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Cardano NFTs Reach Six Million, Setting New Milestone: Details

Tue, 11/08/2022 - 12:17
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Tomiwabold Olajide
Cardano has also seen 170% increase in 30-day NFT volume
Cardano NFTs Reach Six Million, Setting New Milestone: Details
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The Cardano network has set a new milestone as it now has over six million NFTs. According to data, the number of NFTs on the Cardano blockchain is presently 6,006,497, with 64,611 distinct minting policies.

In terms of technology, there is not much of a difference between native tokens/assets and NFTs. This is because both are native assets that can be created using the Cardano node cli.

The Cardano blockchain can natively generate, interact with, and delete custom tokens (or "assets"). "Native" indicates that users can interact with these custom assets straight out of the box without having to employ smart contracts.

Cardano Sets New Milestone in Native Tokens Issued Following On-chain Growth in August

An NFT is a single native asset that is immutable and exists on the blockchain forever, as opposed to fungible native assets, which could include millions of interchangeable tokens.

A native asset must also meet other requirements to qualify as an NFT, which suggests that it is "non-fungible." Therefore, a token must have unique identifiers, or qualities that set it apart from others.

That explained why the number of native tokens or assets on the Cardano network was higher. Pool. pm gives the number of native assets to be 6,741,978.

Cardano sees 170% increase in 30-day NFT volume

According to OpenCNFT data, the Cardano NFT market saw a 30-day volume of 54,341,905 ADA, which represents a 170% increase.

Here's Cardano Founder's Amusing Response to Recent NFT Growth

The number of NFT trades increased likewise, by nearly 86.39%, to 189,502. The number of NFTs sold also jumped 80% to 170,122 in the same period.

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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.