- Polkadot has announced the launch of an NFT marketplace by Beatport on Aventus
- Polkadot NFT volume fairly normal as DOT commenced recovery on price charts
Polkadot is making a significant play in the Non-Fungible Token (NFT), and Web 3 arena as the space grows and the link gets deeper. The development of the Internet and how we interact with digital assets are tied to Web3 and NFTs. Polkadot is putting its foot down early with a recent collaboration announcement with Beatport. Needless to say, a favorable effect on DOT may be on the cards too.
– Read Polkadot (DOT) Price Prediction 2023- 24
The Polkadot partnership with Beatport
NFTs are a crucial application of Web3 technology, enabling the creation and ownership of unique digital assets that can be verified on a blockchain. As the Web 3 ecosystem grows, we expect to see more innovative uses of NFTs and other blockchain-based assets.
Polkadot is taking action in this direction by launching an NFT marketplace. The move is part of an initiative to promote electronic music culture to Web3 and is being carried out in conjunction with global music powerhouse Beatport. With the debut of the Beatport marketplace on Polkadot’s sidechain Aventus, record labels and musicians will have a new channel to promote their work and monetize their fan bases.
Parachains, NFTs, and Polkadot (DOT)
Polkadot is a platform for many blockchains to interact with each other. As such, it seeks to address the issue of blockchain interoperability by facilitating the exchange between multiple blockchains. Polkadot’s architecture, consisting of a “relay chain” and “parachains,” allows it to be interoperable with other systems.
In Polkadot, the main or relay chain serves as a hub to which all of the subchains, or parachains, connect. Parachains are a type of blockchain with enhanced capabilities, including interaction with the relay chain and inter-parachain communication.
Polkadot allows developers to design their parachains or link to pre-existing ones to create and trade NFTs. In addition to Aventus, other parachains on Polkadot that support NFTs include Basilisk, Astar, and Statemint. Here, the Polkadot (DOT) token is vital in protecting all parachains, which are still linked to the relay chain.
The state of NFTs and DOT’s volume
Only once in March has the overall NFT transaction volume for Polkadot in USD on Santiment surpassed $1 million, according to an analysis of the data. In fact, the value was just $341,000, at the time of writing.
With no significant spikes, this volume metric showed that NFT trades on the network were reasonable. With the opening of the new NFT marketplace on Aventus, could this situation alter itself though?
Source: Santiment
Likewise, DOT’s volume on Santiment has been typical, with no noticeable spikes. This volume is similar to the NFT volume. Nonetheless, the volume has picked up and has been on an uptrend after a fall seen on March 12. The volume was already over 369 million, at the time of writing.
Source: Santiment
Additionally, Polkadot (DOT) was trading at about $6.12 on the price charts following a 24-hour hike of 3%. At the time of writing, however, some bearish momentum was creeping into its price performance.
Source: TradingView
– How much are 1,10,100 DOTs worth today
Regarding NFTs, collections, and volume, Polkadot is still behind chains like Solana and Ethereum. And yet, with the popularity of its marketplaces and distinctive NFT selections on its parachains, it might emerge as a prominent force. Its entry into the NFT market may also have a favorable effect on the DOT token.