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30 Million ADA Redistributed as Cardano-Based NFT Marketplace Reaches New Milestone

Thu, 03/31/2022 - 10:35
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Arman Shirinyan
Biggest NFT marketplace on Cardano celebrates mint of 900,000 NFTs
30 Million ADA Redistributed as Cardano-Based NFT Marketplace Reaches New Milestone
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Cardano-powered NFT marketplace NFT-Maker reached an important milestone of 900,000 minutes and 30 million ADA redistributed among creators on the platform. Such a large redistribution of funds among creators was available thanks to the growing popularity of the Cardano network in general.

As the announcement suggests, over 900,000 NFT projects were minted on the NFT-Maker platform. Such an increase in the volume of minted pieces of non-fungible art and projects is tied to both the growth of the Cardano network and the returning popularity of the NFT industry.

A platform similar to NFT-Maker, LooksRare, previously reported a swift increase in the trading volume, number of users and new projects appearing on the network.

A series of hacks and exploits on the previously biggest platform in the industry, OpenSea, led to the massive outflow of funds and projects from the marketplace that need a new place to function. While some of them chose an alternative on the same network, others joined Cardano-powered solutions.

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According to their own website, NFT-Maker platform includes various features like mass minting, developer API, on-demand minting and other quality of life add-ons.

Cardano network gains momentum

With the growth of the DeFi industry and returning buying power to the market, Cardano and other networks like Aave and Solana faced increased funds inflows, showing that market participants are interested in alternative chains that suggest solutions similar to ones we can already use on Ethereum chain.

The growth of the network also reflects on the price of the underlying asset—ADA. The coin gained over 50% since March's bottom, showing the fundamental growth of the network. Besides a price increase, the total value of locked funds in ADA smart contracts exceeded $300 million.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.