- Cardano has emerged as a solid competitor in the NFT industry.
- Cardano NFTs recently outperformed Ethereum NFTs.
- Despite its recent triumph, it still lags behind its competitors in other metrics.
Ethereum has reigned the NFT industry for years in terms of its trading volume, projects, user adoption, and status. However, considering its persistent issues like network congestion and exorbitant fees, its dominance is proving fleeting as competitors, including Solana (SOL), Polygon (MATIC), and Cardano (ADA), emerge to threaten its throne.
With the NFT market coming to a halt, Cardano NFTs have swooped in to surpass Ethereum, signaling a major shift in the industry’s power dynamics.
Cardano, The New Sheriff in Town
Cardano’s NFT industry has been gradually expanding since the beginning of the year, even in the face of the crypto community labeling the network a ‘ghost chain.’ Weekly data from StockTwits NFTs revealed that Cardano NFT floor prices have propelled 22% higher than Ethereum’s, highlighting its increasing adoption among market participants.
At press time, Cardano stood as the sixth-largest NFT protocol trailing Solana, Polygon, and Ethereum. Still, despite the Proof-of-Stake network’s recent triumph, it’s worth noting that it is miles behind its competitors in terms of trading volume. While cNFT floor prices have surged, Ethereum’s titanic $14 million daily NFT trading volume trumps Cardano’s modest $164,000 daily trading volume.
Nevertheless, Cardano’s achievement represents a significant milestone for the network, considering that its NFT ecosystem only took off less than a year ago following the Vasil upgrade. While Cardano’s NFT industry still has a long way to go, its trajectory remains highly positive. With its current momentum, Cardano could outshine its competitors like Polygon, Solana, and Ethereum.
On the Flipside
- Following the Vasil upgrade, Cardano emerged as the third-largest NFT platform behind Solana and Ethereum.
- At press time, Cardano stood as the 14th largest DeFi protocol.
- Recent Santiment data named Cardano as the industry’s top dev platform at press time, eclipsing competitors Polkadot and Kusama.
Why This Matters
Cardano has emerged as a prominent player in the crypto industry on multiple fronts, positioning itself to compete with its more established competitors like Bitcoin and Ethereum. Its recent achievement proves that it could continue to pose a threat to its rivals and outclass them in the future, given it maintains its momentum.
More on Cardano:
Cardano Clinches Ranking From Dogecoin, Solana After Tapping $0.23
More on Polygon NFTs:
Polygon 30-Day NFT Sales Surpass Solana for the First Time