fbpx

Cardano NFT Floor Price Skyrockets, Exceeding Ethereum: Data



In recent years, the non-fungible token (NFT) space has expanded into a billion-dollar industry, with Ethereum traditionally leading the way as the dominant ecosystem. Cardano, on the other hand, faced criticism from numerous quarters, being labeled a “ghost chain” due to its absence of a DeFi and NFT economy. However, the NFT landscape is undergoing a shift.

According to the weekly chart shared by Stocktwits NFTs, the Cardano NFT floor price index sits 22% above that of Ethereum.

  • The latest update by the platform demonstrated an increasing inclination towards Cardano as a hub for NFTs among market participants.
  • A major factor that played a crucial role in uplifting the ecosystem is the Vasil upgrade which helped Cardano to become the third-largest NFT protocol behind Ethereum and Solana last September.
  • Vasil aims to improve block latency speed and efficiency on the blockchain, and its completion pushed the Unique Active Wallets (UAW) on the Cardano blockchain to new heights.
  • On the other hand, Ethereum’s dominance in the NFT space dwindled primarily because of its network congestion issues coupled with high gas fees that prompted some users to explore alternative platforms.
  • While Cardano NFTs floor price may have exceeded Ethereum’s, the latter still commands position in terms of NFT sales volume over the last 24-hours.
  • In fact, data from CryptoSlam revealed that the latter’s sales account for a whopping $65 million while that of Cardano’s stands at $1.47 million.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.



Source link

You might also like

Comments are closed.