Cardano Records Surge in NFT Transaction Volume
Blockchain Cardano has accomplished the remarkable achievement of entering the sector’s three leading NFT chains. In a 24-hour time span, $968,000 worth of Cardano-based non-fungible tokens (NFTs) were exchanged, marking a 132% increase.
After this, Cardano surpassed Immutable X to become the third-largest blockchain in the NFT market by transaction volume, trailing Ethereum and Solana.
But, what prompted Cardano to jump so quickly? This is partly attributable to the rising trade of Cardano-based NFT series such as The Ape Society and Spacebudz. In the preceding twenty-four hours, trade volume for the two series increased by 341 percent and 1,066 percent, respectively, adding to Cardano’s ascent.
Furthermore, latest reports indicate that there has been a shift of NFT speculators from the Solana blockchain to the Cardano blockchain. Considering the importance of Solana in the NFT industry, the departure of a portion of its traders to Cardano is not insignificant.
In addition, the NFT sector has become more prominent than ever before, resulting in a rise in the usage of NFTs. Despite the fact that Cardano supporters may rejoice over this latest triumph, it remains to be determined whether it will be maintained.