Cardano Becomes Third Largest NFT Protocol by Trading Volume, Skyrockets Over 40%
Despite the general non-fungible token (NFT) slump in 2021 and even 2022, Cardano’s NFT space is expanding quickly. In fact, Cardano became the 3rd largest NFT protocol as a result of an increase in NFT trade volume. They are directly behind Ethereum and Solana, the two titans.
One of the crypto market’s most advanced ecosystems is said to be Cardano. In spite of the FUD spread around Cardano, the protocol keeps making news amid the crypto bear run. According to a survey by blockchain and decentralised apps (dApps) analytics company DappRadar, Cardano is the third-largest NFT protocol by trading volume as of this quarter.
The report added,
“Cardano is currently one of the top three blockchains by NFT trading volume”
Poor Performance of NFTs in General
NFTs, or “digital art and collectibles recorded on blockchain,” showed a sharp decline in trading volumes. It decreased by 97% from a record high in January of this year to a mere $466 million in September. The largest NFT trading platform by volume, OpenSea, suffered a 75% decline in sales from just two months earlier.
According to a Bloomberg statement, the quickly tightening monetary policy is depriving speculative assets of investment flows, contributing to a larger $2 trillion wipeout in the cryptocurrency sector, which includes the waning NFT frenzy.
Cardano’s Rise in the NFT Market
But, with $191 million in NFT volume over the previous 30 days, Cardano is now the third-largest NFT protocol behind Solana and Ethereum. The NFT market tracker OpenCNFT clearly shows the surge in the past 24 hours timeframe.
The floor price of 10,000 ADA was attained by The Ape Society, Cardano’s largest NFT project in terms of collection share by 24-hour volume. The most transactions on the Cardano network have occurred since May, totaling 82,880. With these figures, the blockchain network saw a 75% increase from month to month.
The network’s Vasil update, which went online on Sept. 22 after a series of delays but doubled the network’s operating capacity, is mostly responsible for the spike in trading volume. The update sparked the release of Plutus v2, the network’s smart contract language, which facilitated chain development for developers.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
