Recently, there has been a lot of interest in Cardano NFT projects. That might explain the enormous rise in the volume of The Ape Society, Cardano’s biggest NFT project based on the collection series. Today, The Ape Society achieved a new record by reaching a 10,000 ADA floor price.
Apart from being a record for this NFT project, it is also a record for Cardano NFTs. No NFT collection on Cardano’s NFT platform has ever broken the 10,000 ADA limit. The floor price is the cheapest NFT price within an NFT collection.
Hence, 10,000 ADA is the lowest price for any NFT in The Ape Society NFT collection. However, it is important to mention that there will be other NFTs with higher prices than the floor price. For instance, The Ape Society’s King Ford NFT sold for 180,000 ADA.
Also, Maitland Lavigne (another NFT on JPG, a Cardano NFT marketplace) sold for 47,000 ADA. A recent OpenCNFT data ranks the ape society as the largest NFT project based on a 24-hour transaction volume. According to the ranking, Lunatics Quackhead and Clay Nation round up the top three NFT projects.
NFT collections on Cardano’s NFT platform are domiciled in the project’s native token (ADA). Hence, the volatility of the floor price doesn’t affect their prices. Instead, they are subject to fluctuations in ADA’s price compared to the US Dollar.
Meanwhile, Cardano’s NFT volume soared by 280 percent between October 10 and 17, 2022. For example, on October 10, ADA NFT volumes were about 810,000 but rose to 3 million by October 17, indicating a 280% rise.
This volume rise caused Cardano to overtake immutable x and become one of the top three NFT chains. OpenCNFT data shows a 67 percent increase in NFT transactions within the same period.
The data further revealed that the number of ADA NFT volumes hit a new all-time high of 3,089,313 on October 17th. In addition, StockTwits NFT data also showed that the NFT volumes of two Cardano NFT projects (Claymates and The Ape Society) have been rising significantly recently.
Also, a recent DApps On Cardano data showed a spike in Cardano user activity within a 5-day period. User activity on NFT projects such as SpaceBudz, Lending Pond, Cardano Dex Muesliswap, Singularity NFT, and CNFT rose by 75 percent, 75 percent, 93 percent, 259 percent, and 282 percent, respectively.
The successful completion of Cardano’s Vasil upgrade has led to increased expectations from the network. Cardano developers launched the Vasil upgrade to improve the Cardano network, including its Plutus smart contracts. Full deployment of the Vasil functionalities was completed on September 27. ADA is up 4.38 percent in the last 24 hours and trades at $0.349.
Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.
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