- Polkadot shares update on projects in its ecosystem that are bolstering its position.
- The asset is still bearish despite the booming ecosystem but analysts expected a turnaround soon.
The Polkadot ecosystem has been busy over the past few months as several projects including Efinity announces updates and new initiatives. It can be recalled that Enjin announced the launch of Efinity on Polkadot last year.
In a recent update, Enjin has launched a beta version of a Non-Fungible Token (NFT) marketplace on the Efinity blockchain. According to the report, there are easy tools available for NFT minting, editing, and distribution. Using the innovative QR distribution service, users can share NFTs with their networks.
1/ Monday means more exciting ecosystem updates! Check out the #PolkadotRoundup to learn about key news and announcements from parachain teams & other Polkadot projects. 🧵⬇️
And by the way, @PolkadotDecoded 2023 is coming on June 28-29. To learn more: https://t.co/VNuRzMabEs pic.twitter.com/yfZvjah1Yq
— Polkadot (@Polkadot) May 8, 2023
Another update on the Polkadot ecosystem is ChatDKG, an AI-based search framework for knowledge assets. According to an announcement, ChatDKG is now supported by NgiSearch, a new initiative funded by the European Union.
Unique Network has also announced a huge milestone as it debuts its EVM-coder tool! The tool is said to streamline contract development to write smart contracts in Rust without prior knowledge of Solidity.
An analytics tool called Polkawatch meant to measure the decentralization of Polkadot’s validation process, announced that it has taken a huge step to improve monitoring and observability on the Kusama network.
We just enhanced Polkawatch data quality observability in @kusamanetwork. We adopted @NodeRED with the @Polkadot add-on developed by @zoopercorp (thanks!), which turned out to be a great tool for monitoring and observability of Substrate DAPPs.
The Moonbeam Network also announces the introduction of a freshly-minted contributor called “Distractive XYZ” to its ecosystem. This is dedicated to marketing, growth, and ecosystem development.
Beat Pressure, Astar Network, and other updates on Polkadot
Another huge announcement in the Polkadot ecosystem worth a mention is Beat Pressure. It has announced that it has entered the alpha stage on Moonsama NFT.
The Beat Pressure alpha stage is live! You can now listen to your music NFTs as well as play along with their rhythm. The game features the sold-out Diesel music NFT from @jointhepressure. A limited edition NFT will be given to everyone who plays it in the next 7 days.
SubWallet and PolkaSafe have also entered into a partnership to provide enhanced security. SubWallet has added additional 15 projects to the Polkadot ecosystem to bring the total number of teams to 549 across 29 categories.
The Astar Network NFT month is also kicking off-
We are excited to 🦶 kick off our first NFT Month Twitter Spaces with this upcoming space with @ArtZero_io x @subwalletapp x @AstarNetwork with the subject surrounding #NFTs & #AI! Join us on May 8th, 3 PM UTC! Set those ⏰ reminders, and see you soon!
It is important to note that the Astar and Sony Web3 Incubation Program has announced the winning team across various industries including DeFi, NFT, Data Sharing, and GameFi.
Despite the booming ecosystem, Polkadot currently has a bearish market sentiment and has fallen by 5.6 percent in the last seven days. Polkadot is currently trading at $5.37 and is 90 percent down from its all-time high of $54 with a market cap of $6,351,789,218. The asset has fallen by 12 percent and 22 percent in the last 30 days and 90 days respectively.
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