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Cardano NFTs Becomes Third-Largest NFT Protocol By Trading Volume

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Cardano is now the third-largest nonfungible token (NFT) protocol by trading volume, according to a report by blockchain and decentralized apps (dapps) analytics firm DappRadar.

The network’s overall NFT volume reached $191 million in the 30-period ending on Sept.30, trailing only Ethereum
ETH
and Solana
SOL
. Ethereum, the network behind the most popular NFT protocol (ERC-721), raked in $338.21 million, while Solana brought in $116.07 million in NFT volume in those same 30 days according to data from The Block. (DappRadar did not provide data for Ethereum or Solana).

Cardano’s
ADA
largest NFT marketplace saw an increase of 40% in trading volume this quarter, reaching $11.2 million on the platform alone. Still, none of the 10 top markets ranked by DappRadar offer Cardano NFTs, limiting their accessibility to those outside of that blockchain’s ecosystem.

The increase in trading volume is largely attributed to the network’s Vasil update, which went live on Sept. 22 after a series of delays and…

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