Hedera Hashgraph’s native token HBAR has rallied over 100% in the last week on news of new ecosystem partners and the introduction of NFT minting abilities on its network.
Hedera Hashgraph, a public network that uses a distributed ledger technology known as Hashgraph to increase scalability and lower transaction costs. Hedera Hashgraph isn’t built on top of a conventional blockchain. Instead, it introduces a completely novel type of distributed ledger technology known as a Hashgraph. Hedera touts of its transaction cost which has an average transaction fee of just $0.0001 USD and typically reaches finality in under five seconds. Overall, Hedera Hashgraph claims it can handle more than 10,000 transactions per second (TPS).
The Hedera community started a partnership program that aims to roll more integrators, technology partners, and enterprise applications to Hedera’s blockchain. According to their Twitter account, the partnership program has lured new partners like the London School of Economics and Political Science and the Indian Institute of Technology Madras to the Hedera governing council.
Other recent partnership announcements include collaborations with Fobi, Dropp, and Filecoin, which has launched a $200,000 developer grant project in conjunction with Hedera designed to help advance Web3 interoperability.
Asides from partnerships, Hedera also announced on its Twitter page that its network will be introducing NFT minting abilities on its network. The tweet read, “The latest release of Hedera Service Code v0.17.4 on mainnet includes updates to the Hedera Token Service: NFTs, Custom Fees (including NFT royalties), Metadata standards for tokens.”
The NFT sector has been one of the hottest trends in 2021 and while the price action and trading activity for NFTs have declined significantly from their August highs, the sector is likely to expand in the near future especially with the advent of Play-to-Earn gaming services that introduces NFT’s as a way to make more money while playing a game.
HBAR has rallied from 24 cents to an all-time high of 56 cents yesterday, which represents a gain of over 133% in the last 7 days. Although there has been a retracement in its price as it currently trades for 49 cents per token. Many analysts believe that HBAR’s price will continue to rally as there is more demand and use for its network.