Stellar’s move into NFTs through Livemint is likely to fuel the narrative of a bullish trend reversal.
Decentralized protocol Stellar finds its utility as a cross-border payments solution. The blockchain network’s native cryptocurrency XLM, therefore, competes with global giants such as Ripple’s XRP.
Proponents have criticized the altcoin for lack of exposure to the latest crypto trends.
The Ethereum ecosystem pioneered digital art and collectibles, through one of its oldest projects CryptoPunks, a collection of 10,000 pixelated and unique faces. Since then, NFTs have evolved on several layer 2 scaling solutions and blockchain networks.
Stellar has jumped on the Non-fungible token trend recently, with the launch of Litemint, digital collectibles, and the NFT marketplace.
Livemint offers relatively low-cost minting and takes only a few seconds. The relatively low investment and time involved is likely to incentivize creators to join Litemint, in turn boosting the demand for Stellar Network’s asset XLM.
Stellar development foundation (SDF), a non-profit organization that supports the growth of Stellar, was recently chosen by the Monetary Authority of Singapore (MAS) for building and showcasing Central Bank Digital Currency (CBDC) solutions. This was considered a bullish development for the altcoin.
Interestingly, the Stellar blockchain has featured in top projects based on average daily development activity on Github alongside Cardano, Chainlink, and other altcoins. The updates in the Stellar ecosystem are likely to have triggered a bullish outlook among traders and NFT holders.
Pseudonymous cryptocurrency trader and analyst @Pentosh1 has predicted a 30% upward climb in XLM/BTC pair.
Dogecoin would need to move back through to $0.28 levels
Bitcoin price is coasting on its road to recovery
0 Comments