Despite the widespread collapse of non-fungible tokens (NFT) in 2021 and even 2022, the non-fungible token (NFT) market on Cardano is expanding quickly. Actually, as a result of an increase in NFT trading volume, Cardano grew to become the third-largest NFT protocol. The two titans, Solana and Ethereum, are just behind them.
Behind Solana and Ethereum, with a 40% rise in trading volume.
Despite the widespread collapse of non-fungible tokens (NFT) in 2021 and even 2022, the non-fungible token (NFT) market on Cardano is expanding quickly. Actually, as a result of an increase in NFT trading volume, Cardano grew to become the third-largest NFT protocol. The two titans, Solana and Ethereum, are just behind them.
One of the most complex ecosystems on the cryptocurrency market is said to exist in Cardano. Despite the FUD that has been spread around it, Cardano is still making headlines in the midst of the crypto bear run. According to a survey by blockchain and decentralised apps (dApps) analytics company DappRadar, Cardano is currently the third-largest NFT protocol by trading volume.
In terms of NFT trading volume, Cardano is currently among the top three blockchains.
Poor Performance of NFTs Generally
Trading activity for "digital art and collectibles recorded on blockchain" or "NFTs" has significantly declined. It fell by 97% from a record high of $1 billion in January of this year to just $466 million in September. The most well-known NFT trading platform in terms of volume, OpenSea, had a 75% drop in sales from just two months before.
According to a report, a $2 trillion wipeout in the cryptocurrency market, including the waning NFT frenzy, is being caused by the rapidly tightening monetary policy cutting off investment flows to speculative assets.
Increasing Cardano Market Share
However, Cardano has eclipsed Ethereum and Solana to rank as the third-largest NFT protocol with $191 million in NFT volume over the previous 30 days. In the NFT market tracker OpenCNFT, the growth over the last 24 hours is clearly visible.
The floor price for The Ape Society, Cardano's largest NFT project in terms of collection share by 24-hour volume, was 10,000 ADA. On the Cardano network, there have been a record-breaking 82,880 transactions since May. With these figures, the blockchain network saw a 75% increase from one month to the next.
The Vasil update, which after numerous delays doubled the network's operational capacity, eventually went live on September 22 is mostly to responsibility for the rise in trading traffic. As a result of the update, developers may now more easily design chains thanks to the availability of Plutus v2, the network's smart contract language.
