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Cardano Takes Solana NFT Traders, Here's Why They Run from SOL to ADA

Mon, 10/17/2022 - 16:18
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Gamza Khanzadaev
NFT traders run from Solana to Cardano, here are reasons for such action
Cardano Takes Solana NFT Traders, Here's Why They Run from SOL to ADA
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As has become known from the tweets of a large number of NFT traders, many of them are rushing to get away from Solana and go to Cardano as a now more active platform for flipping NFT items. The reason for such categorical statements seems to be a surge of activity on Cardano NFT.

According to OpenCNFT, over the past 24 hours, NFT trading volume on Cardano has increased by 110%. At the same time, the number of trades increased by 36.6% and the number of items sold by 39%. In addition, the top 12 CNFT collections have seen their values increase by at least 100% to 2,500% in the last 24 hours.

Solana NFT's statistics look dismal against the backdrop of such multi-digit numbers, which must have been the reason for the resentment of NFT traders who favored this blockchain.

NFT nuances

Despite the emerging negativity of NFT market participants toward Solana, the blockchain is cheerfully enough taking this market share away from Ethereum, the main one of them all. As reported by U.Today earlier, Solana's share of total NFT trading volume increased threefold from mid-August to the end of September, from 7% to 24%.

Turning to the big picture of the NFT market, Delphi Digital's data shows that the number of wallets ever holding non-fungible tokens has doubled this year, reaching six million. Despite the strong fall in the NFT sector, it seems that the low prices look attractive for newcomers to at least try to get involved in this crazy vibrant segment of the crypto market.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

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