Venly, HBAR partner to launch NFT market


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TL;DR Breakdown

  • HBAR, Venly partner to float NFT market.
  • Venly to leverageon Hedera network for the NFT project.

Blockchain technology provider, Venly alongside HBAR foundation, have partnered to float their NFT tools and wallet services on the Hedera Network, while their NFT Market comes soon.

The partnership which would see Venly solutions leverage on the Hedera network would open possibilities for developers to build applications on Hedera using Venly’s tools to create wallets and allow users to mint and sell NFTs.

A Foundation grant will be used to cover fees for the near future so that all transactions will initially be free to incentivize growth, a press release by The HBAR Foundation revealed.

Per the release, the first sustainability project on the Hedera network using Venly’s tools is DOVU, a tokenized data economy for DeFi carbon offsetting. DOVU uses Venly’s wallet and mints NFTs using Venly’s NFT tools. Upcoming projects include theatre NFT platform Third Act, music NFT platform Mynt, as well as a gaming platform.

HBAR using Venly partnership to help developers build new applications easily

“With the Venly launch on the Hedera network, the HBAR Foundation is taking an important step toward fulfilling its mission of easing friction for developers to build new and innovative applications on the network,” said Shayne Higdon, CEO and Executive Director of the HBAR Foundation. “This integration aligns well with the growing sustainability economy on the Hedera network.”

Hedera offers 10,000 transactions per second, near real-time settlement, and low fees and bandwidth consumption being a 3rd generation proof-of-stake public distributed ledger.

The Hedera Governing Council is led by global institutions and designed to be completely decentralized. Launched in 2018, the public network has processed over 1.75 billion transactions generated by real-world applications and has over 410k accounts.

Tim Dierckxsens, CEO and co-founder of Venly, said, “We’re excited to add support for the Hedera network. Our blockchain agnostic products have been around since 2018, and I must say that Hedera is a one of its kind network with a great long-term vision, and we’re very confident that many future projects will be built on the Hedera hashgraph technology.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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