The non-fungible token (NFT) market has primarily been in a downtrend in terms of trading volume since this year began and is presently undergoing a significant transformation.
Recent data from Stocktwits NFT, a multichain NFT data source has indicated a surging interest in Cardano, especially concerning its NFT floor price index, which has recently surpassed Ethereum’s.
The Cardano NFT floor price index is 22% higher than the Ethereum floor price index right now.
This is a comparison of the 7 day charts. pic.twitter.com/8RnDHFNLk7
— Stocktwits NFTs (@StocktwitsNFTs) August 21, 2023
Cardano NFT Surge: Threat To Ethereum’s Throne?
According to Stocktwits NFT, Cardano’s NFT floor price index has spiked 22% higher than that of Ethereum over the past 7 days. Ethereum has historically been the dominant platform in the NFT space, but this upswing suggests that Cardano may be gaining traction as a preferred platform for NFT trading.
However, despite Cardano’s commendable climb in NFT floor price, Ethereum continues to overshadow its competition in terms of sheer trading volume. Data from CryptoSlam highlights Ethereum’s robust presence with a trading volume of $12.3 million which was driven by 11,262 buyers over the past 24 hours.
In stark…
