SNEAK PEEK
- Cardano’s NFT market performance in June surpassed other leading blockchains, despite a decline in traders.
- Cardano’s NFT traders experienced smaller losses compared to Ethereum, Solana, and Polygon.
- Despite being labeled a “ghost chain,” Cardano ranks sixth in NFT trade volume and holds a market valuation of over US$10.4 billion.
Cardano‘s NFT market performance in June outshined that of other leading blockchains, despite the network’s “ghost chain” reputation due to a decline in NFT traders, as per data from CryptoSlam. The number of unique NFT purchasers on Cardano dropped to 13,559 in June, a 10.12% decline from May and a significant drop from the peak of 254,383 in October 2021.
However, despite the decrease in NFT traders, research from Forkast Labs reveals that Cardano’s NFT traders experienced lesser losses compared to Ethereum, Solana, and Polygon.
While traders in Cardano’s top collections suffered an estimated loss of 3.84% last month, Ethereum NFT traders likely lost around 14.41%, as indicated by the Forkast ETH NFT Composite.
Similarly, the Forkast SOL NFT Composite (Solana) and Forkast POL NFT Composite (Polygon) both declined by 14.71% and 13.49%, respectively. Overall, the NFT market saw a decline of 16.14% based on the Forkast 500 NFT Index.
Cardano’s native cryptocurrency, ADA, holds a market valuation of over US$10.4 billion, making it the ninth-largest cryptocurrency globally. Despite social media users referring to Cardano’s NFT ecosystem as dead, it stands as the sixth-largest blockchain for NFTs in terms of all-time trade volume, with NFT sales amounting to US$597 million.
While many new startups and investors gravitate towards Ethereum and Solana, Cardano still garners support from die-hard enthusiasts and projects. Moosa Zaidi, the founder and CEO of NFT Hive Club, emphasized in an interview with Forkast that Cardano shouldn’t be dismissed as a top NFT blockchain. Zaidi noted that historical crypto portfolios demonstrate how a single market bull run can drastically alter the landscape.
It’s worth mentioning that most newcomers and investors who take a chance on Cardano often opt for projects outside the top 10. Despite its detractors, Cardano continues to demonstrate resilience and potential in the NFT space. As the market evolves, Cardano’s unique offerings and dedicated community could position it for a resurgence in the future.
