Numerous Non-Fungible Token (NFT) traders are moving from Solana to Cardano after hearing that it has become a more active platform for flipping NFT items. This is clear from the tweets of a number of traders who seem more interested in the sudden increase in activity on Cardano NFT.
The number of trades on Cardano have gone up by 110 percent, according to a report. On top of that, the number of trades on the platform has grown by 36.6%, and the number of items sold has grown by 39.6% in the same time period. Also, the value of the top 12 CNFT collections has gone up by between 100% and 2,500% in the last 24 hours.
Solana NFT, on the other hand, has bad statistic that are said to be making traders stay away. No matter what, it is still a strong player in the industry. Its share of total trading volume went from 7 percent at the middle of August to 24 percent at the end of September. This is a big jump. Nansen says that sales hit an all-time high of almost $50 million in the week ending September 12. Also, since June, the number of Solana users who interact with NFTs has reached an all-time high.
Still generating some favourable metrics is Solana NFT
The Ethereum transaction fee is hard for average users to pay, but it is said to stop “wash trading,” which is when an asset is moved between multiple wallets to make it look like it is in demand when it is not. People thought that this was the reason for Solana’s growth, but Javier Gonzalez, a software engineer on Nansen’s NFT team, says that the growth is natural.
Even with the pullback, the NFT market is showing positive metrics. The data from Delphi Digital shows that the number of wallets that hold NFTs has doubled to six million this year. It has been seen that the low prices have brought in more new customers. Also, the market is said to have so much potential that the boom could last even longer than 2021 if all use cases come true. Raj Gokal, co-founder of Solana, says that NFT can be used for more than 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.”