Is Hedera and the HBAR Network Most Effectively Tied to NFTs?

When it comes to cryptocurrency and NFTs, there are a lot of buzzwords and jargon that are thrown around. Sometimes, things seem a lot more complicated than they really are. You have to get through all of these tough words and phrases to find the gold at the end.

For example, many people are talking about HBAR and the Hedera network. They want to know whether it is tied to NFTs. Let’s take a closer look at what this is all about and you can decide whether you want to buy Hedera.

What is the HBAR and the Hedera Network? 

First of all, you need to know what the HBAR network is, as well as Hedera. Otherwise, you are not going to make much sense of this whole topic. So, let’s talk about it. Let’s keep this simple and say that HBAR is a cryptocurrency that belongs to the Hedera network.

There are many people that rave about Hedera and how it operates on the hashgraph blockchain. In particular, they claim that it can offer faster transaction times, as well as lower fees. Plus, there is lower energy use in contrast to other crypto that is out there. There are many large companies that you will recognise and that govern and own Hedera. We are talking about Google, LG, IBM And T-Mobile.

What are NFTs?

Perhaps you have heard many people talking about NFTs lately but are not sure exactly what they are. So, let’s discuss this so you can understand the whole picture. NFT stands for non-fungible tokens and they are anything that is digital and recorded in a blockchain. For example, drawings and music can be NFTs if they are digital and you are able to own them. You are able to trade and sell NFTs, which is why many people are interested in them. So, it is fair to say that people view on-fungible tokens as assets and investments.

Note that something interesting about NFTs is that they are entirely unique. So, when you are trading, you are not going to get something that is like-for-life. It is possible to get NFTs through games through play-to-earn designs too. It is possible to make your own NFT and sell it.

Is the HBAR Network and Hedera All About NFTs?

Many people would say that Ethereum is where it is at when it comes to NFT trading. But, there are many reasons why you should consider Hedera and why many investors are doing this already. One of the good things about Hedera is that if you are a developer, you are going to have the opportunity to mint NFTs. When you look at Hedera, there are more NFT transfers happening every month.

For example, one reason is due to the cost. It is a lot more affordable to mint an NFT collection on Hedera. In addition, everybody knows that transaction fees can be annoying. They are something you always have to deal with, but some are better than others. Well, you will be glad to know that transactions are low on this network. In particular, the fees are fixed and in USD, as well as being paid in HBAR. This lack of fluctuating prices is definitely something that appeals to many people.

Let’s not forget that Hedera is actually a carbon-negative public network. So, if you are concerned about efficiency, this is something you are definitely going to get from this network. In particular, there is a huge difference between Hedera and Ethereum. What’s more, the performance is something you cannot ignore.  In particular, the Hedera Token Service is able to do 10,000 transactions per second. Plus, it can finalize them in two to three seconds. So, these things can be done in the time it takes you to blink.

Thus, there are many people that would automatically turn to Ethereum when it comes to NFT collections. But, this is not necessarily the best thing to do. In fact, many say that the network is not efficient enough. What’s more, it could work out in many having to pay the gas fee on Ethereum. So, if you are a beginner when it comes to NFTs, it may be best to look into Hedera. The Hedera Token Service is said to be easy to use, as well as being affordable and fast. So, you can enjoy the whole package.

It is interesting to note that LG is creating an NFT marketplace, which is going to be named LG Art Lab. This is going to mean that television users can buy and sell NFTs from their television. In particular, this is going to be on the Hedera Network. Again, there are many that would have thought they would select Ethereum for this. But, they decided to go with Hedera for some of the reasons we have discussed. For example, energy efficiency was a big factor. Therefore, there is no doubt that in recent times NFTs have been tied to NFTs, and more people are associating this network with them.