Cardano NFT projects nearing 7,000 as Vasil hard fork nears
After network modifications to support the non-fungible token (NFT) sector, Cardano (ADA) continues to acquire importance in the non-fungible token (NFT) market. The network is attracting additional NFT projects that have reached a new milestone along this line.
Cardano Daily statistics suggest that as of the 8th of September, the network has about 7,000 NFT projects and 15 markets with a trading volume of around $459 million.
In addition, the market valuation of the 100 NFT collections on Cardano is around $616 million. Moreover, JpegstoreNFT accounts for 64.19 percent of the total trading volume on the Cardano network. Elsewhere, Spacebudz has the biggest amount of NFT collections, accounting for 7.9% of the total.
Cardano has had substantial growth in the NFT category despite the fact that this functionality is still in its infancy. Finbold said on March 7 that over 800,000 NFTs have been created via NFT MAKER (NMKR), the first-ever public ‘Mint-on-Demand’ tool operating on the Cardano blockchain.
After announcing intentions to provide the first NFT loan service, the platform also reached a new benchmark in this section. In this instance, Aada Finance, a platform for lending digital assets, will debut the Aada V1 service in mid-September, allowing users to lend and borrow assets using a novel non-fungible token bond mechanism.
The most recent Cardano NFT milestones represent a significant step towards the platform’s goal of achieving mainstream acceptance within the crypto community. Cardano has experienced enormous growth since its launch in an effort to become an “Ethereum (ETH) killer.”
Specifically, the network is preparing for the much-awaited Vasil hard fork. The Cardano foundation revealed that the update is scheduled on September 22 after many delays.
Cardano continues to register strong activity before the update. As of September 5, the Cardano network’s market value increased by more than $2.1 billion in seven days.