Cardano has partnered with Rival to arrange, develop, and distribute NFTs using Rival’s sports teams.
Rival is a gaming and e-sports platform. It’s a huge step for Cardano as it joins a market with 2.8 billion players globally. And it is one that’s growing at a rapid pace.
Clients using the Rival platform include Aston Villa. Furthemore, it includes the Seattle Seahawks of the National Football League (NFL), the Detroit Pistons of the National Basketball Association (NBA), and Watford of the English Premier League (EPL). Moreover, Frederick Gregaard, the Cardano Foundation’s Chief Executive Officer, stated that partnering with Rival was a logical move.
He underlined that reaching out to the world’s 2.8 billion gamers is a better strategy to increase adoption. He pointed out that such players are already aware with tokenization. This is thanks to some of the first games that had virtual currency applications. “In many respects, our collaboration with Rival is a foregone conclusion.” Frederick Gregaard, the company’s CEO, stated.
The Cardano Summit 2021 displayed a bevy of solid commercial connections in addition to its newly signed collaboration with Rival. Cardano is also collaborating with Chainlink to create smart contracts for DeFi applications. Also the as creation of Djed, its own stablecoin.
Djed will join a previously busy stablecoin market that includes Tether and USD Coin. However, it will be the only stablecoin on the Cardano network. The product will be built on an algorithm that uses smart contracts to keep pricing stable. It will convey decentralized financial capabilities, increase the consistency of sale prices, and reduce the network’s changing sale charges.
Djed will, according to IOHK, be run by retaining a reserve of elemental currencies. However, it is unclear which ones these would be. The creators hoped it would be the first stable currency with explicit and mathematically expressed and proved stability assurances. According to Djed’s research study, this was the case. Similarly, the attestations will be examined twice using two distinct styles.
Along with its recently formed collaboration with Rival, the Cardano Summit 2021 unveiled a slew of important commercial transactions.
The Djed stablecoin, according to Hoskinson, may be a game-changer in the crypto world. In fact, this will attract new and fresh players at a time when the sector is already seeing exponential growth.
In addition, Elliot Hill, the head of communications at Occam.fi, spoke with Coin Rivet recently on how such measures will benefit Cardano. EMURGO, Cardano’s marketing arm and global technology firm, had also invested $100 million in the project.
Charles Hoskinson, CEO of IOHK, stated that EMURGO’s investments will help to shape the future of the Cardano ecosystem, which is a growing network with a creative and diverse community, developing smart contract possibilities, and hookups all over the world that provide social and financial services using Cardano’s ostensibly secure technology.