The Hedera network recently launched a new offering that will allow it to secure additional growth in the NFT market. The leading blockchain networks have been laying the groundwork for capitalising on growth opportunities in 2023. Here’s an overview of what Hedera has planned for the NFT market in the coming year, as well as what it means for users.
Mintbar, a new open-source NFT minting platform that will be native to the blockchain network, has been announced by Hedera. According to the announcement, Mintbar will make it simple, quick, and inexpensive for Hedera users to mint NFTs. This is a significant step forward for the network in terms of NFT performance.
The primary reason Hedera implemented Mintbar was to increase the network’s competitiveness in the NFT market. It also intends to accomplish this by making it simpler for Hedera users to create NFTs. Given the robust growth that the NFT market contributed to the crypto market in 2022, this is an important focus for the network.
Perhaps this development will assist Hedera in reviving its NFT demand. The network’s NFT metrics show that NFT trade counts and volume are decreasing. The second half of the year saw significantly lower NFT volumes than the first.
Can this type of development lead to increased network utility? In theory, higher levels of utility should translate into higher demand for the native token HBAR. This is likely to be the case if Hedera achieves strong NFT performance.
In terms of Hedera’s short-term performance, the Mintbar rollout aligns with healthy development activity since the beginning of December. But the pertinent question is whether it will be sufficient to foster a favourable sentiment.
Notably, HBAR’s weighted sentiment has significantly improved in the last three weeks. As a result, investors are becoming more bullish. A look at the weighted sentiment in the previous 24 hours revealed no discernible change.
Since the beginning of December, HBAR has delivered an overall bearish performance. This, however, increases the likelihood of a bullish takeover.
On Monday (19 December), HBAR hit a new 2022 low of $0.040 after experiencing more price slippage. This decline briefly pushed it into oversold territory, but it has since recovered some of its $0.042 press time price.
HBAR’s RSI has already begun to recover from the oversold zone. This implies that HBAR is likely to experience a bullish bounce.