Cardano (ADA) managed to become the 3rd largest fast-growing non-fungible token (NFT) protocol by trading volume even though NFTs experienced a decline in 2021 to 2022, behind Solana (SOL) and Ethereum (ETH).
It is explained that ADA is the most developing crypto market ecosystem even though the market is currently in a bearish state.
On record, the collection of NFTs recorded on the blockchain saw a significant decrease in trading volume, which was 97% from January's record high to $466 million in September.
Meanwhile, the largest NFT trading platform OpenSea has seen a 75% drop over the past two months.
Meanwhile, the tightening of monetary policy has made the flow of speculative asset investment decline with the elimination of $2 trillion in the crypto market including the waning popularity of NFTs.
It is also understood that the largest NFT project ADA The Ape Society achieved a floor price of 10,000 and the most transactions amounting to 82,880 in May.
In fact, the Vasil network that was created was also the cause of the surge in trading volume after doubling the network's operating capacity.
On the opposite side, NFT market tracker OpenCNFT has shown an increase in the last 24 hours with total NFT volume over the last 30 days reaching $191 million.
