NFT Traders run from Solana to Cardano due to network activities

by James · October 18, 2022

In comparison, Solana NFT has grim statistics that are said to push traders away.

This is evident in tweets from several NFT traders who seem to be more interested in the wave of activity on Cardano NFT.

In accordance reports, more Non-Fungible Token (NFT) traders are moving from Solana to Cardano following reports that it has become a more active platform for flipping NFT commodities. This is evident in tweets from several traders who seem to be more interested in the flurry of activity on Cardano NFT.

A report by OpenCNFT has revealed that the trading volume on Cardano has registered an increase of 110 percent in the last 24 hours. On top of that, the platform has seen the number of trades increase by 36.6 per cent and a 39 per cent increase in the number of goods sold in the same period. Also, the top 12 CNFT collections have increased in value by over 100 percent to 2,500 percent in the last 24 hours.

In comparison, Solana NFT has terrible statistics that are said to push traders away. Regardless, it is still a strong force to be reckoned with in the industry. Its share of total trading volume saw a dramatic increase from 7 percent in mid-August to 24 percent by the end of September. In the week ending September 12, sales reached a record high of nearly $50 million, according to Nansen. The number of Solana users interacting with NFTs has also reached an all-time high since June.

Solana NFT still registers some positive calculations

As the Ethereum transaction fee poses challenges for average users, it is said to curb 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, but Javier Gonzalez, a software engineer on Nansen’s NFT team says the growth is organic.

Sometimes you can see that it’s this project that takes a lot of volume, or maybe it’s people trading that project, but that’s not the case here. The current wave seems to be either very well orchestrated, which is unlikely, or there is more volume everywhere in Solana.

The NFT market registers positive metrics despite the pullback. Delphi Digital’s data has shown that the number of wallets with NFTs this year has doubled to six million. It has been observed that the low prices have drawn more newcomers into the market. The market is also said to have so much potential that it may pass the 2021 boom when all use cases are realised. According to Raj Gokal, co-founder of Solana, NFT has around 50 use cases beyond just images.

I think in NFTs, everything is just scratching the surface. I think NFTs have 50 different use cases that seem to be rolled into one. I think we expect the majority of them [crypto]projects to make use of NFTs.