Cardano’s NFT space is rapidly growing
Cardano has reached the top three nft chains As such it continues to gain traction in the NFT space. Cardano is only ahead of the immutable X with a turnover of $968,000 in NFTs, followed only by Ethereum and Solana.
Cardano also recorded a 132% jump in 24-hour NFT volume. Notably, NFT platforms, The Ape Society, Spacebudz, Claynation by Claymates and Derp Apes, saw increases of 341%, 1066%, 318% and 368% in 24-hour volumes.
As reported by U.Today, the move from Solana to Cardano has seen an exodus of many NFT traders. This may also have contributed to the increase in volumes in the Cardano NFT sector.
Per OpenCNFT data, the number of NFT trades increased by nearly 40% in the last 24 hours, and the number of NFTs sold rose by 40% as well.
In addition, the minimum prices of top CNFT collections have also increased by between 40% and 140% screenshot StockTwitters Shared by NFT. On the other hand, 24-hour NFT volume was down 30% on Solana.
Orbis analyst makes prediction about DeFi
Cardano’s NFT space is rapidly growing, with more than six million NFTs minted. However, its DeFi space is yet to match up in terms of growth. The Cardano TVL, which refers to the total value locked in its DeFi ecosystem, is just $65.39 million.
SunAn analyst at Orbis predicts the rise of Cardano DeFi: “The NFT volume on Cardano is amazing. But wait for the DeFi figures, when the real giants of the DeFi protocol go live on Cardano. This winter could be bad for the markets. But I think this winter we will see the rise of DeFi in Cardano.”
