Massive Increase in NFT Volume in 24 Hours for Cardano

Watch out, there might be some competition for Ethereum. Blockchain Cardano accomplished the remarkable feat of entering the top three NFT chains in the market. This followed the trading of $968,000 worth of Cardano-based NFTs in a 24-hour period, a 132% increase. Following this, Cardano replaced Immutable X and moved up to third place in the NFT space by trading volume, behind Ethereum and Solana.

To the Moon with Cardano
So what motivated Cardano to make such a quick leap? The increased trading of several Cardano-based NFT collections, including The Ape Society and Spacebudz, can be partly blamed for this. The two collections’ respective trading volumes increased by 341% and 1066% over the previous day, which helped Cardano move up the rankings.

Secondly, according to recent reports, NFT traders have moved from the Solana blockchain to Cardano. The loss of some of Solana’s traders to Cardano is no small matter given how widely Solana is utilized within the NFT sector.
The industry is now more widely known than ever, which contributes to the fact that overall NFT usage has increased. While supporters of Cardano can rejoice over this new victory, it is unclear whether it will last.