVEL UP Salzburg in their efforts to release the LEVEL UP Citizen Pass on @Cardano.
The Citizen Pass is represented as an NFT and gives unique benefits to the visitors of the conference.
It's 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 capitalization of about $10.35 billion as ADA price hovered around 30 cents on Tuesday. From a technical standpoint, ADA price is precariously holding on to a macro support level achieved last year. With recent diminishing losses on the weekly time frame, there is a high chance of ADA price rebounding in a bullish outlook. Moreover, the weekly RSI shows a possible rising divergence on a possible double bottom.
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