Cardano (ADA) is gaining popularity in the area of non-fungible tokens (NFTs) because its network has been upgraded to support this area. In this way, the network is luring more NFT projects that are almost done to join it. Cardano Daily says that as of September 8, the network has about 7,000 NFT projects, 15 markets, and about $459 million worth of trades. Also, the 100 NFT collections on Cardano are worth about $616 million on the market. 64.19% of the total trading volume on the Cardano network goes through JpegstoreNFT. With a 7.9% market share, Spacebudz has the most NFT sales by volume.
Cardano’s expanding NFT market
Even though the features are still in their early stages, Cardano has made a lot of progress in the NFT area. A Finbold post from March 7 showed some of the progress by saying that over 800,000 NFTs have been created using NFT MAKER (NMKR), the first public “Mint-on-Demand” tool that works on the Cardano blockchain.
In this way, it was a big step forward for the platform when it said it would start the first NFT financing business. In this case, Aada Finance, a digital asset lending platform, will launch the Aada V1 service in the middle of September. This will allow users to lend and borrow assets from each other using a new non-fungible token bond mechanism.
The most recent successes of Cardano NFT could be seen as a big step toward the platform’s goal of becoming widely used in the crypto community. Since its launch, Cardano has grown a lot as part of its plan to become a “Ethereum (ETH) killer.”
The growth of Cardano’s network
The network is getting ready for the long-awaited Vasil hard fork, which is a big deal. After many delays, the Cardano foundation has said that the update will happen on September 22. Even though the update is coming soon, there is still a lot going on with Cardano. As of September 5, the market value of the Cardano network went up by more than $2.1 billion in seven days.