• Polkadot may soon see the arrival of NFTs and CBDCs

  • Aside from a CoinMarketCap glitch that pushed its price above $4,000, Polkadot [DOT], like many other cryptocurrencies, has had a red holiday season. At press time, DOT was trading at $26.11, up 0.26 percent in 24 hours.

    Aside from its price performance, the Polkadot community has been keeping an eye on the parachain slot auctions. However, there is a new news update from the Polkadot ecosystem that may pique the interest of many creators.

    Sign your name on the dotted line.

    According to the project’s official tweet, Motion 131 will be voted on as Referendum 46.

    What happens if the vote is successful? A lot of things, to be sure. However, one outcome will be that users will be able to mint their own NFTs on the blockchain. This would be accomplished by converting Polkadot’s Shell parachain and interface to the Statemint parachain and interface.

    According to Polkadot Wiki,

    “In addition to simply supporting assets, integrating Statemint into your systems has several advantages for infrastructure providers and users –

    • On-chain assets are supported.
    • Transaction fees are significantly lower (about 1/10) than on the Relay Chain.
    • Deposits are significantly lower (1/10) than in the Relay Chain. This includes deposits for existential operations as well as deposits for proxy/multisig operations.
    • Capability to pay transaction fees in specific assets. As in, accounts would not require DOT to exist on-chain or pay fees.”

    This means that, in addition to NFTs, CBDCs may be possible on Polkadot. According to the article, these changes would also apply to Polkadot’s “canary” network Kusama, where the parachain is known as Statemine.

    Would you like a mint?

    As the use cases for cryptocurrency and blockchain grow, there is a strong push to give users the ability to mint their own assets.

    Ripple is one major blockchain company that is actively investigating this. RippleX General Manager Monica Long discussed the XLS-20 standard for minting NFTs on the XRP Ledger in November. Long, on the other hand, stated that validators must still vote on the matter.

    Furthermore, it’s not just the top ten blockchains that are getting in on the action. Sanchan S. Saxena, Vice President of Products at Coinbase, revealed that Coinbase NFT had plans to allow users to mint NFTs on-chain while keeping metadata on non-Coinbase servers.

    I wish you luck.

    The Polkadot parachain auctions were still going on at the time of publication. Clover had raised 9.4155 million DOT among the remaining contenders, while Efinity had raised 8.3648 million DOT.

    Moonbeam, Acala, Astar, and Parallel are the other winners so far. The winning parachains are expected to be on-boarded by the 18th of December.

    What's your reaction?