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Cardano Attains 280% Spike in NFT Volumes Within One Week

Only seven days after the coin was launched, Cardano’s NFT volume increased by 280%. The ADA NFT volumes reached 3.0 million ADA on October 17, a 280% increase from the 811,000 ADA NFT volumes on October 10.

The introduction of Cardano has also pushed Immutable X to fourth place in the top three NFT chains. In the last week, the number of NFT transactions has increased by 67% to 48,384, while the number of NFTs sold has increased by 65.27% to 45,668.

Changes in the Market

During the week of October 17, 3,089,313 were traded, which set a new record. The volume of NFTs reported by Opensea for October 20 was 1,232,142, according to statistics from OpenCNFT.

It is particularly encouraging to see Cardano NFT initiatives making significant progress. According to a snapshot published by Stocktwits NFT, the Ape Society and Claymates are now leading NFT volumes.

There was an increase in activity in the previous period. Based on the data supplied by Dapps On Cardano, the amount of user activity has increased since the previous epoch. A period of five days is referred to as an epoch in Cardano’s terminology. 

The Vasil upgrade on the Cardano mainnet on September 22 did not change expectations about advertisements on the network. The Plutus smart contract platform and Cardano have both been enhanced through this update.

On September 27, Vasil’s full capabilities were released, enabling developers to use Vasil’s benefits.