NFTs have been operational on the Cardano network for some time. Before the network’s smart contracts capability debuted, users could mint and sell NFTs without requiring a smart contract address. This has been one of the network’s draws, and users have taken full advantage of the ability to trade NFTs on the blockchain.
However, in comparison to the leading NFTs blockchain Ethereum, Cardano NFT sales have been insignificant. Cardano had yet to see its first million-dollar sale, whereas the Ethereum network had seen NFTs sell for as much as $69.3 million in the case of Beeple. This is primarily due to the network implementing NFT capability later than Ethereum and having less buyer interest.
SpaceBudz is the first company to sell a million-dollar NFT.
Since the blockchain’s introduction of smart contracts, the NFT market on Cardano has exploded. Although these smart contracts are not required for minting NFTs, they increased network usage, which increased interest in NFTs minted on the platform. Several artists have released and sold NFTs on the blockchain, and now SpaceBudz has successfully recorded the first Cardano NFT sale worth more than $1 million.
SpaceBudz is a non-financial-transaction (NFT) platform based on the Cardano blockchain. The SpaceBudz is made up of 10,000 unique NFTs that users can own after purchasing it. The sale is announced on Twitter by a bot that reports every listing and sale of a SpaceBudz NFT.
The SpaceBudzBot account reported on Tuesday that SpaceBud #9936 had been sold for 510,000 ADA. The NFT sold for $1,076,100 based on ADA’s current price of $2.11 at the time of writing. A Cardano network record sale.
Cardano Honors Ada Lovelace
Cardano’s native token, ADA, is named after one of the first known programmers. Ada Lovelace was one of the women who pioneered software programming following the introduction of the first computers in the 1940s. Members of the community call themselves Lovelaces, a tribute to the mathematician.
IOHK joined the scientific community in commemorating Ada Lovelace Day, which honors women’s contributions and achievements in STEM fields.
Today is Ada Lovelace Day – celebrating one of the earliest tech pioneers & programmers!
It is an international celebration of the achievements of women in science, technology, engineering & math, to increase the profile of women in STEM #Cardano https://t.co/bp1X6rC79z pic.twitter.com/tCgcvaoZHZ
— Input Output (@InputOutputHK) October 12, 2021
The Cardano Foundation has made significant contributions to innovation and growth in the science and technology sectors, and founder Charles Hoskinson is set to tour the African continent as the foundation invests in blockchain startups in the region. The Africa tour is set to begin in South Africa, but no departure date has been set.