Mynt Music Brings NFTs to Hedera
Recently, the Hedera (HBAR) network running on proprietary hashgraph technology has been making significant advances in NFT. As the NFT market grows competitively with the emergence of Blur and other NFT marketplaces, Hedera will host Mynt, a leading music NFT project that has transitioned itself from Ethereum to its own network.
Since the second half of 2022, the NFT market has experienced a significant slowdown in sales of digital collectibles, which has contributed to the industry falling into a bear market. But that hasn’t slowed the growth of the Hedera ecosystem as Hedera continues to create and deploy new apps alongside its Hashgraph powered network.
On Tuesday, Hedera’s development arm, the HBAR Foundation, announced the launch of Mynt, which serves as a launchpad that engages new artists in the Web3 world and provides them with insights to launch and grow successful NFT projects. Mynt chose Hedera over other Layer-1 blockchains because of its commitment to creating eco-friendly NFTs that the NFT platform is actively using to generate new revenue streams for artists and musicians. Alex Russman, Vice President of the HBAR Foundation’s Metaverse Fund, said:
“The Mynt team brings industry expertise and artist networking into the Hedera ecosystem with a clear understanding of how Web3 innovation best contributes to the artist journey and fan experience.”
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