Polkadot’s NFT Marketplace Shows Promising Growth in Transaction Volume and Value

By 0xGorki 05/17/23 3:32 AM

In the past week, Polkadot’s NFT ecosystem has experienced significant growth in both transaction volume and partnerships. However, this trend may not be sustainable as the graph quickly declined in the following days.

Polkadot (DOT) recorded a sudden surge in revenue and fees on May 12th. However, this trend may not be long-lasting as the graph quickly declined in the following days.

Polkadot recently posted its weekly summary on Twitter, highlighting the most notable developments within its ecosystem that could potentially change the landscape.

1/ Every Monday the #PolkadotRoundup brings you the very latest from the Polkadot ecosystem.

This week’s 🧵 is ready for you now. Read on for the key news and announcements from the many talented teams building in the Polkadot ecosystem. pic.twitter.com/dLiK5Rm2rF

— Polkadot (@Polkadot) May 15, 2023

According to Polkadot’s latest tweet, Moonbeam, a Polkadot parachain, announced its integration of XCM with Equilibrium. This will bring Multichain assets into a balanced state. It will also provide support for cross-chain assets from outside the Polkadot ecosystem.

Moreover, applications on the SubsocialChain can now be used without the need for wallets, tokens, or constant confirmations.

In addition to the aforementioned updates, several integrations have taken place within the blockchain’s NFT ecosystem.

For instance, Astar Network has announced a collaboration with JR Kyushu, the largest railway network in Japan. With this new partnership, NFTs on the Astar Network will provide souvenirs and “driver’s license” certificates for 330 million railway passengers annually.

Santiment’s chart also indicates a similar growth trend. According to the data, the number of NFT transactions and USD trading volume on Polkadot has significantly increased in the past week, which appears optimistic.

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