In recent years, the non-fungible token (NFT) space has expanded into a billion-dollar industry, with Ethereum traditionally leading the way as the dominant ecosystem. Cardano, on the other hand, faced criticism from numerous quarters, being labeled a “ghost chain” due to its absence of a DeFi and NFT economy. However, the NFT landscape is undergoing a shift.
According to the weekly chart shared by Stocktwits NFTs, the Cardano NFT floor price index sits 22% above that of Ethereum.
The latest update by the platform demonstrated an increasing inclination towards Cardano as a hub for NFTs among market participants.
A major factor that played a crucial role in uplifting the ecosystem is the Vasil upgrade which helped Cardano to become the third-largest NFT protocol behind Ethereum and Solana last September.
Vasil aims to improve block latency speed and efficiency on the blockchain, and its completion pushed the Unique Active Wallets (UAW) on the Cardano blockchain to new heights.
On the other hand, Ethereum’s dominance in the NFT space dwindled primarily because of its network congestion issues coupled with high gas fees that prompted some users to explore alternative platforms.
While Cardano NFTs floor price may have exceeded Ethereum’s, the latter still commands position in terms of NFT sales volume over the last 24-hours.
In fact, data from CryptoSlam revealed that the latter’s sales account for a whopping $65 million while that of Cardano’s stands at $1.47 million.