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Cardano NFT Sales Reached $27 Million in April, ADA Attempts to Rebound

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Fri, 05/20/2022 - 11:59
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Tomiwabold Olajide
Recent statistics from IOHK indicate that 4.7 million native tokens have been issued on Cardano
Cardano NFT Sales Reached $27 Million in April, ADA Attempts to Rebound
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Cardano NFT sales touched $27 million in April, as shared by a Twitter user. According to opencnft, which shares the latest data from the Cardano NFT market, 182,411 assets have been sold in the last 30 days, with the chilledkongs collection holding an 11.58% share by volume.

Recent statistics from IOHK indicate that 4.7 million native tokens have been issued on Cardano. Also, 937 projects are being built on Cardano while the total number of NFT projects is increasing to 5,549. The rise in the number of minted pieces of non-fungible art and projects is linked to the Cardano network's growth.

In April, NFT project Clay Nation launched its official collaboration with Snoop Dogg and Champ Medici, thus bringing iconic clay animations, land pitches and unlockable music content to Cardano.

Cardano is a proof-of-stake blockchain that uses network validators to process transactions and maintain the network. It was founded in 2015 and launched in 2017 as an alternative to Ethereum. With a market capitalization of $18.22 billion at the time of writing, it is the eighth largest cryptocurrency.

A bear market in progress?

Cardano fell to lows of $0.39 in the past week as the crypto market experienced a sell-off. Cardano recovered, reaching a high of $0.613 on May 16. Cardano is presently consolidating while attempting a rebound. Cardano was presently trading at $0.535, up 4.28% in the last 24 hours, per CoinMarketCap data. The crypto asset remains down 5.79% since the past week.

Cardano founder Charles Hoskinson recently stated that cryptocurrencies might have entered a bear market when asked about the underperformance of the ADA coin. The Cardano founder admitted that no announcement would have an impact. As a result, the ADA price might continue to struggle despite the protocol's expanding technical capabilities and growing community.

ADA has underperformed this year after achieving big gains in 2021 and is now down 82.62% from its all-time high set in early September ahead of the much-anticipated smart contract launch.

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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.