Cardano NFTs 24-hr Trading Volume Surges to 4mln+ ADA

Kelly Cromley

2 years ago

As per data from CNFT marketplace watcher OpenCNFT, CNFT 24-hour transaction volume was approximately 943,000 ADA (Cardano’s native crypto token) on October 14; nevertheless, on the weekend of October 22-23, more than 4 million ADA changed hands via CNFT sales. 4 million ADA is the 24-hour trading volume record for the CNFT, surpassing the previous record of 3.5 million ADA set in January 2022.

Regarding the marketplaces driving such transactions, ‘jpg.store’ appears as the leader with a market dominance of 66.56 percent, followed by ‘CNFT.io’ with 25.73 percent and NFT venture ‘Spacebudz.io’ with 4.53 percent (with an additional 10+ marketplaces holding a 1.5% share or even less).

When it concerns the actual NFTs in play, the percentages seem to be more evenly divided, since the leader (as previously noted) ‘Spacebudz’ has just a 7.66% stake. Eight other sets have a market share of around 32%, while the other ventures have a market share of nearly 61%.

The blockchain’s popularity is mostly attributable to its thriving environment of DeFi programmers, investors, and community members, who have together contributed to the establishment of several popular DeFi protocols that have not yet been attacked. Moreover, industry experts expect that, given its expertise in developing profitable DeFi and Play-to-Earn programs, it may have a “Ethereum moment” during the subsequent bull run.

So far there has been no #DeFI hack on #Cardano. It makes Cardano the secure smart contract platform. It is a result of math and science. pic.twitter.com/bAHFDlxhPs

— Cardanians 🚀 stake w CRDNS (@Cardanians_io) October 22, 2022

Those that want to contribute to this achievement are the more than 2,000 blockchain-based initiatives (according to The Coin Bureau), which comprise 44 decentralized applications. Despite the fact that CNFTs, which are currently the third-largest NFT platform, are overcoming bearish circumstances via their sales boom, the value of ADA ($0.36) has fallen 23% over the last month, indicating that the crypto token is still enduring the worst of the cryptocurrency winter.

CardanoNFT Twitter is completely oblivious on what’s going on outside of ADA. They think we’re in a bull market right now

— Señor Peng (@Senor_Peng) October 22, 2022

Regardless of the fact that some view CNFT bullishness as basically living in a bubble, its Twitter environment is now teeming with interest, whether it be several cases of shilling or individuals attempting to teach others about the environment’s benefits.