Cardano NFT: Despite the “Ghost Protocol” narrative, Cardano continues to see new heights. its nft market Increasing Fast, while TVL is suppressed.
Cardano’s NFT space is growing rapidly despite the overall non-fungible token (NFT) slump in 2021 and even 2022.
In fact, Cardano’s NFT trading amount The surge made it the third largest NFT protocol. They sit right behind two giants: Ethereum (ETH) and Solana (SOL).
Can the profit be sustained here, or will the bears take advantage of it?
NFT Market: The Darkest Shade Off grey
Trading volumes for “recorded digital art and collectibles on the blockchain,” or NFTs, saw a sharp drop. It fell 97% (by) from a record high in January this year, to a record just $466 million in September.
For context, according to data from Dune Analytics, NFT trading volume recorded $17 billion at the beginning of 2022.
according to a bloomberg In the report, the fading NFT craze is part of a wider, $2 trillion wipeout in the crypto sector as increasingly tighter monetary policy starves speculative assets of investment flows.
OpenSea, the largest NFT trading platform by volume, saw sales drop by 75% compared to just two months ago. This is despite the fact that the number of traders has not really dropped much even though the number of trades has fallen.
Having said that, there was some relief for NFT enthusiasts. as BeInCrypto Reportedly, Redditt NFTs generated over $2 million in sales volume. The spike represented a 1,000% increase in sales volume.
Cardano NFT: My Turn to Shine
Cardano is considered one of the most developed ecosystems in the crypto market. Despite the FUD, the protocol continues to make headlines while the crypto bears run.
According to a report by blockchain and decentralized app (dApp) analytics firm Dappradar, Cardano is the third largest non-fungible token (NFT) protocol by trading volume.
“Cardano is currently one of the top three blockchains by NFT trading volume,” the report said.
Over the past 30 days, the network’s NFT volume reached $191 million, placing Cardano as the third largest NFT protocol behind Ethereum and Solana.
The spike can be clearly seen during the period 22-23 October from the NFT marketplace tracker OpenCNFT.
The App Society, Cardano’s largest NFT project, in terms of collection share in 24-hour volume, reached 10,000 ADA floor price.
The said increase indeed provided much needed relief. Especially after the NFT volume in the Cardano Marketplace dropped significantly in the months of June and early October.
cardano green pasture
Surprisingly, the platform has faced backlash in the past. One issue that came to the fore was the accusation of Cardano being a “ghost protocol”. This was mainly because of its billions in value to the blockchain, and yet with limited utility.
However, as Cardano ushered in a new era, the development of the ecosystem for network transactions sees a bright spot.
Cardano’s network transactions reached 82,880, the largest number since May. With these numbers, the blockchain network registered a 75% month-on-month increase.
In fact, Cardano (ADA) is in the network. grew up to hit 97,959 transactions as of 19 October, a figure that shows an increase of nearly 75% month-on-month.
work hard play hard
Needless to say, the increase in trading volume is tied to the Vasil upgrade, which went live on September 22, despite some delays. Upgrades aimed at increasing the capacity of the network while reducing the transaction time.
Also, a new update was seen in Cardano’s Layer 2 solution, Hydra. concerned team Thrown light on The same on social media platforms that reads like this:
Combining these two datasets, Cardano’s development activity has increased significantly over the past week. Meanwhile, the number of daily active addresses grew steadily, currently at around 67,000.
Then again, speculation about its “ghost” nature may not be true. Cardano founder Charles Hoskinson wasted no time accepting such narratives. here is One for reference:
find the missing piece
There are two aspects here: the ADA price and its TVL status check. Both represent a very serious scenario.
Talking about the former, the native crypto ADA saw a new correction of 3% on CoinMarketCap. At press time, ADA remained stable around the $0.40 mark despite the above development/upgradation.
Here’s the price performance in 2022: a bloody picture to say the least.
Meanwhile, the Cardano Total Value Lock (TVL), a common measure of chain size, remained unaffected, even declining. Cardano TVL is down almost 20% in the last thirty days to $70 million.
Still low compared to rivals Ethereum (ETH) and Solana (SOL).
things to consider for cardano nft
Overall, the Cardano NFT environment has been booming lately, but the same cannot be said about the NFT market in general.
Cardano’s TVL casts some doubts on this. This could be partly due to the overall negative sentiment of investors to DeFi.
Actually, it’s time to pull up the socks.
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