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Cardano: NFT trading volume hits new all-time high

 


Despite the general downturn in the NFT market last year and this year, Cardano's NFT space managed to keep growing.


During this time, the NFT trading volume on Cardano increased so much that the blockchain is now the protocol with the third largest NFT trading volume. With such trading volume, Cardano is right behind its two biggest competitors: Ethereum (ETH) and Solana (SOL) .

Total trading volume for digital art and collectibles recorded on the blockchain (NFTs) saw a massive drop, according to Dune Analytics. From a record high in January this year, volume fell 97% to just $466 million as of September 2022.

As Bloomberg reports , the waning NFT mania is part of a broader $2 trillion eradication process in the crypto sector. The reason for this is the rapid tightening of monetary policy, which deprives speculative assets of investment flows.


For example , daily trading volume on OpenSea, the largest NFT marketplace by trading volume , fell 75% in the last two months. The number of traders didn't really decrease, but the number of trades did.


Nevertheless, there is also positive news for NFT enthusiasts. Reddit NFTs generated over $2 million in sales volume. In just 24 hours, the trading volume of the collection increased by 1,000% (!). In addition, the current trading activity on Cardano also gives reason for hope.


ADA trading volume at record high

Cardano is not only described as one of the most developed ecosystems in the crypto market. Despite FUD (negative news), Cardano continued to make positive headlines even during the crypto bear market.


According to a report by analytics firm DappRadar, which specializes in blockchain and decentralized applications ( dApps ), Cardano is now the protocol with the third largest NFT trading volume. The report states:


“Cardano is currently one of the top three blockchains by NFT trading volume.”


In the last 30 days, the network's NFT volume grew to $191 million. This makes the blockchain the third largest NFT protocol behind Ethereum and Solana.


A chart from NFT marketplace tracker OpenCNFT shows how trading volume increased significantly, particularly between October 22 and 23.

Furthermore, Ape Society, Cardano's largest NFT project in terms of share of 24-hour volume , recently saw its ground price surge to 10,000 ADA.

The collection was a major contributor to the much-needed recovery for the Cardano NFT market. Between June and early October 2022, the trading volume was significantly lower. But what are the reasons for the increase?


Cardano scores with fundamentals

Surprisingly or not, Cardano has faced negative headwinds in the past. One topic that was particularly prominent was the accusation that Cardano was a “ghost protocol” . That was largely because blockchain was worth billions of dollars but had limited utility.


However, with the Vasil hard fork in September, Cardano ushered in a new era. Subsequent developments paint a fairly positive picture for the blockchain.


The number of daily network transactions, currently 82,880, has reached the level of May of this year. The increase since the end of September is around 75%.

In addition, the number of network transactions on October 19 hit 97,959 transactions, its highest level so far this month.


Developer activity at record high

The increase in trading volume is obviously related to the Vasil upgrade, which was launched on September 22nd after some delays. The goal of the upgrade is to increase the capacity of the network while reducing transaction time.


Cardano's Layer 2 solution, Hydra, also received a new update. The Hydra team announced this on the social media platform Twitter.

The impact of the upgrades is being felt in developer activity , which surged last week. In addition, the number of daily active ADA addresses has also increased, recently rising to 67,000 .

This data shows: The rumors that Cardano is a “ghost protocol” do not seem to be true. Cardano founder Charles Hoskinson wasted no time in confirming these narratives. Here is a reaction from Hoskinson:


The Cardano price is currently staying around the $0.40 markets with a daily gain of 3% despite the new upgrades. However, a look at the annual performance shows the extent of the bloodbath that Cardano investors have experienced in 2022.


The Total Value Locked (the value of all assets locked on a log) remained relatively stable. This metric , which is used to measure the size of a blockchain, fell 20%, or $70 million, in the last 30 days.


However, the TVL is still quite low compared to its competitors Ethereum (ETH) and Solana (SOL).

Overall, the environment for Cardano NFTs has been developing well lately. However, the same cannot be said about the general NFT market.


The rather low TVL raised doubts about Cardano in the crypto community. This may also be due in part to negative investor perceptions of DeFi .


However, developer and NFT activity shows: Cardano is still in the running and will remain so if the team successfully continues the work to date.


Cardano managed to grow into what is now the third largest NFT platform (in terms of trading volume), right behind Solana and Ethereum .


DISCLAIMER

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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