In recent years, the non-fungible token (NFT) space has expanded into a billion-dollar industry, with Ethereum traditionally leading the way as the dominant ecosystem. Cardano, on the other hand, faced criticism from numerous quarters, being labeled a “ghost chain” due to its absence of a DeFi and NFT economy. However, the NFT landscape is undergoing a shift.
According to the weekly chart shared by Stocktwits NFTs, the Cardano NFT floor price index sits 22% above that of Ethereum.
- The latest update by the platform demonstrated an increasing inclination towards Cardano as a hub for NFTs among market participants.
- A major factor that played a crucial role in uplifting the ecosystem is the Vasil upgrade which helped Cardano to become the third-largest NFT protocol behind Ethereum and Solana last September.
- Vasil aims to improve block latency speed and efficiency on the blockchain, and its completion pushed the Unique Active Wallets (UAW) on the Cardano blockchain to new heights.
- On the other hand, Ethereum’s dominance in the NFT space dwindled primarily because of its network congestion issues coupled with high gas fees that prompted some users to explore alternative platforms.
- While Cardano NFTs floor price may have exceeded Ethereum’s, the latter still commands position in terms of NFT sales volume over the last 24-hours.
- In fact, data from CryptoSlam revealed that the latter’s sales account for a whopping $65 million while that of Cardano’s stands at $1.47 million.