Cardano Attracts NFT Traders, Here’s Why

• • Many users prefer using Cardano to Solana.
  • The Crypto market sentiment makes investors turn to NFTs.

NFT traders are moving to Cardano (ADA) from Solana (SOL) due to a surge of activity on Cardano NFT.

According to OpenCNFT, NFT trading volume on Cardano over the past 24 hours has gone up by 110%. Notably, the number of trades have increased by 36.6% and the number of items sold by 39%. Additionally, top 12 CNFT collections values have increased by about 100% to 2,500% in the last 24 hours.

Solana NFTs look dull when compared to the backdrop of such multi-digit numbers, which must have been the reason for the dissatisfaction of NFT traders who favored this blockchain.

Despite the negativity facing Solana, the blockchain is clearly taking this market share away from Ethereum which is the main one of them all. Solana’s share of total NFTs trading volume has surged from mid August to end of September from 7% to 24%.

Overall in the NFT market, data shows that the number of wallets holding NFTs this year has increased reaching six million despite the fall in the NFT sector. It appears that low prices look attractive to non-risk takers and new comers who do not want to get involved in the mix of the crypto market volatility.

Solana and Ethereum continue to battle for being at the top in the NFT industry. Solana’s growing momentum has been on pause for a while, but it still remains top. In September, surges in Solana have been recorded whereas in Ethereum has been falling.

We should note that, despite Solana going up, Ethereum leads in the industry when it comes to minting transaction. However, new projects on Solana continue to move the trading volume as compared to Ethereum. This has been visible in August and all the way to September, thanks to y00ts and DeGods projects.

It remains to be seen whether Cardano can maintain its momentum and overtake Solana as the top NFT blockchain. However, the recent surge in activity on Cardano NFT is a positive sign for the platform.