Hedera Prepares To Tap Into The Next Big NFT Wave

Hedera Virtual Currency (HBAR) announces the launch of Mintbar, a new open-source platform specializing in the non-fungible asset (NFT) market. The aim of this launch is to make the Hedera network more competitive in the NFT market and of course to attract more investors.

Launch of Mintbar, what does it consist of?

The launch of the new Mintbar.xyz platform is part of the logic of the Hedera network to deploy an offer intended for ensure faster network growth in the NFT market. The ultimate goal is of course to promote the rapid adoption of the ecosystem NFT Ivy

According to the announcement, the new platform will allow all users of the Hedera network to minting NFTs easier and cheaper. The crypto community has already greeted the announcement with great optimism as it is an important step towards optimizing the performance of NFTs.

A simple, intuitive and fast application

Although this is only a demonstration project, Hedera is doing very well on this one. The platform is very intuitive, fast and easy to use. The Mintbar.xyz platform app was built to allow inexperienced users to mint new NFTs and collections of NFTs quickly and easily.

Open-source technology

Hedera already provides a great starting point for future deployments of NFT projects revolving around its NFT environment. the deposit official source code on Github allows any IT developer to download all the IT files and then deploy their own standalone product or simply integrate a similar platform on their own system.

Minbar.xyz is in any case only a simple demonstration product for the Hedera team. The team does not plan to maintain the project and therefore any additional functionality will need to be implemented by the community under a separate domain name.

Mintbar.xyz does not support ERC-721 NFTs

The Hedera token service, known as HTS, is one of the most successful in the world. It is particularly economical and very fast. The Mintbar platform was not designed to support ERC-721 NFTs.

This gives the assurance that each NFT will be fast, 100% green and it will only cost a fraction of the usual transfer cost. The other big advantage of this platform is that by minting native HTS NFTs, you know the exact price in dollars in advance.

Why is Hedera interested in the NFT market?

Hedera is one of the cryptocurrencies that suffered the most in 2022. The cryptocurrency Hedera (HBAR) is currently trading at $0.04275, down from $0.31 just a year ago. The data provided by the network clearly shows a sag in transaction volume in the NFT sector in the second halfcompared to the previous semester.

It is clear that the blockchain network is therefore betting on the launch of this new platform to foster the rapid adoption of its HTS technology. It wants to make its network more competitive on the market for non-fungible assets.

The platform is intended to foster the creation of NFTs by users of the Hedera network. This is an important issue for the future of blockchain technology due to the robust growth of the NFT market.

The NFT market represents a absolutely gigantic growth potential. A study by the consulting firm Emergenresearch estimates that the non-fungible asset market should continue to grow at an annual rate of 34.20% to reach a sales volume of $214.57 billion by 2030 (from $15.54 billion in 2021).

Market Overview Of Nft Market Growth (Period 2022 - 2030) - Source: Emergenresearch.com

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