The year 2022 remains more or less dry for the broader crypto market since it has seen a significant drop—in trading price to total value locked (TCL)—from its high during the last year. Non-fungible tokens (NFTs), despite being the among the most popular digital assets class, witnessed one of the worst hits during the crypto market downturn. However, the silver lining was the performance of several players within the NFT space.
NFTs over the Cardano network’s platform were among the collections doing relatively better even during the odd times. Cardano’s NFT space witnessed such a good pace which made it to the leading positions along with Ethereum and Solana—leading networks in terms of NFTs total value locked (TVL) and trading volume.
The trading volumes of blockchain based digital art collectibles and NFTs witnessed a massive drop this year. In September trading volume was reported to reach 466 million USD, which was around 17 billion USD in January this year. This indicates drop of up to 97% from its all time high in the starting of 2022.
A Bloomberg report cites the tightening of monetary policy as a strong reason behind the crypto market’s significant downfall. Once an over 3 trillion USD asset class experienced a massive blow and fell below 1 trillion USD—shredding over 2 trillion billion USD in less than a year.
The headwinds against crypto market took away the charm of once a luring NFT market. Largest NFT marketplace in terms of trading volume, OpenSea also reported a drop of 75% in its sales within just two months. Although the number of traders remained the same, the trades decreased drastically.
Alike Cardano NFT space surprising with trading volume, so is Reddit NFTs are doing. The NFT collection collected a trading volume of 2 million USD from the sales. Overall amount might not seem significant but given over 1,000% increase, the growth is significant.
Despite the market downturn, fear–uncertainty-doubt (FUD), massive sell-offs and bearish runs, Cardano’s NFT space stood firm and continued.
According to the DappRadar report Cardano is among the top three blockchains for NFTs. In terms of overall trading volume, Cardano holds the third position following Ethereum and Solana. NFT volume of the network amassed over 191 million USD within the last 30 days. Biggest NFT project over the network, The Ape Society, reached a floor price of 10,000 ADA.
NFT projects over Cardano enjoyed impressive trading volume despite the pessimism around the network being called a “ghost protocol”.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.