Cardano’s largest NFT project, Monkey Society, is priced at a minimum of 10,000 ADA.
Like any new technology, understanding NFTs and everything else going on in space can be challenging.
First of all, a non-fungible token (NFT) is a unique unit of data on the blockchain that can be linked to digital and physical objects to provide immutable proof of ownership. The data in the NFT can be associated with digital images, songs, videos, avatars, and more.
However, they can also be used to provide the NFT owner with access to exclusive merchandise, tickets to live or digital events, or link them to physical assets such as cars, yachts, and more.
Cardano records a 280 percent increase in NFT trading volumes. Recently, there has been a lot of interest in Cardano NFT projects.
This may explain the massive increase in the size of The Ape Society, Cardano’s largest blockchain-based NFT project. Today, the Monkey Society set a new record by reaching the minimum price of 10,000 ADA.
In addition to being the record holder for this NFT project, he is also the record holder for Cardano NFT. No NFT pools on Cardano’s NFT platform have exceeded the 10,000 ADA limit.
Therefore, 10,000 ADA is the lowest price of any NFT in the Ape Society NFT pool. However, it is important to remember that there will be other NFTs with prices above the minimum price. For example, the King Ford NFT from The Ape Society sold for 180,000 ADA.
Also, Maitland Lavigne (another NFT on JPG, an NFT marketplace by Cardano) sold for 47,000 ADA. Recent data from OpenCNFT ranks Monkey as the largest NFT project based on transaction volume over a 24-hour period.
According to the ranking, Lunatics Quackhead and Clay Nation chose the top three NFT projects.
NFT pools on Cardano’s NFT platform are in the project’s native token (ADA). Hence, minimum price fluctuations do not affect their prices. Instead, they are subject to fluctuations in the ADA rate against the US dollar. If you would like to learn more about the world of NFTs, click here.
Cardano NFTs continue to grow
Meanwhile, Cardano’s NFT volume increased by 280 percent between October 10 and October 17, 2022. For example, on October 10, ADA NFT volume was around 810,000 but had increased to 3 million by October 17, indicating an increase of 280 percent. %.
This increase in volume has caused Cardano to surpass the constant x and become one of the top three NFT chains. Data from OpenCNFT shows a 67% increase in NFT transactions over the same period.
The data also revealed that the number of ADA NFT volumes reached a new all-time high of 3,089,313 on October 17. In addition, StockTwits NFT data also showed that the NFT volumes of two Cardano NFT projects (Claymates and The Ape Society) have increased significantly recently.
User activity on NFT projects such as SpaceBudz, Lending Pond, Cardano Dex Muesliswap, Singularity NFT, and CNFT increased by 75%, 75%, 93%, 259%, and 282%, respectively.
The successful completion of Cardano’s Vasil update has raised expectations from the network. Cardano developers have released a Vasil update to improve the Cardano network, including Plutus smart contracts.
Vasil’s full feature post was completed on September 27th. ADA is up 4.38% over the past 24 hours and is trading at $0.349.