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The Cardano non-fungible tokens (NFTs) ecosystem has been witnessing a significant decline, Forkast CAR NFT Composite shows. The index, which measures the performance of the Cardano NFT market, dropped 15.5% over the past 30 days.
See related article: Forkast NFT indexes reveal the hidden costs of y00ts, DeGods’ moves across blockchains
Fast facts
- The index suggests that Cardano users have been selling off top-tier projects in favor of newer ones. In the past month, two of Cardano’s top projects ranked by total buyers are less than 30 days old.
- These two collections alone, Ennaya of Tonire and Magic Kongs, account for around 11.5% of total NFT sales in the network, according to CryptoSlam, the data arm of Forkast Labs.
- The decline in the Forkast CAR NFT Composite also reveals the declining activity of NFT traders in the Cardano ecosystem.
- According to data from CryptoSlam, the total number of Cardano NFT buyers has fallen by 22.3% in the last 30 days. The number of sellers increased by 190%, but the total count was just 1,110, significantly lower than the all-time high of 156,552 recorded in October 2021.
- Cardano’s declining NFT ecosystem is part of a greater NFT market slump, with the Forkast NFT 500 Index falling 2.31% over the same period.
- Cardano traders may hope the recent launch of a native wallet can help boost the blockchain’s NFT scene.
- On Tuesday, the developers at the Cardano developer IOG announced the launch of Lace, its first native wallet for the Cardano network. Lace allows users to send and receive Cardano digital assets, including NFTs.
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