The NFT global market has been frustrated throughout the past couple of months, and Cardano Marketplaces are no stranger to that blow as their 24-hour volumes had been registering low.
Something changed in the past ten days though that has made Cardano-based NFTs reach a new all-time high, with their total trading volume surging up more than 300%.
The current month has witnessed immense growth in trading volume going all the way up from $300 million to a staggering $1.4 billion and still increasing, according to CoinMarketCap. Trading volume is the total amount of NFTs traded on any given day.
It is vital to note that the trading volume on Oct 22nd reached an all-time high of 4,028,054 ADA, according to OpenCNFT, exceeding previous peaks of 3.6 and 3.5 million dollars.
ADA price hit bottom on Oct 21st when it sank to $0.33. Since then, it has been showing an encouraging increase in value, reaching a value of $0.4141 and then retracting to settle between $0.4 and $0.41. The price surge of the coin shows a spearheaded resistance to the bearish winter the NFT market has been going through for months.
What are Popular Cardano NFT Marketplaces?
What makes Cardano’s proof of stake blockchain special is the scalable, fast, and cost-effective environment that is offered for smart contracts, DApps, and NFTs. The platform is so huge, it launches 1/3rd of global NFTs and is the most popular blockchain on GitHub. A lot of developers have taken notice of Cardano’s resilience, flexibility, and scalability, which led the chain and its native coin ADA to be the operator of tens and hundreds of projects, several of which are NFT marketplaces.
An NFT marketplace on the blockchain is an online store that allows users to create, buy, and sell NFTs hastily. Cardano Marketplaces take advantage of the blockchain’s low gas fees and high scalability to harbor all kinds of different NFT projects. The founders of Cardano designed the ADA token in a way that ensures owners’ participation in the operation of the network. For this reason, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.
Here are five of the best Cardano marketplaces:
JPG Store utilizes the sustainable nature of the Cardano blockchain to build its NFT marketplace. The market uses a simple user interface similar to that of OpenSea and LooksRare, making it perfect for beginners.
CNFT.IO was the first market created on the Cardano blockchain, fostering popular NFT collections, such as SpaseBudz and Paviaothers. The market also has a daily trading volume of over 500 million ADA.
3. Cardano Cube
Cardano Cube is an aggregator that shows all available dapps and projects built on Cardano.
Cardahub is a market with a simple interface where anyone can buy, sell, or mint their NFTs. It includes vast NFT collections such as Mocossi, Clay Nation, and, Boss Cat Rocket Club.
Tokhun is a bit difficult to navigate due to its clunky visuals. However, it is a great option for those searching to buy and sell NFTs from verified artists.