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The NFT market on the Cardano (ADA) ecosystem has surpassed Ethereum and Solana networks in terms of trading volume. Although NFTs on the network have gained significant popularity recently, network activity continues to decline.
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While the decline experienced last month raises some doubts, there may be some factors that can help ADA’s progress.
Cardano (ADA) NFTs
NFT collections created on the network dominated the market last month. It surpassed Ethereum and Solana in all volume metrics.
⚡️The Biggest #NFT Sales of the Past 30 Days
In this post, we highlight the largest Non-Fungible Token (NFT) sales that have occurred over the past month, delving into the details of each sale, including the specific NFT that was sold, and the price it fetched. Data from… pic.twitter.com/vW0W8pzm0v
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) January 30, 2024
It seems to be a very strong competitor for Ethereum and Solana in the NFT market. This success can lead artists, creators, and collectors to choose the network as their preferred platform for creating and trading NFTs.
Additionally, this can be a huge success for Cardano network NFTs and increase the overall reputation and reliability of the network in the broader blockchain space.
The positive market sentiment created by successful NFT sales can attract the attention of investors and developers. This can potentially lead to increased investment and development of more decentralized applications (dApps) on the platform.
Some Problems for ADA
Despite the increase in NFTs transacted on the Cardano network, there is a noticeable decrease in the total volume on the network.
As a result, the fees generated by the network also decreased. The accumulated fee decreased by 11.3% last month.
Coming to the price of ADA, it was trading at $0.50 and its price had fallen by 4.3% in the last 24 hours. During this period, ADA’s trading volume increased. This indicates that ADA is being traded more frequently.
