Hedera prepares to tap into the next major NFT wave, here’s how

  • Hedera has introduced the launch of Mintbar, a brand new open-source NFT minting platform.
  • The important thing cause is to make the community extra aggressive within the NFT market.

The Hedera community simply rolled out a brand new providing that can enable it to safe extra progress within the NFT market. The highest blockchain networks have been laying the foundations for tapping into progress alternatives in 2023. Right here’s a take a look at what Hedera has in retailer for the NFT market within the coming 12 months and what it means for customers.

Learn Hedera [HBAR] Worth Prediction 2023-2024

Hedera has introduced the launch of Mintbar, a brand new open-source NFT minting platform that might be native to the blockchain community. In accordance with the announcement, Mintbar will enable Hedera customers to mint NFTs simply, rapidly, and cost-effectively. This is a vital transfer for the community so far as NFT efficiency is anxious.

The important thing cause why Hedera rolled out Mintbar is to make the community extra aggressive within the NFT market. It additionally goals to attain this by making it simpler for Hedera customers to create NFTs. This is a vital focus for the community given the sturdy progress that the NFT market contributed to the crypto market in 2022.

Hedera NFT metrics

Supply: Santiment

Maybe this growth could assist Hedera to gasoline extra life into its NFT demand. The community’s NFT metrics reveal that NFT trades counts and quantity have been on the decline. The second half of the 12 months had notably decrease NFT volumes than the primary half of the 12 months.

Can this sort of growth facilitate extra utility for the community?  Larger ranges of utility ought to in idea translate to larger demand for the native token HBAR. It will seemingly be the case if Hedera manages to attain robust NFT efficiency.

Can the above observations help favorable sentiment?

So far as Hedera’s short-term efficiency is anxious, the Mintbar rollout aligns with wholesome growth exercise for the reason that begin of December. However the pertinent query is- Will it’s sufficient to facilitate a good sentiment?

Hedera development activity and weighted sentiment and

Supply: Santiment

Notably, HBAR’s weighted sentiment has improved considerably within the final three weeks. Thus, indicating that traders have gotten extra bullish. A take a look at the weighted sentiment within the final 24 hours revealed no significant change.

HBAR delivered an general bearish efficiency for the reason that begin of December. Nonetheless, this implies the chance of a bullish takeover is notably larger.

What number of HBAR are you able to get for $1?

HBAR achieved a brand new 2022 low of $0.040 on Monday (19 December) after experiencing extra value slippage. This draw back briefly pushed it into oversold territory and has since loved a little bit of upside to its $0.042 press time value.

Hedera HBAR's price action

Supply: TradingView

HBAR’s RSI has already began bouncing again from the oversold zone. This implies there’s a substantial chance of a bullish bounce for HBAR.

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