Over recent years, the non-fungible token (NFT) sector has blossomed into a billion-dollar industry, with Ethereum traditionally leading as the predominant ecosystem. Meanwhile, Cardano faced skepticism and was dubbed a “ghost chain” due to its perceived lack of a DeFi and NFT economy. However, a transformation is unfolding within the Cardano NFT realm.
An interesting development highlights Cardano’s ascent as a contender in the NFT realm. The Cardano floor price index, as illustrated by Stocktwits NFTs’ weekly chart, now stands 22% higher than Ethereum’s.
Recent updates from Stocktwits NFTs indicate a growing inclination toward Cardano as an NFT hub within the market. This shifting sentiment reflects a significant change from Cardano’s previous status as a “ghost chain.”
Vasil Upgrade: Catalyst for Growth
A pivotal factor in Cardano’s ecosystem upliftment has been the Vasil upgrade. This upgrade propelled Cardano to become the third-largest NFT protocol, trailing only Ethereum and Solana, in September of the previous year.
The Vasil upgrade aimed to enhance block latency speed and blockchain efficiency, subsequently driving Unique Active Wallets (UAW) on the Cardano blockchain to new heights.
Ethereum’s once-dominant position within the NFT sphere has been challenged due to network congestion issues and high gas fees. These obstacles prompted users to seek alternative platforms, including Cardano, for NFT interactions.
Cardano NFT poses Threat For ETH
While ADA NFT floor price has surpassed Ethereum’s, Ethereum continues to maintain a stronghold in terms of NFT sales volume within the last 24 hours.
Data from CryptoSlam highlights the sales volume disparity between the two platforms. Ethereum’s NFT sales for the past 24 hours amount to an impressive $65 million. Whereas Cardano’s sales stand at $1.47 million, showcasing Ethereum’s ongoing influence despite Cardano’s rising floor price.
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