Look out Ethereum; there might be some competition on the scene. Blockchain Cardano has scored the impressive feat of breaking into the top three NFT chains in the industry. This came after $968,000 worth of Cardano-based NFTs were traded in a 24-hour period, representing a jump of 132%.
Following this, Cardano became the third-highest blockchain in the NFT space by trading volume, displacing Immutable X and following behind Ethereum and Solana.
Cardano to the Moon
So, what caused Cardano to make such a leap so fast? This can be partially attributed to the increased trading of several Cardano-based NFT collections like The Ape Society and Spacebudz. The two collections saw a 341% and 1066% increase in trading volume over the last 24 hours, contributing to Cardano’s leap in position.
Then, according to recent reports, there has been a migration of NFT traders from the Solana blockchain to Cardano. Given the fact that Solana is so prominently used within the NFT sector, the loss of some of its traders to Cardano is no small matter.
Then there is the fact that NFT uses overall has been on the increase, with the industry being more publicly visible than ever. While Cardano lovers have this new victory to celebrate, whether or not it will be sustained is yet to be seen.
Want more? Connect with NFT Plazas
*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.