The Cardano ecosystem has witnessed fast growth in the world of Web3 and non-fungible tokens (NFTs). Cardano blockchain is slowly becoming a go-to platform for different players to launch their non-fungible tokens (NFTs).
Interestingly, the demand for Cardano Apes has shot up recently driving the prices even higher. As per the latest details shared by wab.eth Cardano Ape Francisque sold for a massive $250,000 putting them in a direct comparison with the very popular Bored Ape NFTs. The interesting part is that such development comes at a time of a very strong bear market sentiment.
There are cardano apes selling for almost the same price as bored apes.
Honestly impressed by the growth of this ecosystem. People still fading. pic.twitter.com/qCtACJabAp
— wab.eth ❁ (@wabdoteth) December 23, 2022
NFT Projects launched on the Cardano blockchain have seen very good traction in recent times. The Ape Society, Cardano’s biggest NFT project has witnessed a strong user demand with the floor price of its NFTs reaching a record high of 10,000 ADA.
The volume of NFT transactions on the Cardano blockchain platform is also reaching a new high. Also, the key developments and upgrades taking place on the Cardano blockchain have facilitated the sale of NFTs in a much better way.
Although Cardano continues to make some major progress in the crypto space, the project isn’t getting enough coverage from peers in the same industry. Crypto exchange Coinbase recently published a report for its 2023 Crypto Market Outlook, however, there was no mention of Cardano in it. Cardano chief Charles Hoskinson expressed his disappointment over the matter.
Not a single mention of Cardano. Pretty low and pretty sad. I honestly expected better pic.twitter.com/0VHSdm5A2H
— Charles Hoskinson (@IOHK_Charles) December 21, 2022
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However, Blockchain analytics firm Messari recently published a 168-page report dubbed “The Crypto Theses for 2023” wherein it talks of key crypto areas to watch for in the upcoming year. The report does have a mention regarding Cardano.
We got some cardano coverage. https://t.co/Kzj2WinVrF pic.twitter.com/exfrititkG
— Charles Hoskinson (@IOHK_Charles) December 23, 2022
Despite the recent developments in the Cardano ecosystem, it hasn’t been much reflected in the ADA price. In fact, Cardano’s native crypto ADA has been constantly under selling pressure in tandem with the broader market’s negative sentiment.
But on-chain data shows that ADA believers have been accumulating the cryptocurrency despite the current drop in its price. On-chain data provider Santiment noted that the Cardano shark addresses have accumulated 330 million more ADA coins ever since the implosion of the crypto exchange FTX. It added:
Key #Cardano sharks have been accumulating steadily since June. And they have taken this level of dip buying to a new level since the #FTX fallout in early November. Addresses holding 10k to 100k $ADA have added $83M worth of coins since November 7th.
Courtesy: Santiment
The Cardano foundation recently published a report sharing the highlights for the year 2022. The report notes that this year in 2022, the Plutus smart contract scripts jumped by 400% in comparison to the previous year. the total number of Plutus smart contract scripts this year has jumped to 4,445.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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