The Cardano NFT Market Is Gearing Up To Compete With The Likes Of Solana and Ethereum

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The Cardano NFT Market Is Gearing Up To Compete With The Likes Of Solana and Ethereum.

The Cardano NFT Market Is Growing

According to OpenCNFT.io , the Cardano NFT Market has performed extremely well despite the current bear market and economic issues the world is currently facing such as inflation, the Russo-Ukraine war, Covid-19, and a broader economic downturn as well.

In the month of May alone, a total of approximately 50 million ADA have been processed through over 210,000 sales on 181,302 unique Cardano NFT’s. In the month of April, the Cardano NFT Market reportedly reached over $27,000,000 in sales furthering the claim that the Cardano NFT Market is growing at immense rates.

To date, there over 1,070,000 Cardano NFT’s on the blockchain, with over 5,400 NFT projects and counting building and supporting the Cardano Ecosystem one Non-Fungible-Token at a time.

The existence of merely one mainstream NFT Marketplace; Jpg.store (which accounts for over 90% of NFT sales in the Cardano ecosystem), as well as the lack of mainstream attention and accessibility on large exchanges; such as Rarible and OpenSea , has not stopped the immense growth and exposure Cardano NFTs have gotten over the past year.

The Cardano Community and even Charles Hoskinson himself have stated their disappointment in the lack of acknowledgement for such historic feats by the mainstream Crypto Industry. With a lack of plans from any of the largest NFT Marketplaces to integrate Cardano NFT’s onto their marketplaces, it is has become frustrating for the community that Cardano has not been appreciated for its amazing achievements in the NFT space.

However; this has not softened the resolve or the belief the community has in the potential for Cardano. At just $27 million in volume for the month of April compared to a reported $295 million worth of volume on the Solana blockchain, Cardano has so much more room to grow and most certainly has the potential to rise up among the disasters Ethereum has faced with the Otherside Launch and their high gas fees when there is a large amount of congestion and traffic on the blockchain.

Solana has just surpassed Ethereum in volume processed in the NFT Market for the first time in history on May 24th; reaching a reported $24.3 million in sales compared to Ethereum’s approximately $24 million in sales for the day. And although this news necessarily does not help Cardano in any real manner, it allows us to entertain the notion of a cryptocurrency overtaking Ethereum’s dominance in the cryptocurrency industry. It also allows Cardano to compete with a blockchain that has faced severe blackouts and technical issues since its rollout in 2021.

Cardano has both efficiency and reliability in regards to its sustainability regardless of the amount of congestion or traffic the blockchain faces in the NFT industry. With lower fees, seamless updates, and not a single reported blackout, Cardano has the potential to take down the giants of the NFT industry.

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