In the NFT market, Cardano has quickly become a formidable rival. Nonetheless, there are still areas where it falls short of the competition, despite its recent success.
Ethereum’s market capitalization, number of active projects, and popularity among users have made it the undisputed leader in the NFT sector. Nonetheless, its reign is proving transitory as rivals such as Solana, Polygon, and Cardano emerge to challenge its throne, especially in light of its ongoing problems, such as network congestion and high fees.
With the NFT market drying up, Cardano NFTs have swooped in to become more popular than Ethereum, marking a significant power shift.
Despite the crypto community dubbing the Cardano network a “ghost chain,” the NFT business has been steadily growing since the beginning of the year. Cardano NFT floor prices have rocketed 22% higher than Ethereum’s, according to weekly statistics from StockTwits NFTs, showcasing its growing popularity among investors.
Cardano was the sixth biggest NFT protocol at the time of this article’s publication, after Solana, Polygon, and Ethereum. Even with its recent success, the Proof-of-Stake network is still far behind its rivals in terms of trade volume. Ethereum’s massive $14 million daily NFT trading volume surpasses Cardano’s tiny $164,000. Solana and Polygon, in sharp contrast, had daily trade volumes of $1.5 and $2.1 million.
Although Cardano’s NFT ecosystem has only developed since the Vasil update a little over a year ago, this accomplishment is nevertheless a major step forward for the network. The NFT sector on Cardano is still in its early stages, but its future seems bright. Cardano’s recent success puts it in a position to surpass rivals like Polygon, Solana, and Ethereum.
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