Prominent NFT App Migrates To Hedera From Ethereum; Is HBAR Price Set To Rally?

NFT

HBAR Crypto News: In recent times, the Hedera (HBAR) network, which runs on its proprietary hashgraph technology, has been making bigger headways into the NFT space. As the market grows competitive with the advent of Blur and other NFT marketplaces, Hedera finds itself a prominent music NFT project, Mynt, migrating from Ethereum to its network.

Mynt Brings Music NFTs To Hedera

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

Read More: New AI Product Sparks Optimism For Hedera Network

On Tuesday, Hedera’s development arm, HBAR Foundation, announced the launch of Mynt which acts as a launchpad, incubating new artists into the world of Web3 and providing them with insights to launch and grow successful NFT projects. Mynt chose Hedera over other layer-1 blockchains, due to its commitment of creating eco-friendly NFTs, which the NFT platform utilizes 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 are bringing their industry expertise and artist network to 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 because of the scalable nature of its 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 of minting a collection of 10,000 NFTs is only $78 USD.

Additionally, University College London (UCL) discovered in their most recent research that Hedera consumes the least amount of energy per transaction of any public distributed ledger technology (DLT) — using 3300 times less energy than Ethereum and 1000 times less energy than VISA.

In light of this HBAR crypto news, the price of Hedera (HBAR) is currently exchanging hands at $0.065, which represents an increase of 2.10% over the past 24 hours as opposed to a gain of 4% recorded over the previous seven days.

Also Read: Silicon Valley Bank Now Under Investigation By U.S. SEC & Department Of Justice