The non-fungible token (NFT) market is witnessing a noteworthy shift, with Cardano’s NFT floor price index currently standing at 22% higher than Ethereum’s as per data shared by Stocktwits NFTs.
This comparison, based on the 7-day charts, reveals a growing interest in Cardano as a platform for NFT trading, although Ethereum has been historically dominant in this realm.
However, despite the impressive growth in Cardano’s NFT floor price, it continues to lag behind in terms of overall trading volume. According to recent data from CryptoSlam, Ethereum still dominates the market with a total trading volume of $13,279,162 and 11,197 buyers.
In contrast, Cardano ranks ninth with a trading volume of $180,637, although it has a considerable 1,555 buyers. This discrepancy points to the notion that Ethereum remains the most popular platform in terms of sheer trading volume while individual Cardano NFTs are gaining in value.
Solana and Polygon come in second and third places with $1,601,313 and $1,235,318 in primary sales, respectively.
The Stocktwits NFTs’ tweet further raises the question, “Wen projects migrate to Cardano?” hinting at the possible migration of projects from other platforms to Cardano in the future.
Such migrations could be a result of Cardano’s NFT price surge and the potential benefits it offers as an NFT platform. However, it’s essential to approach this shift with cautious optimism. Cardano shows promise in the NFT sector, but Ethereum’s established foothold, backed by higher trading volumes and larger user bases, means it remains a significant player in the market.