The NFT market, which has been witnessing a decline in trading volume this year, is undergoing a notable shift, with Cardano emerging as a potential competitor to Ethereum in the NFT space. Recent data from Stocktwits NFT, a multichain NFT data source, reveals a remarkable surge in interest around Cardano’s NFT floor price index, surpassing that of Ethereum.
Over the past 7 days, Cardano’s NFT floor price index has risen by 22%, overtaking Ethereum’s. While Ethereum has traditionally held dominance in the NFT sector, this upswing suggests that Cardano is gaining ground as a preferred platform for NFT trading.
However, despite Cardano’s significant increase in NFT floor price, Ethereum continues to maintain a strong lead in terms of trading volume. Data from CryptoSlam highlights Ethereum’s robust presence, with a trading volume of $12.3 million generated by 11,262 buyers in the past 24 hours.
Comparatively, Cardano ranks 8th in terms of trading volume, recording $228,778. Yet, Cardano’s popularity is evident with 1,579 buyers showing interest, indicating a growing user base, even if it falls short of Ethereum’s trading activity.
Beyond Cardano and Ethereum, other platforms like Solana and Polygon are also making strides in the NFT arena. These platforms have achieved primary sales of $1.5 million and $2.1 million respectively, establishing themselves as significant players in the evolving NFT ecosystem.