The Polkadot ecosystem is flourishing from NFTs to Analytics
- Polkadot shares updates on projects in the ecosystem that strengthen its position.
- The asset remains bearish despite the booming ecosystem, but analysts expected a turnaround soon.
The Polkadot ecosystem has been busy in recent months as several projects including Efinity announce updates and new initiatives. It may be recalled that Enjin announced the launch of Efinity on Polkadot last year.
In a recent update, Enjin has launched a beta version of a Non-Fungible Token (NFT) marketplace on the Efinity blockchain. According to the report, simple tools are available for NFT embossing, editing and distribution. Using the innovative QR distribution service, users can share NFTs with their networks.
1/ Monday means more exciting ecosystem updates! check out #PolkadotRoundup to learn about important news and announcements from the parachain team and other Polkadot projects. 🧵⬇️
And by the way, @PolkadotDekodet 2023 comes 28-29. June. To learn more: pic.twitter.com/yfZvjah1Yq
— Polkadot (@Polkadot) 8 May 2023
Another update on the Polkadot ecosystem is ChatDKG, an AI-based search framework for knowledge resources. According to an announcement, ChatDKG is now supported by NgiSearch, a new initiative funded by the European Union.
Unique Network has also announced a major milestone as it launches its EVM encoder tool! The tool is said to streamline contract development to write smart contracts in Rust without prior knowledge of Solidity.
An analytics tool called Polkawatch intended to measure the decentralization of Polkadot’s validation process announced that it has taken a major step to improve monitoring and observability on the Kusama network.
We just improved the Polkawatch data quality observability in @kusamanetwork. We deployed @NodeRED with the @Polkadot plugin developed by @zoopercorp (thanks!), which turned out to be a great tool for monitoring and observability of Substrate DAPPs.
Moonbeam Network also announces the introduction of a newly created contributor called “Distractive XYZ” to its ecosystem. This is dedicated to marketing, growth and ecosystem development.
Beat Pressure, Astar Network and other updates on Polkadot
Another big announcement in the Polkadot ecosystem worth mentioning is Beat Pressure. It has announced that it has entered the alpha stage on the Moonsama NFT.
The Beat Pressure alpha stage is live! You can now listen to music NFTs as well as play along to their rhythm. The game features the sold out Diesel music NFT by @jointhepressure. A limited edition NFT will be given to anyone who plays it over the next 7 days.
SubWallet and PolkaSafe have also entered into a partnership to provide increased security. SubWallet has added 15 more projects to the Polkadot ecosystem to bring the total number of teams to 549 in 29 categories.
Astar Network NFT month also starts-
We’re excited to 🦶 kick off our first NFT Month Twitter Spaces with this upcoming space featuring @ArtZero_io x @subwalletapp x @AstarNetwork themed around #NFTs & #AI! Join us on the 8th. May at 15:00 UTC! Set these ⏰ reminders and see you soon!
It is important to note that the Astar and Sony Web3 Incubation Program has announced the winning team across various industries, including DeFi, NFT, Data Sharing and GameFi.
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Despite the thriving ecosystem, Polkadot currently has a bearish market sentiment and has fallen by 5.6 percent in the past seven days. Polkadot is currently trading at $5.37 and is down 90 percent from a record high of $54 with a market cap of $6,351,789,218. The asset has fallen by 12 per cent and 22 per cent respectively in the last 30 days and 90 days.
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