![\"Cardano](\"https:\/\/zycrypto.com\/wp-content\/uploads\/2022\/01\/Cardano-Large-Holders-Double-ADA-Holdings-Within-Days-As-Prospects-Of-Rapid-Price-Increase-Mounts.jpg\" "\\"Cardano")
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- Cardano could rise to become the industry leader for NFTs thanks to an array of developments on the network.<\/li>\n
- Smart contract functionality and growth metrics over the last six months are indicators for Cardano to become the new NFT capital.<\/li>\n
- NFTs transaction volumes have taken a major hit over the last six months but enthusiasts are still hopeful.\u2019<\/li>\n<\/ul>\n
Non-fungible tokens (NFTs) have found a home in Ethereum and Solana over the last year but one NFT analyst thinks Cardano could edge out the competition in the near future.<\/p>\n
Cardano has NFTs in its sights<\/strong><\/h2>\n
Goofy Crisp, an NFT enthusiast has expressed faith in the Cardano network to become the cynosure of NFTs in the future. According to him, Cardano\u2019s activity has exploded after just 9 months of enabling smart contract capabilities. Since then, 5.3 million tokens are live on the blockchain while 1017 projects are in development.<\/p>\n
A third of the projects in development revolves around NFTs and at the moment, Cardano ranks third in terms of NFT trading volumes. Only Solana and Ethereum have a higher transaction volume than Cardano with user growth on the network\u2019s largest NFT marketplace, JPG Store soaring by 50% within a month.<\/p>\n
Pundits are predicting that Ethereum\u2019s Proof-of-Stake transition may be delayed and Solana\u2019s frequent outages might lead to Cardano\u2019s rise to the top. Other factors hinting at growth are the new features in JPG Store such as traits and price filtering, NFT minting, and a \u201cpeer-reviewed open-source contract and new backend infrastructure\u201d.<\/p>\n
Technically, the Vasil hard fork<\/a> is touted to bring the network one step closer to becoming an NFT hub. The introduction of diffusion pipelining will improve transaction speeds and inline datums will improve on-chain data storing capability for a better user experience.<\/p>\n
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\n <\/p><\/div>\n\u201cWe may be in the middle of a bear market but the Cardano NFT space doesn\u2019t feel like it. There are many improvements to come both on the blockchain and on the projects,\u201d wrote Goofy Crispy. \u201cI think it\u2019s safe to say the next few months will be very interesting, buckle up.\u201d<\/p>\n
NFTs transaction volumes are a stark contrast<\/a> to the highs of 2022, appearing to be affected by the grim crypto prices plaguing the industry. Cardano\u2019s ADA is trading at $0.48 which is -84.70% from its all-time high of $3.10.<\/p>\n
Big names are rooting for Cardano<\/strong><\/h2>\n