Cardano’s NFT space is rapidly growing

by George Georgiev
7 ways to make with crypto

Cardano's NFT space is rapidly growing

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Cardano has broken into the top three NFT chains as its NFT space continues to gain traction. Cardano ranked ahead of Immutable X with $968,000 traded in NFTs, following Ethereum and Solana only.

Cardano also recorded a 132% jump in 24-hour NFT volume. Notably, NFT platforms, The Ape Society, Spacebudz, Claynation by Claymates and Derp Apes, saw increases of 341%, 1066%, 318% and 368% in 24-hour volumes.

As reported by U.Today, an exodus of NFT traders has been noticed as many move away from Solana to Cardano. This might also have contributed to the surge in volumes seen in the Cardano NFT space.

Per OpenCNFT data, the number of NFT trades increased by nearly 40% in the last 24 hours, and the number of NFTs sold rose by 40% as well.

In addition, the floor prices of the top CNFT collections have also increased between 40% and 140%, according to the screenshot shared by Stocktwits NFTs. On the other hand, the 24-hour NFT volume on Solana was down 30%.

Orbis analyst makes prediction about DeFi

Cardano’s NFT space is rapidly growing, with more than six million NFTs minted. However, its DeFi space is yet to match up in terms of growth. The Cardano TVL, which refers to the total value locked in its DeFi ecosystem, is just $65.39 million.

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