In recent years, the non-fungible token (NFT) space has expanded into a billion-dollar industry, with Ethereum traditionally leading the way as the dominant ecosystem. Cardano, on the other hand, faced criticism from numerous quarters, being labeled a “ghost chain” due to its absence of a DeFi and NFT economy. However, the NFT landscape is undergoing a shift.

According to the weekly chart shared by Stocktwits NFTs, the Cardano NFT floor price index sits 22% above that of Ethereum.

• The latest update by the platform demonstrated an increasing inclination towards Cardano as a hub for NFTs among market participants.
• A major factor that played a crucial role in uplifting the ecosystem is the Vasil upgrade which helped Cardano to become the third-largest NFT protocol behind Ethereum and Solana last September.
• Vasil aims to improve block latency speed and efficiency on the blockchain, and its completion pushed the Unique Active Wallets (UAW) on the Cardano blockchain to new heights.
• On the other hand, Ethereum’s dominance in the NFT space dwindled primarily because of its network congestion issues coupled with high gas fees that prompted some users to explore alternative platforms.
• While Cardano NFTs floor price may have exceeded Ethereum’s, the latter still commands position in terms of NFT sales volume over the last 24-hours.
• In fact, data from CryptoSlam revealed that the latter’s sales account for a whopping $65 million while that of Cardano’s stands at $1.47 million.

Go to Source to See Full Article
Author: Chayanika Deka

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details