- The NFT space of Cardano is expanding exponentially.
- NFT traders are shifting from Solana to Cardano.
- Solana’s 24-hour NFT volume dropped 30%.
Cardano has made it to the top three NFT chains, thanks to its NFT space getting traction consistently. The PoS blockchain platform surpassed Immutable X with $968,000 traded in NFTs.
The daily NFT market update is a wild one today👀— Stocktwits NFTs (@StocktwitsNFTs) October 17, 2022
🚀Cardano breaking into the top 3 with @the_ape_society @DerpBirdsNFT @claymates leading the way!
🐂Hedera gets on the left side of the chart for the first time as @HangryBarboons does 2m HBAR volume!
🦎 @Gekofam back on top! pic.twitter.com/6FczXG3yPE
Additionally, Cardano has experienced a rise by 132% in 24-hour NFT volume. What’s worth noticing is that other popular platforms like Derp Apes, The Ape Society, Claynation by Claymates and Spacebudz increased by 368%, 341%, 318% and 1066%, respectively, in terms of 24-hour volumes.
A migratory situation of NFT traders has been observed as a number of them have gone from Solana to Cardano. This could be one potential reason behind the increase in volumes Cardano has ever seen.
In the past 24 hours, the number of NFT trades rose by over 40%. Coming to the NFTs that were sold, they also increased by 40%.
Based on the screenshot shown by Stocktwits NFTs, an increase between 40% and 140% has been noticed in the floor prices of the leading CNFT collections as well.
The Cardano NFT data is insane right now. pic.twitter.com/KqeaaFt3kZ— Stocktwits NFTs (@StocktwitsNFTs) October 17, 2022
The NFT space of Cardano is expanding quite quickly and six million plus NFTs have been minted though its DeFi space is still behind growth. The Cardano TVL, the total value locked in the DeFi space of Cardano, is merely $65.39 million.
Orbis analyst, Sooraj, has foreseen the growth of Cardano DeFi. According to him, Cardano’s NFT volume is phenomenal.
The NFT volume on #Cardano is amazing!!— Sooraj 🚢 (@Soorajksaju2) October 18, 2022
But wait for the DeFi stats, when the real behemoths of DeFi protocols go live on #Cardano
This winter may be bad for the markets
But i have a feeling that this winter we will see the rise of DeFi in #Cardano https://t.co/YVw9Ii861C