2024

Polkadot

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<ul>
 <li>Polkadot has submitted a new proposal aimed at bringing new changes to its NFT ecosystem.&nbsp;</li>
 <li style="font-weight: 400;">DOT was up by over 65% last month, and most market indicators looked bullish.</li>
</ul>
<a href="https://ambcrypto.com/search/polkadot" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polkadot [DOT]</a> has always been a pioneer in terms of development activity but has never gained much traction in the NFT space. 
AMBCrypto thus took a look at the blockchain’s NFT space’s performance, to see what its NFT space holds for 2024 as MATIC continues to earn investors profits.
<h4>Polkadot’s NFT ecosystem might grow in 2024!</h4>
Polkadot’s Development Activity has always been a major topic of discussion due to its unwavering numbers. However, as the festive season began, the blockchain’s Development Activity witnessed a decline.
<div id="attachment_361459" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361459" decoding="async" class="wp-image-361459 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-13.51.50-31-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
However, DOT’s NFT ecosystem remained active, as shown by DOT’s high Total NFT Trades Count. Its NFT Trades Volume in USD also registered a couple of spikes during the same period.
This was optimistic news, considering Polkadot is not a mainstream NFT blockchain. 
Things might get better next year for the blockchain’s NFT ecosystem, as it has submitted a new proposal. OpenGov Referendum 377 is a proposal that requests funding to expand native NFT capabilities and seamless newcomer onboarding directly within Polkadot’s Asset Hub.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Infrastructure funding for Polkadot Asset Hub #2
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;">Interest in advanced <a href="https://twitter.com/hashtag/NFT?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#NFT</a> functionality grows rapidly network-wide, but foundational work remains across Polkadot to actualize this.
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f449.png" alt="👉" class="wp-smiley" style="height: 1em; max-height: 1em;">Gaps risk fragmented experiences across disjointed offerings from various parachains.… <a href="https://t.co/U8qdg2uVew" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/U8qdg2uVew</a>
 — Polkadot Insider (@PolkadotInsider) <a href="https://twitter.com/PolkadotInsider/status/1741050950138351843?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 30, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The official proposal mentioned, 
<blockquote>
 “By closing critical gaps like limited minting, metadata modularity, interoperability, documentation, and more, Asset Hub can transform into the welcoming hub for the next generation of digital ownership innovation on Polkadot.”&nbsp;
</blockquote>
<h4>DOT investors are rejoicing</h4>
While Polkadot submitted this proposal, DOT’s price gained upward momentum. As per <a href="https://coinmarketcap.com/currencies/polkadot-new/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, DOT was up by more than 65% in the last 30 days. At press time, it was trading at $8.52 with a market capitalization of over $11 billion. 
AMBCrypto’s analysis of Coinglass’ data revealed that <a href="https://ambcrypto.com/polkadot-network-mints-money-as-inscriptions-drive-demand/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">DOT</a>’s Funding Rate remained high while its price increased. This was good news, as it meant that derivatives investors were actively buying DOT at a higher price.
<div id="attachment_361460" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361460" decoding="async" class="wp-image-361460 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1.png" alt="" width="1717" height="406" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1.png 1717w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1-300x71.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1-1024x242.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1-768x182.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1-1536x363.png 1536w" sizes="(max-width: 1717px) 100vw, 1717px"></a>
 Source: Coinglass
</div>
Read <a href="https://ambcrypto.com/predictions/polkadot-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polkadot’s [DOT] Price Prediction</a> 2023-24
To better understand how <a href="https://ambcrypto.com/polkadot-how-december-turned-out-to-be-the-best-of-2023-for-dot/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">DOT</a> might begin 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 press time. 
Its Relative Strength Index (RSI) was also above the neutral mark, hinting at a continued price uptick. However, the MACD turned in the sellers’ favor as it displayed a bearish crossover.
<div id="attachment_361461" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/DOTUSDT_2023-12-31_14-02-17.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361461" decoding="async" class="wp-image-361461 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/DOTUSDT_2023-12-31_14-02-17.png" alt="" width="1564" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/DOTUSDT_2023-12-31_14-02-17.png 1564w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/DOTUSDT_2023-12-31_14-02-17-300x152.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/DOTUSDT_2023-12-31_14-02-17-1024x519.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/DOTUSDT_2023-12-31_14-02-17-768x389.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/DOTUSDT_2023-12-31_14-02-17-1536x778.png 1536w" sizes="(max-width: 1564px) 100vw, 1564px"></a>
 Source: TradingView
</div>

Can Polkadot’s NFT ecosystem flourish in 2024?

AMBCrypto

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