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Cardano Strengthens Its NFT Market Position As Solana Volumes Plummet – CryptoMode

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There is fierce competition among blockchains supporting non-fungible tokens. It is unlikely any network will ever overtake Ethereum, but every other spot in the top five is up for grabs. Solana clings to second place, but its sales volume decrease is problematic. Cardano is making strong moves to solidify its place in the rankings.

Cardano Builds More NFT Momentum

It is a well-known secret in crypto that bullish markets usually result in fewer people dealing with NFTs. When Bitcoin and Ethereum are bearish, non-fungible tokens become the safe haven version of the industry. That momentum reverses when the crypto asset markets move up ever so slightly. The past week has been no different, with four of the five top chains noting steep TX decreases. However, there are a healthy amount of NFT buyers, which is promising. 

Ethereum still dominates the NFT space, with nearly $200 million in weekly sales. That is an increase of over 12%, even though the overall transaction count has diminished by over 14%. The big development is how the number of on-chain buyers has jumped by over 36%Read more…

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