Why HBAR could sit in a tight spot despite much to celebrate on Hedera’s part
- Michiel Milder from Swirlds Labs talked about the HIP-412 and what it aims to achieve
- Hedera’s NFT space has also seen significant growth recently, but HBAR’s performance was weak
Honored [HBAR] recent podcast features Michiel Mulders, Developer Advocate at Swirlds Labs, discussing HIP-412.
A special thank you @michiel_mulders to join us on the podcast to discuss HIP-412 and #NFT metadata: an often overlooked, yet critical component of #NFTs. HIP-412 standardizes #HonourNFT metadata for improved interoperability and flexibility🛠️
— Hedera (@hedera) 10 April 2023
How much is 1.10.100 HBARis worth today
Before we go any further, let’s understand what Hedera Improvement Proposal (HIP) 412 is. The primary goal of HIP-421 is to standardize the way metadata is structured for NFTs while maintaining interoperability across other chains.
According to Hedera, the token metadata has been developed with input from over a dozen developers and projects in the NFT space. The use cases considered for developing the metadata structure include multi-file NFTs, non-image NFTs and several more.
During the podcast, Michiel Mulders discussed some key points about HIP-421, highlighting its importance and how Hedera planned 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 NFT.
He also mentioned several use cases for NFT metadata, such as licensing. Mulders further added that NFT explorers and NFT wallets are the first places where Hedera wants to implement HIP-421.
Hedera’s performance in the NFT room
HIP-421 could be a game changer for Hedera NFTs, as standardization could also help improve scalability. The implementation could further help Hedera’s NFT space grow, which has already recorded a massive increase in calculations over the past 30 days.
Santiment’s chart revealed that in the last month, Hedera witnessed a massive increase in total NFT trading figures and trading volume in USD.
Source: Sentiment
Thanks to the increase in trading numbers, the number of NFT holders also increased, which was quite optimistic. The number of unique addresses that bought more than $1,000 and $100,000 NFTs also rose sharply.
Source: Sentiment
Is HBAR on the profit train then?
Although Hedera’s NFT space flourished, the same cannot be said for the network’s native token, HBAR. While most cryptos registered gains, thanks to the bullish market condition, HBAR’s performance was not on par with the others.
According to CoinMarketCap, HBAR’s weekly chart was in the red. Although the price increased by more than 1% in the last 24 hours, the gain was not as high as several others. At press time, HBAR was trade to $0.06629 with a market cap of over $2 billion.
Realistic or not, here it is HBAR market cap in BTCits terms
What calculations suggested
It was interesting to see that despite HBAR’s sluggish price action, demand in the futures market was high 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 its weighted sentiment remained low.
Source: Sentiment
