Michiel Milder of Swirlds Labs talked about HIP-412 and what it aims to accomplish
Hedera’s NFT space also recorded significant growth recently, but HBAR’s performance has been sluggish
from Hedera [HBAR] recent podcast features Michiel Mulders, developer attorney at Swirlds Labs, discussing HIP-412.
Special thanks to @michiel_mulders for joining the podcast to discuss HIP-412 and #NFT metadata: an often overlooked but crucial part of #NFTs. HIP-412 standardizes #HederaNFT metadata for improved interoperability and flexibility🛠️
🎙️https://t.co/iICAuQJm7I pic.twitter.com/dJMZDgc4bs
— Hedera (@hedera) April 10, 2023
How many 1,10,100HBARis worth it today
Before we go any further, let’s understand what the Hedera Improvement Proposal (HIP) 412 is. The primary purpose of HIP-421 is to standardize the way metadata is structured for NFTs while maintaining interoperability between other chains.
According to Hedera, the token metadata was developed with the input of more than a dozen developers and projects in the NFT space. The use cases that are considered when developing the metadata structure include multi-file NFTs, non-image NFTs, and many more.
During the podcast, Michiel Mulders discussed some key points about the HIP-421, highlighting its importance and how Hedera had plans to implement it. Mulder pointed out the importance of metadata and how it sometimes becomes more important than the NFT itself, citing an example of real estate NFTs.
He also mentioned several use cases for NFT metadata, such as licensing. In addition, Mulders added that NFT scouts and NFT wallets are the first places Hedera plans to deploy the HIP-421.
Hedera’s performance in NFT space
HIP-421 can be a game changer for Hedera NFTs as standardization can also help improve scalability. The implementation could help further grow Hedera’s NFT space, which has already registered a massive increase in stats over the past 30 days.
Santiment’s chart revealed that Hedera witnessed a massive increase in total NFT trade numbers and USD trading volume over the past month.
Source: Sentiment
Thanks to the increase in the number of transactions, the number of NFT holders also increased, which was quite optimistic. The number of unique addresses purchasing more than $1,000 and $100,000 NFTs also rose sharply.
Source: Sentiment
Is HBAR on the profitable train then?
While Hedera’s NFT space was booming, the same cannot be said for the network’s native token, HBAR. While most cryptos made gains thanks to the rising market conditions, HBAR’s performance was not comparable to the others.
According to CoinMarketCap, HBAR’s weekly chart was red. Although the price is up more than 1% in the last 24 hours, the gains were not as high as several others. At the time of writing, HBAR trade at $0.06629 with a market cap of over $2 billion.
Realistic or not, here it is HBAR market cap in BTC‘s conditions
What stats suggested
It was interesting to see that despite HBAR’s sluggish price action, demand in the futures market was strong, as evidenced by the Binance funding rate.
HBAR’s social volume was also high, indicating its popularity in the crypto space. However, negative sentiment around HBAR was dominant as weighted sentiment remained low.
Source: Sentiment
This post Why HBAR could be in a tight spot despite much to celebrate on Hedera’s part
was published first on https://ambcrypto.com/why-hbar-could-sit-in-a-tight-spot-despite-much-to-celebrate-on-hederas-part/
