Polkadot has announced the launch of a Beatport NFT marketplace on Aventus. Polkadot NFT volume is pretty normal, as DOT started to rally on price charts.
Polkadot is making a significant play in the Non-Fungible Token (NFT) and Web 3 arena as the space grows and tie-in becomes deeper. The development of the Internet and the way we interact with digital assets are linked to Web3 and NFT. Polkadot is going strong with a recent collaboration announcement with Beatport. It goes without saying that a favorable effect on DOT may also be on the cards.
Polkadot’s Association with Beatport
NFTs are a crucial application of Web3 technology, which enables the creation and ownership of unique, verifiable digital assets on a Blockchain. As the Web 3 ecosystem grows, more innovative uses of NFTs and other Blockchain-based assets are expected.
Polkadot is taking steps in this direction by launching an NFT marketplace. The move is part of an initiative to push electronic music culture to the Web3, and it is being carried out in conjunction with global music powerhouse Beatport. With Beatport’s market debut on Polkadot’s Aventus sidechain, record labels and musicians will have a new channel to promote their work and monetize their fanbases.
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 exchange between various 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 sub- or para-chains connect. Parachains are a type of Blockchain with enhanced capabilities, including interaction with the relay chain and communication between parachains.
Polkadot allows developers to design their own parachains, or link to 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 to protect all the parachains, which are still tied to the relay chain.
NFT Status and DOT Volume
Just once in March, overall NFT transaction volume for USD Polkadot on Santiment exceeded $1 million, according to an analysis of the data.
With no significant spikes, this volume metric showed that NFT transactions on the network were reasonable. However, with the opening of the new NFT market on Aventus, could this change?
Similarly, DOT’s Santiment volume has been typical, with no notable spikes. This volume is similar to the NFT volume. However, volume has recovered and has been trending higher after a dip seen on March 12.
Regarding NFTs, collections and volume, Polkadot is still behind chains like Solana and Ethereum. And yet, with the popularity of its markets, as well as the distinctive NFT picks on its parachains, it could emerge as a standout force. Its entry into the NFT market can also have a favorable effect on the DOT token.
By Audy Castaneda
