Farukh Kitchlew | Feb 19, 2024 | 0
Hedera’s Expanding NFT Ecosystem: New Pricing to Meet Growing Demand
The Hedera network has experienced significant expansion and adoption in its NFT ecosystem in the past year. Creating innovative applications from NFT marketplaces like ZuseMarket, TurtleMoon Launchpad, and SentX is evidence of this growth.
As a result of this expansion, the NFT community has faced a significant increase in active monthly accounts in the ecosystem. The no of active accounts was approximately 1,570 in November, which has increased to 19,537 till July 2023. This rapid growth shows the increasing interest of people in NFT on the Hedera network. By voting, the Hedera council has approved modifications in the network fee structure for minting NFTs for the upcoming v0.41 release. This step was necessary for the long-term sustainability of the ecosystem. These changes will impact the individual and bulk NFT minting.
A More Sustainable Economic Model:
After the expansion of the Hedera ecosystem, the NFT data storing cost on validator nodes has increased. It will only be noticeable during the introduction of bulk minting NFTs on the network. The figures revealed that the expenses borne by the network validators were not proportional to the fees collected. As a result, the Hedera Council found it necessary to adjust its fee structure.
The fee for creating the individual NFT will be reduced from $0.05 to $0.02. But there will be no discount on the bulk-minting NFTs. The changes show secured economic sustainability and enable the ecosystem to provide scalable services to all participants.
Critical Dates for Fee Schedule Changes:
The adjusted fee structure will become effective as a part of the v0.41 release Hedera service code. The noticeable part is, the applications on the Hedera network will not need to undergo any modification to accommodate this change. The Testnet upgrade to v0.41 is scheduled for On Aug 22, 2023. At the same time, the mainnet upgrade is scheduled for Sep 12, 2023.