Charles Hoskinson talks about Cardano’s future plans with NFTs

Cardano founder Charles Hoskinson has revealed his company’s plans with NFTs, saying the technology has great potential in the crypto and blockchain scene.

During a Twitter space podcast on December 26, Hoskinson talked about the cases of NFT usage in the present time. He also said that NFTs could be easily introduced in property ownership, making them part of a revenue system. NFTs can also be used to connect with other people, as many big personalities and brands have done.

“(NFTs can be used in) a deed of land. Mineral rights. Water rights. Any notion of property rights. In the game (gaming and decentralized finance) space, any notion of your character progressing throughout the game,” Hoskinson said.

Hoskinson said Cardano would introduce its blockchain to the metaverse and GameFi to allow people to figure out different ways to generate revenue. He also explained NFTs have the potential to represent experiences, achievements and credentials like diplomas.

Despite the fact that NFT sales have been in decline this year, Hoskinson said he saw growth potential in the sector and adoption among big companies.

“Like, we’ve had some discussions about how you represent a patent portfolio as an NFT. How you can sell the rights to the portfolio and then how that can turn into interest-earning future profits on that,” Hoskinson said.

Hoskinson established Cardano and its native cryptocurrency, ADA, after leaving Ethereum. He aims to make Cardano the next-generation blockchain tech platform with the best security and scalability. It has plans to introduce the “Hydra” protocol to allow transactions of up to one million TPS.

This year, Cardano’s ADA has retained its position as one of the top cryptocurrencies in the market. It is the ninth-largest and has a market cap of more than $8.9 billion, despite the token losing a sizable value.

Having focused on research and development, Cardano has a team comprising academic and industry specialists that work full-time on its projects.

Cardano to bet on Lace

Hoskinson said he was willing to invest in an upcoming security feature of the new Lace wallet, despite an incident involving the password management company LastPass.

According to Conor Devitt from The Daily Holdl, a hacker accessed a third-party cloud-based storage service that LastPass uses to store archived backups of production data.

LastPass CEO Karim Toubba said this backup data included basic customer account information, company names, billing and email addresses, telephone numbers and IP addresses. In a YouTube update, Hoskinson said LastPass had screwed up on their part.

“When… Lace wallet starts supporting PGP encryption of paper wallets. I’m going to take some ADA – probably a million dollars worth of it – put it into a paper wallet encrypted with PGP and publicly post it on my Twitter so you guys can try to break it,” Hoskinson said.

Lace is a lightweight multi-chain crypto wallet that aims to seamlessly connect everything to a single interface in Web2 and Web3 platforms. It is built by Cardano developer Input Output Hong Kong (IOHK).