Will Cardano NFTs Overtake Yuga Labs?

Paigambar Mohan Raj
Source: OneMoreCupOf-Coffee.com

NFTs (Non-fungible tokens) on the Cardano (ADA) network continues to gain traction in the industry. Data from Cardano Daily shows that as of September 8, the network had around 7,000 NFT projects. Not only that, there are now 15 marketplaces that had drawn a trading volume of about $459 million. Additionally, the 100 NFT collections on Cardano have a market valuation of roughly $616 million.

By trading volume, JpegstoreNFT dominates the Cardano network, accounting for 64.19% of all transactions. While Spacebudz, with a share of 7.9%, has the highest NFT collections in terms of volume.

Will Cardano NFTs outshine Yuga Labs?

Despite the fact that the NFT functionality is still in its early stages, Cardano has experienced tremendous growth in this sector. Following the announcement of intentions to launch the first NFT lending service, the platform has achieved this new milestone.

In this instance, Aada Finance, a platform for lending digital assets, will introduce the Aada V1 service in the middle of September. This service will allow users to lend and borrow assets amongst each other using a special non-fungible token bond technique.

On the other hand, Yuga Labs‘ Otherdeed unique buyers fell below the 2000 mark for the month of August. Although the project was off to a great start when it launched in May, interest has died down amid a larger loss of interest in the NFT space. The Otherdeed launch was heavily hyped due to its relation to Yuga Labs and its highly successful Bored Ape collection.

The most recent Cardano NFT achievements can be seen as a major step in the platform’s direction toward achieving widespread adoption in the crypto community. However, the network’s NFT struggles have to go a long way if they want to overtake Yuga Labs. However, Cardano has been delivering on their word of late. Since the platform’s creation, Cardano has seen considerable progress as part of its move to become an “Ethereum (ETH) killer.”