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Cardano Records 280% Spike in NFT Volumes Within Week: Details

Thu, 10/20/2022 - 16:09
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Tomiwabold Olajide
Cardano NFT projects gaining ground
Cardano Records 280% Spike in NFT Volumes Within Week: Details
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Cardano has seen a 280% increase in its NFT volume within seven days. Taken from Oct. 10, when ADA NFT volumes were barely 811,000, to Oct. 17, when ADA NFT volumes reached 3.0 million ADA, this represents a 280% increase. Cardano also entered the top three NFT chains, flipping Immutable X to the fourth spot.

Per OpenCNFT data, the number of NFT trades increased by 67% in the last seven days to 48,384, and the number of NFTs sold rose by 65.27% to 45,668. An all-time high volume of 3,089,313 was hit on Oct. 17. On Oct. 20, the 24-hour NFT volume in ADA, according to OpenCNFT data, was given as 1,232,142.

Notably, Cardano NFT projects are gaining ground. According to a screenshot shared by Stocktwits NFT, The Ape Society and Claymates are taking the lead in NFT volumes.

Activity increased in last epoch

According to data shared by Dapps On Cardano, there has been an increase in user activity since the last epoch. An epoch, in Cardano's parlance, lasts five days. Notably, projects such as CNFT, SingularityNET, Cardano DEX MuesliSwap, Lending Pond and SpaceBudz saw increases of 282%, 259%, 93%, 75% and 75%, respectively, in user activity.

Expectations on the network remain in place after the successful launch of the Vasil update, which brought improvements to Cardano and its Plutus smart contracts, on the Cardano mainnet on Sept. 22. Full Vasil capabilities were deployed five days after that, on Sept. 27, thus allowing developers to access Vasil benefits.

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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.