NFT Traders Flock To Cardano: Could It Be The True Ethereum Killer?

Cardano projects such as The Ape Society, Derp Birds, Clay Nation, and The JPG Junkies have
fueled activity on the blockchain as traders snap up NFTs in exchange for the network’s native
ADA token.

OpenCNFT reported on Tuesday, 18th October, that Cardano experienced a 110% surge in
trading volume
and the value of the top CNFT collections saw their values skyrocket by up to
2,500%.

Cardano is part of a growing number of alternative NFT blockchains that are trying to take
Ethereum’s place as the king of NFT networks.

Solana has long been touted as the logical Ethereum ‘killer’ due to its low transaction fees and
impressive speed, while its addition to OpenSea this year only cemented its position as the
front-runner.

However, Solana is no longer miles ahead of the competition, and with the network repeatedly
suffering outages, competitors like Cardano have a solid shot at increasing their share of the
NFT marketplace.

You don’t have to look any further than Cardano’s Ape Society to get an idea of just of
successful ADA projects are becoming.

The Apes have defied the bear market; according to jpg.store, the average price of an Ape has
increased from around 2000 ADA in early August to over 10,000 in October.

Despite Cardano’s success, it’s not all doom and gloom for Solana; the network increased its
overall NFTtrade volume from 7% to 24% between August and September.

Furthermore, Nansen and ByBit X released a report in September that claimed Solana NFT
sales hit an all-time high of around $50 million in mid-September and overtook Ethereum in
trading volume.

Delphi Digital, a crypto research firm, reported that despite the crypto bear market, the number
of wallets holding NFTs has doubled in 2022.

As NFTs get closer to going mainstream, the battle to become the dominant chain will continue
to heat up, and Cardano looks to be in a prime position to take the lead.

Leave a Reply

Get Your Weekly NFT NEWS

Subscribe to NFT News Today and receive notifications on new NFT posts