Cardano Network Records the First NFT Sale of More Than $1M

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Cardano Network Records the First NFT Sale of More Than $1M
Cardano Network Records the First NFT Sale of More Than $1M

NFT has been running on the Cardano network for some time even before the smart contract feature launched on the network, users could mint and sell NFTs without a smart contract address. This is one of the driving forces behind the network and users have taken full advantage of this opportunity to trade their NFTs on the blockchain.

SpaceBudz Sells its First Million Dollar NFT on Cardano Network 

According to an announcement On Tuesday, the SpaceBudzBot account reported that SpaceBud # 9936 was sold for 510,000 ADA. At the time of writing, based on ADA’s current price of $2.16, NFT retails for $1,101,600 record sales in the Cardano network.

SpaceBudz is an NFT platform based on the Cardano blockchain. SpaceBudz is made up of 10,000 unique NFTs, and users can own these NFTs in person after purchase. The project broadcasts its sales on Twitter via a bot that reports every listing and sale from SpaceBudz NFT.

Ethereum NFT Continues to Lead the NFT Space

Cardano’s NFT market has been thriving since the introduction of smart contract functions on the blockchain. Although these smart contracts are not necessary to mint NFTs, they bring more users onto the network, which in turn creates more interest in the minted NFTs on the platform. Various artists have posted and sold their NFTs on the blockchain, and now SpaceBudz has successfully posted the first Cardano NFT sale of over $1 million.

However, compared to the leading NFT blockchain Ethereum, Cardano NFT sales are minimal. On the Ethereum network, Beeples NFT is being sold for up to $69.3 million, and Cardano just generated its first million in sales. This is mainly because the network introduced the NFT feature later than Ethereum and there is less interest from buyers.