The Hedera (HBAR) network has been making significant strides in the NFT space lately, particularly with the adoption of its proprietary hash graph technology. While the market has become more competitive with the emergence of new NFT marketplaces like Blur, Hedera continues to stand out as a prominent music NFT project with Mynt, which recently migrated from Ethereum to Hedera’s network. Let’s know more about the migration of prominent NFT apps.
Despite the recent slowdown in the sale of digital collectibles that has contributed to a bear market in the NFT sector, the Hedera ecosystem has remained resilient and continues to introduce new applications powered by its Hashgraph technology. One such development is the launch of Mynt, which serves as a launchpad for new artists to enter the world of Web3 and provides insights on how to launch and grow successful NFT projects.
One reason why Mynt chose Hedera over other layer-1 blockchains is because of the network’s commitment to creating eco-friendly NFTs. By actively generating new revenue streams for artists and musicians, the NFT platform utilizes the carbon-negative Hedera network to reduce its environmental impact while also promoting sustainable growth. Hence, Hedera’s eco-friendly nature leads to the migration of prominent NFT apps.
Another advantage of Hedera’s token service is its scalability, which makes it ideal for generating NFT collections that require speed, security, and minimal fees. For instance, the cost of minting a collection of 10,000 NFTs on the Hedera network is only $78 USD. In addition, research by University College London (UCL) has shown that Hedera consumes the least amount of energy per transaction of any public distributed ledger technology. Compared to Ethereum and VISA, Hedera uses 3300 and 1000 times less energy, respectively.
As a result of these developments, the price of HBAR has been on the rise. At present, HBAR is trading at $0.065, representing a 2.10% increase over the past 24 hours and a 4% gain over the previous seven days.
Looking ahead, it will be interesting to see how Hedera continues to expand its platform and support new NFT projects, particularly in the music space. With its commitment to eco-friendliness and scalability, Hedera has the potential to become a major player in the NFT sector, especially as more people become aware of the environmental impact of blockchain technology.
