- Cardano’s NFT floor price index surpasses Ethereum by 22%.
- Ethereum still reigns in terms of overall NFT trading volume.
Cardano Emerges as a Rising Star in the NFT Arena
Although previously dubbed a “ghost chain” due to the absence of a robust DeFi and NFT landscape, Cardano is making waves, challenging Ethereum’s traditional stronghold over the non-fungible token (NFT) sector. A recent revelation by Stocktwits NFTs showcases Cardano’s NFT floor price standing 22% higher than Ethereum’s, a surprising twist in the constantly evolving NFT narrative.
A Transformative Upgrade Boosts Cardano
Cardano’s recent success in the NFT domain can be attributed to its Vasil upgrade, implemented last September. This upgrade, designed to enhance the block latency speed and overall efficiency of the blockchain, has catapulted Cardano to becoming the third-largest NFT protocol, trailing behind Ethereum and Solana. Consequently, the number of Unique Active Wallets (UAW) on Cardano’s blockchain witnessed a significant surge.
While Cardano’s ascent is commendable, Ethereum’s NFT sector faces its own set of challenges. Network congestion coupled with escalating gas fees has prompted users to seek alternatives, allowing platforms like Cardano to fill the void. Yet, Ethereum’s legacy in the NFT arena cannot be dismissed so easily. In terms of raw NFT sales volume within the last 24 hours, Ethereum remains unparalleled. Data from CryptoSlam highlights Ethereum’s dominance with sales hitting $65 million, while Cardano reported sales of a modest $1.47 million.
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Contrastingly, even as Cardano’s individual NFTs garner higher value, its total trading volume remains dwarfed by Ethereum’s. Recent metrics from CryptoSlam position Ethereum as the market leader, with a trading volume of $13,279,162 and 11,197 buyers. In comparison, Cardano, despite its 1,555 buyers, recorded a trading volume of just $180,637. This disparity underscores Ethereum’s unwavering appeal in terms of trade volume, even as individual Cardano NFTs appreciate in value.
This shift in the NFT market structure begs the question: Will projects begin migrating to Cardano, lured by its rising NFT floor prices and potential as an NFT trading hub? While the prospect is exciting, Ethereum’s deep-rooted market presence, buoyed by substantial trading volumes and an expansive user base, ensures it remains a formidable adversary.
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