The non-fungible token (NFT) market is witnessing a significant shift as Cardano emerges as a strong contender, surpassing Ethereum in terms of floor prices. While Ethereum has traditionally dominated the NFT space, Cardano’s recent advancements have propelled it to new heights.
Cardano, once criticized as a “ghost chain” due to its lack of a DeFi and NFT economy, has made remarkable progress in establishing itself as a hub for NFTs. According to Stocktwits NFTs, the Cardano NFT floor price index now sits 22% higher than that of Ethereum.
One of the key factors behind Cardano’s rise is the Vasil upgrade, which has enhanced the blockchain’s block latency speed and efficiency. This upgrade has propelled Cardano to become the third-largest NFT protocol, trailing only Ethereum and Solana.
The Vasil upgrade has also led to a surge in Unique Active Wallets (UAW) on the Cardano blockchain. This increase in user activity has further solidified Cardano’s position as a prominent player in the NFT market.
On the other hand, Ethereum’s dominance in the NFT space has been challenged by network congestion issues and high gas fees. These challenges have prompted some users to explore alternative platforms like Cardano.
While Cardano’s NFT floor price has exceeded Ethereum’s, it’s important to note that Ethereum still holds a significant position in terms of NFT sales volume. Recent data from CryptoSlam indicates that Ethereum’s NFT sales volume in the last 24 hours amounted to a staggering $65 million, while Cardano’s stood at $1.47 million.
The rise of Cardano in the NFT market showcases the growing competition and diversification within the industry. As more blockchain platforms continue to innovate and improve their NFT offerings, the market is set to witness further evolution and expansion.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Always do your own research before making any investment decisions.