Cardano defied the general market trend to post an impressive growth of over 22% in NFT Sales Volume, data from Crypto Slam showed. Occupying the fifth position, Cardano posted a volume of $265,335 in sales, an increase of 22.05%.
This stands in stark contrast to Ethereum’s reduction of 20.04% to $18 million, Solana’s decline of 56.89% to $4 million, and Polygon’s drop of 52.93% to $428,626.
The Ape Society and Dr. Jekyll and Mr. Hyde by Clay Nation Book.io are just a couple of the numerous other well-known NFT collections on the layer 1 blockchain that have contributed to its success.
Recently, leading crypto data and analytics firm Messari published a report on Cardano highlighting its performance in the first quarter of 2023.
Per the report, Cardano encountered several challenges in the NFT market; for example, daily NFT transactions fell by 27% in the most recent quarter. Additionally, daily unique buyers also followed a similar path, declining by 23%.
This was corroborated by another prominent data platform Santiment, which found that the total number of NFT trade counts decreased from the start of the new quarter.
On the other hand, the analysis also observed that in Q1, there were far more unique buyers than sellers. Overall, validated NFT projects on Cardano stood at 8,900.
Another interesting thing to note is that in the past 30 days, while the number of unique purchasers declined, the number of unique sellers on the other hand climbed by more than a whopping 300%. Nevertheless, Cardano NFT sales volume saw a recovery, which was encouraging.
Apart from the Mesaari report, Cardano Foundation CEO Frederik Gregaard also shared its first annual report, which looks back on its achievements throughout 2022.
Cardano Foundation Released Its Annual Report
In it, the foundation took into account the technical input it provided in the past year that played a crucial role in the Vasil hard fork.
Vasil upgrade, as per the report established the basis for the nationwide use of blockchain in the supply chain of Georgian wine and contributed to showcasing the versatility of NFTs.
Just a few days ago, with over 4.24 million coins produced, Cardano’s algorithmic stablecoin DJED powered by COTI tapped an all-time high in circulation, as per its official website.