What DOT holders should know about Polkadot’s latest ‘statement’ partnership
- Polkadot has announced the launch of a Beatport NFT marketplace on Aventus
- Polkadot NFT volume pretty normal as DOT started price chart recovery
Polkadot is playing a significant role in the Non-Fungible Token (NFT) and Web 3 space as the space expands and the connection deepens. The development of the internet and the way we interact with digital assets are tied to Web3 and NFTs. Polkadot is stepping on the gas early with a recently announced collaboration with Beatport. Needless to say, a beneficial effect on DOT is also on the cards.
– 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 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 on Web3 and is being implemented in connection with the global music powerhouse Beatport. With the debut of Beatport Marketplace on Polkadot’s sidechain Aventus, record labels and musicians 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 attempts to address the problem of blockchain interoperability by facilitating exchanges between multiple blockchains. Polkadot’s architecture, consisting of a “relay chain” and “parachains,” allows for interoperability with other systems.
In Polkadot, the main or relay chain serves as the node to which all subchains or parachains are connected. Parachains are a type of blockchain with advanced capabilities, including interaction with the relay chain and communication between parachains.
Polkadot allows developers to design their parachains or link to existing ones to create and trade NFTs. Besides Aventus, other parachains on Polkadot that support NFTs include Basilisk, Astar, and Statemint. Here the Polkadot (DOT) token is vital to protect any parachains that are still connected to the relay chain.
The status of NFTs and DOTs volume
Only once in March did the total NFT transaction volume for Polkadot in USD on Santiment surpass $1 million, according to an analysis of the data. In fact, at the time of writing, it was only worth $341,000.
With no significant spikes, this volume metric showed that NFT trades were reasonable on the network. Could this situation change with the launch of the new NFT marketplace on Aventus?
Source: Santiment
Likewise, the volume of DOT on Santiment was typical, with no noticeable peaks. This volume is similar to the NFT volume. Nonetheless, volume has increased and is in an uptrend after falling on March 12th. At the time of writing, the volume was already over 369 million.
Source: Santiment
Additionally, Polkadot (DOT) was trading around $6.12 after a 24-hour gain of 3% on the price charts. However, at the time of writing, some bearish momentum was creeping into its price action.
Source: TradingView
– How much are 1,10,100 DOTs worth today?
In terms of NFTs, collections, and volume, Polkadot still lags behind chains like Solana and Ethereum. And yet, with the popularity of its marketplaces and distinctive NFT selection on its parachains, it could become a formidable force. Its entry into the NFT market may also be beneficial for the DOT token.