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Sales Volume Shines but TVL Remains a Concern

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Cardano NFTs: Despite the “ghost protocol” narratives, Cardano continues to see new heights. Its NFT market is growing rapidly, whereas TVL remains subdued.

Cardano’s NFT space is rapidly growing despite the overall non-fungible token (NFT) downturn in 2021 and even 2022.

In fact, Cardano’s NFT trading volume surge made it the third-largest NFT protocol. They sit right behind the two giants: Ethereum (ETH) and Solana (SOL).

Can the gains be sustained here, or will bears capitalize on it?

NFT Market: The Darkest Shade of Gray

The trading volumes for “digital art and collectibles recorded on blockchain” or NFTs saw a massive fall.  It slid (by) 97% from a record high in Jan. this year, recording just $466 million in Sept.

For reference, the NFT trading volume registered $17 billion at the start of 2022, according to data from Dune Analytics.

Source: Dune Analytics

As per a Bloomberg report, the fading NFT mania is part of a wider, $2 trillion wipeout in the crypto sector as rapidly tightening monetary policy starves speculative assets of investment flows.

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