- Polkadot has submitted a new proposal to bring new changes to its NFT ecosystem.
- DOT rose over 65% last month and most market indicators looked bullish.
Dot [DOT] has always been a pioneer in development activities, but never gained much traction in the NFT space.
AMBCrypto therefore looked at the performance of the blockchain NFT space, to see what the NFT space has in store for 2024 as MATIC continues to earn investor profits.
Polkadot’s NFT Ecosystem Could Grow by 2024!
Polkadot’s development activity has always been a major topic of discussion due to its unwavering numbers. However, when the festive season started, blockchain development activity witnessed a decline.
Source: Santiment
However, DOT’s NFT ecosystem remained active, as evidenced by DOT’s high total number of NFT transactions. USD NFT trading volume also recorded a number of spikes during the same period.
This was optimistic news, as Polkadot is not a mainstream NFT blockchain.
Things could improve for the blockchain NFT ecosystem next year as it has submitted a new proposal. OpenGov Referendum 377 is a proposal that calls for funding to expand native NFT capabilities and seamless onboarding of newcomers directly within Polkadot’s Asset Hub.
Infrastructure Financing for Polkadot Asset Hub #2
💥Interested in advanced #NFT The functionality is growing rapidly across the network, but there is still fundamental work to be done within Polkadot to make this a reality.
👉Gaps risk fragmented experiences in disjointed offerings of different parachains.… pic.twitter.com/U8qdg2uVew
— Polkadot Insider (@PolkadotInsider) December 30, 2023
The official proposal stated:
“By closing critical gaps such as limited minting, metadata modularity, interoperability, documentation and more, Asset Hub can transform into the welcoming hub for the next generation of digital property innovation on Polkadot.”
DOT investors are rejoicing
As Polkadot submitted this proposal, DOT’s price gained upward momentum. From CoinMarketCap, DOT is up more than 65% in the last 30 days. At the time of writing, it was trading at $8.52 with a market cap of over $11 billion.
AMBCrypto’s analysis of Coinglass’ data revealed that POINTThe financing rate remained high, while the price increased. This was good news because it meant derivatives investors were actively buying DOT at a higher price.
Source: Coinglass
Read Polka dots [DOT] Price prediction 2023-24
To better understand how POINT could start in 2024, AMBCrypto checked its daily chart. Our analysis of the Bollinger Bands showed that Polkadot’s price was in a highly volatile zone at the time of writing.
The Relative Strength Index (RSI) was also above the neutral line, indicating continued price appreciation. However, the MACD turned in favor of the sellers and showed a bearish crossover.
Source: TradingView