NFT Tokens ( Non-Fungible-Tokens)

NFTs A Boon For Emerging Blockchains! Is Tezos (XTZ) Price Dependent On NFTs?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jan 4, 2022

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Highlights

    Non-fungible tokens and digital art emerge as the key to blockchain’s prominence.

    Tezos escorts developments and initiatives, taking place in the pavilion with search results rocketing on public platforms.

The digital world is home to digital assets, digital art, and other diverse sectors on offer. The crypto-verse which is known for cryptocurrencies is now exploring the spectrum of offerings. Likewise, the interests of folks from the industry are now inclining towards NFTs and metaverse. 

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The tremendous growth rate of NFTs and metaverse has paved the way for a myriad of blockchains exploring and releasing NFTs. While top-tier protocols like Ethereum and Solana dominate the space, newer entrants have been mushrooming in the industry. Which include protocols such as Tezos, Cosmos, amongst others. Tezos for instance has been making rounds on public platforms.

Tezos And NFTs A Programmed Pair?

The crypto fraternity has come across Ubisoft NFTs witnessing huge demand in the recent past. The firm had affirmed that its digits are more energy efficient because they are based on the Tezos blockchain. As it uses a PoS consensus mechanism that needs relatively less energy. Moreover, the protocol is carbon neutral, has forkless upgrades, and network fees are less than a penny.

Tezos has NFT ready wallets, which include Galleon, Kukai, Temple, and AirGap. The makers have confirmed that Tezos India in collaboration with Tz Apac, will be up with a surprise. From the hints, it could be something concerning with the developer’s handbook and NFTs. In addition, Tezos had earlier introduced its 8th protocol upgrade, “Hangzhou”.

The upgrade empowers transaction fareness, greater smart contract interconnectivity, reusability of smart contract code. Storage optimization, and streamlined performance. The collective effort of which would be a welcoming sign for adopters. We could also witness more NFTs being built out of Tezos. Other initiatives also include Tezos Ukraine hosting the DeFi hackathon in Eastern Europe. Featuring over $200,000 in prizes.

Summing up, NFTs have come a long way since inception to acceptance by celebrities and known personalities. Twitter’s NFT verification initiative alongside the metaverse and gaming sector has been imperative in fueling the propulsion of NFTs. Tezos on the other hand has been leveling up its stance. The protocol was also praised by Vitalik Buterin in a recent podcast.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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