The largest collection of non-fungible tokens (NFT) of Cardano (ADA) reaches a new ATH. Where is it headed?
Lately, there is too much interest in Cardano NFT projects. This could explain the increased volume of “The Ape Society”, the largest Cardano (ADA) NFT project.
In fact, in addition to being a record for this NFT project, it is also a record for Cardano NFTs. This is as the data shows the total volume of Cardano-based, non-fungible tokens as having reached a new all-time high, after surging more than 300% in the last ten days.
NFT Volume Reached a New ATH
Meanwhile, Cardano NFT volume shot up 280% between October 10 and 17, 2022. On October 10, ADA NFT volume was around 810,000, but it rose to more than 3 million on October 17, indicating a 280% increase.
Currently, Cardano’s daily NFT volume sets a new ATH at 4 million ADA. Incidentally, after lasting low for the past few months, 24-hour volumes on the Cardano NFT markets have seen a significant increase over the past month.
This is definitely an increase of more than 320% in a relatively short period. Also, the last 4 million ADA volumes are the highest that these markets have ever seen.
According to the NFT market tracker chart, the volume of NFTs on the Cardano markets had been low between June and early October.
Bullish Trend for Non-Fungible Tokens?
However, in the following days, the value of the indicator has experienced an upward trend, since the activity in the Cardano (ADA) NFT markets has skyrocketed.
According to a report published in July this year by Grand View Research, the total value of the NFT market is projected to reach $200 billion by 2030. Demand – due to increasing applications – will drive market growth.
The report, which estimates the current value of the NFT market at just over $15 billion, examined its evolution between 2018 and 2020. The document predicts that the market will grow at a compound annual rate of 33.9% between 2022 and 2030 and that this growth will be concentrated in the digital asset part of the NFT market.
Said report projects that the collectibles sector will continue to dominate the NFT market in the future, with a market share of more than half of global NFT revenue in 2021. Sports and gaming collectibles fall into this class, having experienced significant growth after the period of the Covid-19 pandemic.
Currently, most NFTs on the market are for personal use, while commercial NFTs only account for 31%. However, companies are projected to use more and more NFTs for various purposes during the period in question. The document states that, “the growing use of NFTs for commercial purposes, such as innovation in supply chain management and logistics, is expected to drive the growth of the segment.”
By Audy Castaneda
