According to reports, several Non-Fungible Token (NFT) traders are moving from Solana to Cardano after reports that it has become a more active platform for flipping NFT items. This is evident in tweets by several traders who seem to be more interested in the surge of activities on Cardano NFT.
A report by OpenCNFT has disclosed that trading volume on Cardano has recorded a 110 percent surge in the last 24 hours. On top of that, the platform has seen the number of trades increase by 36.6 percent and a 39 percent surge in the number of items sold over the same period. Also, the top 12 CNFT collections have had their value increased by over 100 percent to 2,500 percent in the last 24 hours.
Comparatively, Solana NFT has terrible statistics which are said to be pushing traders away. Regardless, it is still a strong force to reckon with in the industry. Its share of total trading volume had a dramatic increase from 7 percent in mid-August to 24 percent by the end of September. In the week ending September 12, sales hit an all-time high of almost $50 million according to Nansen. Also, the number of Solana users interacting with NFTs hit an all-time high since June. Solana is currently down by 1.2 percent in the last 24 hours with XRP down by 1.14 percent.
As the Ethereum transaction fee poses challenges to average users, it is said to limit wash trading – a situation where an asset is sent between multiple wallets to send a false message that it is in demand. It was suspected that Solana’s growth was driven by this, however, Javier Gonzalez, a software engineer on Nansen’s NFT team says that the growth is organic.
Sometimes you could see it’s this one project taking a lot of volume, or maybe it’s people wash trading that project, but that’s not the case here. The current surge looks like iteither is very well orchestrated, which is unlikely, or there is more volume everywhere in Solana.
The NFT market is recording positive metrics despite the pullback. Delphi Digital’s data has shown that the number of wallets holding NFTs this year has doubled to six million. It has been observed that the low prices have attracted more newcomers into the market. Also, the market is said to have so much potential that it could go past the 2021 boom when all use cases are materialized. According to Raj Gokal, co-founder of Solana, NFT has about 50 use cases beyond just images.
I think within NFTs, everything is just really scratching the surface. I think NFTs have 50 different use cases that seem to be lumped into one. I think we expect the majority of the [crypto]projects to make use of NFTs.
John’s a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor’s degree in Geography and Economics. My Email: (kojokumijohn@gmail.com)
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