As of the 25th of April, the Cardano NFT market hit a trading volume of 291 million ADA which is equivalent to $248 million. The Cardano NFT markets have continued to gain volume as more NFT users turn away from ETH marketplaces.
According to statistics from Opencnft, over five thousand projects have been launched in the Cardano NFT marketplace since its inception. Within these 5000+ projects are 906 thousand individual Cardano NFTs.
Cardano has 14 different NFT marketplaces that utilize its native token ADA. Despite the plummet in the price of the ADA token in the last few days, the NFT marketplace has managed to have a significant increase in trade volume.
In the last 24 hours, NFTs worth 3.8 million ADA have been traded across the various Cardano NFT markets. That’s a significant 21.97% increase in trade volume compared to the previous day. More than 8000 non-fungible tokens have also been sold in the past 24 hours.
The Rise of the Cardano Marketplace
Cardano NFT markets were developed to serve as a great alternative for NFT fans who do not want to use the Ethereum network. NFTs minted on the Ethereum blockchain typically have high transaction fees.
On the other hand, the Cardano blockchain is cost-effective and digital artists and curators can mint and trade NFTs for a very small fee.
The Cardano NFT marketplace was only launched last year and has so far experienced significant growth in users and trade volume.
The marketplace had its peak daily volume in January, exceeding 5 million traded ADA tokens before retracing. On the 23rd of this month, the daily volume spiked once again, nearing a $2.5 million daily trade volume.
The marketplace still has some exciting NFT projects that will be launched soon. The Wolf Pack NFT which has thousands of users anticipating its launch will be released on the 15th of May on the Cardano ecosystem.
