NFT Traders Move to Cardano Instead of SOL

According to the tweets of a large number of NFT traders, many of them are rushing away from Solana and toward Cardano, which is now a more active platform for flipping NFT items. The reason for such categorical statements appears to be a surge in Cardano NFT activity.

According to OpenCNFT, NFT trading volume on Cardano has increased by 110% in the last 24 hours. Simultaneously, the number of trades increased by 36.6% and the number of items sold increased by 39%. Furthermore, the top 12 CNFT collections’ values have increased by at least 100% to 2,500% in the last 24 hours.

On June 9, 2022, Charles Hoskinson, Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), spoke with Yahoo Finance and said the following about Cardano’s NFT market:

“One unexpected area of Cardano growth is in the NFT space.” NFT-related applications account for roughly 40% of all applications deployed. The monthly volume of NFT is around $270 million. So, $3 billion a year, and there’s tons of incredible work in the metaverse space, like Cornucopias and others, and it’s really impressive to see how fast it’s grown in just the last year.”

Here is the current state of Cardano’s NFT market, according to “opencnft.io”:

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