All you need to know about Polkadots new collaboration

All you need to know about Polkadots new collaboration

written by John Murphy | March 18, 2023

Polkadot is a blockchain platform that is trying to build a more interconnected and scalable blockchain ecosystem. It has also made lots of efforts to improve its network.

Polkadot recently took a major step in the NFT and web3 arena in the blockchain world. The ecosystem has positioned itself as a platform that will support the development of NFT applications and marketplaces. But why is that important? because the development of assets and how we interact with them is somehow tied to Web3 and NFT.

What’s special about the new collaboration?

Recently Polkadot came forward with an amazing new revelation of their collaboration with a popular digital music port Beatport. This collaboration will allow Beatport to launch a new NFTs marketplace on the blockchain. Which will further allow customers to sell and buy unique digital music assets.

As more people start using the platform for NFT-related applications it might lead to a price hike or any such favorable effect for the Polkadot coin DOT. Polkadot or any other blockchain platforms that support NFTs and web3 will become an appealing investment for those seeking potential growth in the blockchain industry.

Polkadot along with the global music powerhouse Beatport together have taken this initiative to promote electronic culture music to Web3. Only to make this possible Polkadot made the decision of launching the NFT marketplace. This will give them the opportunity to the musicians to promote their music on a new channel and monetize their work.

Polkadot’s interoperable architecture

Interoperability is one of the many issues faced by blockchain networks. It seems hard to transfer assets from one blockchain network to another. However, Polkadot seems to be focusing on these issues and aims to improve them as one can understand from its exquisite architecture.

The architecture of Polkadot consists of two main aspects “relay chain” and “parachains”. The relay chain has a pretty significant role as the main chain that connects all the parachains together. On the other side, Parachains allow inter-para-chain communication and interaction with the relay chain thus making it a blockchain with enhanced capabilities.

Developers can either create their own parachains using Polkadot or even facilitate the creation and trading of NFTs. With Aventus – a side chain of Polkadot offering debut to Beatport – there are other parachains on Polkadot as well like Basilisk, Astar, and Statemint who support NFTs. The security of the relay chains depends much on DOT.

The transaction volume of NFTs and Dots

According to the data from Santiment, the transaction volume of NFT from Polkadot USD was only once high in March. While the value only remained at $341,000, the transaction volume surpassed $1 million. The data showed no such price hikes or so. which indicates that the trades were just fine.

Similarly, the performance of DOT was not all that great .though it does seem like the volume has been picking pace now. Moreover, with some bearish moments the price of Polkadot DOT also witnessed an almost of 3% price hike.