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 development within the NFT market. The highest blockchain networks have been laying the foundations for tapping into development alternatives in 2023. Right here’s a take a look at what Hedera has in retailer for the NFT market within the coming yr 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 shall 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 crucial transfer for the community so far as NFT efficiency is worried.

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 crucial focus for the community given the sturdy development that the NFT market contributed to the crypto market in 2022.

Supply: Santiment

Maybe this improvement could assist Hedera to gas 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 yr had notably decrease NFT volumes than the primary half of the yr.

Can this sort of improvement facilitate extra utility for the community?  Increased ranges of utility ought to in concept translate to increased demand for the native token HBAR. It will doubtless be the case if Hedera manages to attain sturdy NFT efficiency.

Can the above observations help favorable sentiment?

So far as Hedera’s short-term efficiency is worried, the Mintbar rollout aligns with wholesome improvement exercise for the reason that begin of December. However the pertinent query is- Will or not it's sufficient to facilitate a positive sentiment?

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 total bearish efficiency for the reason that begin of December. Nonetheless, this implies the chance of a bullish takeover is notably increased.

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.

Supply: TradingView

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