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Cardano Breaks into Top 3 NFT Chains as 24-Hour Volume Jumps 132%

Tue, 10/18/2022 - 15:07
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Tomiwabold Olajide
Cardano's NFT space is rapidly growing
Cardano Breaks into Top 3 NFT Chains as 24-Hour Volume Jumps 132%
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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.

Sooraj, an analyst at Orbis, predicts the rise of Cardano DeFi: "The NFT volume on Cardano is amazing. But wait for the DeFi stats, when the real behemoths of DeFi protocols go live on Cardano. This winter may be bad for the markets, but I have a feeling that this winter we will see the rise of DeFi in Cardano."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.