Cardano now the third largest NFT protocol by trading volume
Despite the general non-fungible token (NFT) decline in 2021 and possibly 2022, Cardano's NFT space is rapidly developing. In fact, when NFT trade volume increased, Cardano rose to become the third largest NFT protocol. They are directly behind the two titans, Ethereum and Solana.
Cardano is regarded to be one of the most advanced ecosystems in the crypto market. Despite the FUD surrounding Cardano, the protocol continues to make headlines in the midst of the crypto bear run. Cardano is the third-largest NFT protocol by trading volume, according to a poll conducted by blockchain and decentralized apps (dApps) analytics company DappRadar this quarter.
According to the report,
"Cardano is now ranked third in terms of NFT trading volume."
Poor NFT Performance in General
It fell 97% from a record high in January this year to R8.6 billion in September. OpenSea, the largest NFT trading platform by volume, saw a 75% drop in sales from just two months ago.
According to Bloomberg, the rapidly tightening monetary policy is depriving speculative assets of investment flows, contributing to a R36.7 trillion wipeout in the cryptocurrency sector, which includes the waning NFT frenzy.
Cardano's Ascension in the NFT Market
Cardano is currently the third-largest NFT protocol, trailing Solana and Ethereum, with R3.5 billion in NFT volume over the last 30 days. The NFT market tracker OpenCNFT clearly displays the rise over the last 24 hours.
The Ape Society, Cardano's largest NFT project in terms of collection share by 24-hour volume, achieved a floor price of 10,000 ADA. Since May, the Cardano network has seen the most transactions, reaching 82,880. With these data, the blockchain network increased by 75% month over month.
The network's Vasil update, which went live on Sept. 22 after a series of delays but more than quadrupled the network's working capacity, is mostly to give credit for the increase in trade volume. The update prompted the release of Plutus v2, the network's smart contract language, which facilitated developers in chain development.
