Top NFT platform migrates to Hedera from Ethereum

Top NFT platform migrates to Hedera from Ethereum

HBAR Crypto News: More recently, the Hedera (HBAR) network, which runs on its proprietary hashgraph technology, has made major strides in the NFT space. As the market grows competitively with the rise of Blur and other NFT marketplaces, Hedera finds itself as a prominent music NFT project, Mynt, migrating from Ethereum to the network.

Coin brings music NFTs to Hedera

Since the latter half of 2022, the NFT market has been plagued by a significant decline in sales of digital collectibles, which has contributed to the sector’s descent into the abyss of a bear market. However, this has not slowed down the growth of the Hedera ecosystem, as it continues to move towards creating and introducing new applications on top of the Hashgraph-powered network.

Read more: New AI product raises optimism for Hedera Network

On Tuesday, Hedera’s development arm, HBAR Foundation, announced the launch of Mynt which acts as a launch pad, incubating new artists into the Web3 world and providing them with the insight to launch and develop successful NFT projects. Mynt chose Hedera over other tier-1 blockchains, due to its commitment to creating environmentally friendly NFTs, which the NFT platform uses to actively generate new revenue streams for artists and musicians.

Alex Russman, VP at the HBAR Foundation’s Metaverse Fund, was quoted as saying:

The Mynt team brings their industry expertise and artist network to the Hedera ecosystem around a clear understanding of how Web3 innovation best contributes to the artist journey and fan experience.

HBAR’s Push For NFT Growth

Hedera is often chosen as the preferred choice due to the scalable nature of the token service, when it comes to generating NFT collections from the perspectives of speed, security and fees. On the carbon-negative Hedera network, the cost to mint a collection of 10,000 NFTs is just $78 USD.

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In addition, University College London (UCL) discovered in its latest research that Hedera uses the least energy per transaction of any public distributed ledger technology (DLT) – using 3,300 times less energy than Ethereum and 1,000 times less energy than VISA.

In light of this HBAR crypto news, the price of Hedera (HBAR) is currently changing hands at $0.065, representing a 2.10% increase over the last 24 hours as opposed to a 4% gain recorded over the last 24 hours. last seven days.

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