Cardano NFTs: Sales Volume Shines but TVL Remains a Concern
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Cardano NFTs: Despite the “ghost protocol” narratives, Cardano continues to see new heights. Its NFT market is growing rapidly, whereas TVL remains subdued.
Cardano’s NFT space is rapidly growing despite the overall non-fungible token (NFT) downturn in 2021 and even 2022.
In fact, Cardano’s NFT trading volume surge made it the third-largest NFT protocol.
The trading volumes for “digital art and collectibles recorded on blockchain” or NFTs saw a massive fall. It slid (by) 97% from a record high in Jan. this year, recording just $466 million in Sept.
For reference, the NFT trading volume registered $17 billion at the start of 2022, according to data from Dune Analytics.
Cardano is touted to be one of the most-developed ecosystems in the crypto market. Despite FUD, the protocol continues to create headlines during the crypto bear run.
Cardano is the third-largest non-fungible token (NFT) protocol by trading volume, according to a report by blockchain and decentralized apps (dApps) analytics firm DappRadar.
“Cardano is currently one of the top three blockchains by NFT trading volume,” the report added.
In the past 30 days, the network’s NFT volume reached $191 million, placing Cardano as the third-largest NFT protocol behind Ethereum and Solana.
One can clearly see the spike around the Oct. 22-23 period from the NFT marketplace tracker OpenCNFT.
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