Cardano’s non-fungible token (NFT) ecosystem has seen a significant decline.
The Cardano NFT Market Performance Index, has dropped 15.5% over the past 30 days.
The indicator shows that Cardano users have sold off top projects in favor of newer projects.
The two collections, Ennaya of Tonire and Magic Kongs alone , account for about 11.5% of all NFT sales in the network.
The decline of the Forkast CAR NFT Composite also shows the declining activity of NFT traders in the Cardano ecosystem.
According to data from CryptoSlam, the total number of Cardano NFT buyers has decreased by 22.3% over the past 30 days. The number of sellers increased by 190% , but the total was only 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 larger decline in the NFT market, with the Forkast NFT 500 Index down 2.31% over the same period.
Cardano traders can expect the recent launch of a native wallet to help propel the blockchain NFT landscape.
On Tuesday, developers at IOG developer Cardano announced the launch of Lace, the first native wallet for the Cardano network. Lace allows users to send and receive Cardano digital assets, including NFT.