Cardano has partnered with Rival, an eSports and gaming platform, to manufacture and distribute NFTs featuring Rival’s sports teams. It’s a huge step for Cardano as it joins a market with 2.8 billion gamers worldwide, and one that’s growing in power.
Cardano and Rival Partnership
The Rival platform has clients such as Watford and Aston Villa of the English Premier League (EPL), the Seattle Seahawks of the National Football League (NFL), and the Detroit Pistons of the National Basketball Association (NBA).
According to Frederick Gregaard, CEO of the Cardano Foundation, partnering with Rival was a natural move. “What better strategy to accelerate adoption than to tap into a global market of 2.8 billion gamers?” he question.
“Gamers are already aware of tokenization, as virtual currency was used in some of the first games. Our collaboration with Rival is a natural progression in many ways” added Frederick Gregaard.
Major moves by Cardano
Along with its newly formed collaboration with Rival, the Cardano Summit 2021 unveiled a slew of important business partnerships.
Cardano is also teaming with Chainlink to construct smart contracts for DeFi apps, as well as launching its own stablecoin, Djed. Djed will join an already crowded stablecoin market, which includes the likes of Tether and USD Coin, but Djed will be the only stablecoin on the Cardano network.
The product will be built around an algorithm that employs smart contracts to keep prices stable. It will give decentralized finance capabilities, make transaction prices more dependable, and minimize the network’s fluctuating transaction fees.
Djed will operate, according to IOHK, by keeping a reserve of basic currencies, albeit it is unclear which coins these will be.
The creators believe it will be the first stablecoin “where stability promises are explicitly and mathematically articulated and demonstrated,” according to Djed’s research paper. Furthermore, the proofs will be double-checked using two different methods.
“The Djed stablecoin might be a game-changer in the crypto world,” Hoskinson said, “appealing to a whole new audience at a time when the industry is already undergoing exponential growth.”
Coin Rivet recently spoke with Elliot Hill, the head of communications at Occam. fi, about how those moves will benefit Cardano. Cardano has obtained a $100 million investment from EMURGO, Cardano’s commercial arm, and worldwide technology business.
“EMURGO’s investments will help to shape the future of the Cardano ecosystem, a maturing network with a creative and diverse community, growing smart contract capabilities, and partnerships around the world that provide social and financial services utilizing Cardano’s probably-secure technology,” said Charles Hoskinson, CEO of IOHK.
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