Current Status and Potential of NFT on Polkadot

OneBlock+
5 min readApr 5, 2023

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Earlier this month, Polkadot officially announced a partnership with global music giant Beatport to bring electronic music culture to Web3 with the launch of a digital collectibles marketplace. Beatport is a global leader in electronic music for DJs, producers and their fans. This new NFT platform will be its permanent platform in Web3. Record labels and artists will create and sell digital assets on this platform to further increase fan engagement.

Cross-border Collaboration, Potential of NFT on Polkadot

As the world’s leading electronic music brand, Beatport is committed to promoting the spread and development of electronic music culture. As a decentralized blockchain ecosystem, Polkadot has good scalability and security. Polkadot’s cross-chain technology and multi-chain architecture enable different types of NFT assets to be issued and traded on multiple chains. It provides strong support and guarantee for the spread of electronic music culture in Web3. Beatport and Polkadot will collaborate on 10 major events over the next 18 months, as they continue to launch new NFT collections.

This digital artwork platform based on blockchain technology will provide users with a new digital experience and promote the spread and development of electronic music culture. Similarly, this cooperation further proves Polkadot’s emphasis and support for NFT projects, and also indicates that NFT projects will have more cooperation and development opportunities in Polkadot.

Excellent NFT Projects in Polkadot

In addition to this digital marketplace in partnership with Beatport, the NFT sector in Polkadot has been developing. Among them, there are several projects worth mentioning:

Unique Network

Unique Network is an NFT parachain based on Polkadot and Kusama, which is characterized by supporting not only the distribution and trading of digital artworks, but also many types of NFT assets such as game props, music copyrights.

The core of Unique Network benefits from Polkadot’s multi-chain architecture, which allows users to create and manage multiple types of NFT assets. The goal is to apply NFT to more areas and provide users with a new digital experience. Its advantage supports the issuance and trading of different types of NFT assets, which provides a broader space for the innovation and development of NFT projects.

NFT Ecosystem in Moonbeam

Moonbeam is a smart contract platform for building cross-chain interconnected applications with the ability to access users, assets and services on any chain. By integrating features from Ethereum, Cosmos and Polkadot into one development platform, Moonbeam solves the problem of fragmented user experience, unlocks true interoperability, and lays the foundation for the next generation of decentralized applications. Moonbeam provides an Ethereum-compatible environment and supports Solidity smart contract language. Moonbeam is also a parachain of Polkadot and it can interact cross-chain with other parachains.

RMRK

There are many NFT projects on Moonbeam, the most well-known of which is RMRK. RMRK is one of the most well-known NFT projects in the Dotsama ecosystem, known as “NFT Lego” and its proposed RMRK NFT standard. RMRK was first built on Kusama, and now RMRK has been integrated with Moonriver, allowing users to cross-chain RMRK to Moonriver as xcRMRK for the XC-20 standard. Kanaria Skybreach, in the Metaverse of RMRK, has been deployed on Moonriver, allowing more users of the EVM ecosystem to participate.

Moonsama

Moonsama is an NFT/metaverse project on Moonriver with an active community and an ambitious ecological blueprint. Moonsama has launched a number of NFT series including Exosama, Gromlin and Raresama, the NFT marketplace, among others. In addition, Moonsama has launched several game projects, such as the Minecraft game Carnage, the strategy page-game Pondsama, and Battle for Nova.

Moonbeans

Moonbeans, the NFT marketplace on Moonbeam and Moonriver, has launched several NFT series, such as Beanies, Damned Pirates Society and RivrMaid, etc. Moonbeans provides a good platform for users to trade NFT and also provides more exposure for NFT projects.

Unique Advantages of Polkadot

From both technical and ecosystem aspects, Polkadot brings a lot of advantages to NFT projects.

In terms of technology, Polkadot’s cross-chain technology and multi-chain architecture can provide better interoperability and transaction circulation for NFT projects. Through cross-chain technology, NFT assets on different chains can be seamlessly docked and traded.

In terms of technology, Polkadot has a strong ecosystem and community support, which brings more opportunities and development space for NFT projects. In Polkadot’s ecosystem, there are many excellent projects and platforms that support NFT functions. They can cooperate with NFT projects to expand their application scenarios. There is also Moonbeam, which provides EVM developers with better tools and infrastructure, helping many mature NFT projects that have been successful easily enter the Polkadot ecosystem.

Polkadot’s strong technical support and cross-chain interoperability provide users with new digital experiences and opportunities. With the continuous growth of the NFT market and the continuous improvement of the Polkadot ecosystem, we believe that Polkadot will become an important platform for the landing and development of NFT projects.

In the future, Polkadot will continue to exert its technological and ecosystem advantages to bring more opportunities and development space for NFT projects.

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