Hedera is gearing up to take part in the next big NFT wave, here’s how

• Hedera has announced the launch of Mintbar, a new open source NFT coining platform.
• The main reason is to make the network more competitive in the NFT market.

The Hedera network has just rolled out a new offering that will allow it to secure more growth in the NFT market. The best blockchain networks have laid the groundwork to capitalize on growth opportunities in 2023. Here’s a look at what Hedera has in store for the NFT market in the coming year and what it means for users.

Read Hedera [HBAR] Price prediction 2023-2024

Hedera has announced the launch of Mintbar, a new open source NFT coin platform that will be native to the blockchain network. According to the announcement, Mintbar will allow Hedera users to create NFTs easily, quickly and cost-effectively. This is an important move for the network in terms of NFT performance.

🔥Introducing Mintbar: open source #NFT coins for #Honour!

Made of @Ashe_OroMintbar enables both technical and non-technical creators to create quickly, easily and affordably #NFTs the right way.

Try it yourself! 👉

— Hedera (@hedera) 19 December 2022

The main reason Hedera rolled out Mintbar is to make the network more competitive in the NFT market. It also aims to achieve this by making it easier for Hedera users to create NFTs. This is an important focus for the network given the robust growth that the NFT market contributed to the crypto market in 2022.

Source: Sentiment

Perhaps this development can help Hedera to give more life to the NFT need. The network’s NFT measurements reveal that the number of NFT trades and volume has been on the decline. The second half of the year had significantly lower NFT volumes than the first half of the year.

Can this type of development facilitate more utility for the network? Higher utility levels should in theory translate into higher demand for the original token HBAR. This is likely to be the case if Hedera manages to achieve strong NFT performance.

Can the above observations support favorable sentiments?

In terms of Hedera’s near-term performance, the Mintbar rollout is in line with healthy development activity since early December. But the relevant question is: Will it be enough to facilitate a favorable feeling?

Source: Sentiment

In particular, HBAR’s weighted sentiment has improved significantly over the past three weeks. Thus indicating that investors are becoming more bullish. A look at the weighted sentiment over the past 24 hours revealed no meaningful change.

HBAR delivered a generally bearish performance since early December. However, this means that the probability of a bullish takeover is significantly higher.

How many HBARs can you get for $1?

HBAR made a new 2022 low of $0.040 on Monday (Dec 19) after experiencing more price slippage. This downside briefly pushed it into oversold territory and has since had some upside to the press time price of $0.042.

Source: TradingView

HBAR’s RSI has already started to bounce back from the oversold zone. This means there is a significant likelihood of a bullish bounce for HBAR.