Polkadot’s Parachain Achieves Record-Breaking NFT Minting Speed with Forever Has Fallen Release

FinanceFeeds Editorial Team

The Polkadot network recently achieved a significant milestone in blockchain technology by minting 4,930 NFTs per minute. This development marks an improvement over the capabilities demonstrated by other networks such as Solana and Polygon, particularly in the context of blockchain scalability and the efficient handling of non-fungible tokens (NFTs).

Polkadot

The achievement was part of the NFT minting process for the Web3 game Forever Has Fallen, which took place on Unique Network, a Polkadot parachain that specializes in the development of composable NFTs. These NFTs, dubbed Bounty Hunter Tickets (BHTs), are essential for players to access specific areas within the game’s virtual environment.

The choice to use Polkadot for this process was the result of comprehensive evaluations conducted across several blockchain networks. These evaluations focused on transaction costs, minting speeds, and overall network performance. After minting three separate groups of 100,000 NFTs, the developers determined that Polkadot offered the most suitable infrastructure for their large-scale minting needs.

This development illustrates Polkadot’s capability to support projects within the Web3 gaming sector that require the rapid issuance of NFTs to users. By leveraging Unique Network’s technology and the Polkadot SDK, Forever Has Fallen can now facilitate the transfer of NFTs at rates that were previously difficult to achieve, enhancing the user experience by providing quicker access to game features.

Kimon Lycos, the founder and CEO of Incite, the production studio behind Forever Has Fallen, expressed a desire for the game to integrate Web3 elements seamlessly, prioritizing the entertainment value of the gaming experience: “Because our production is first and foremost about fun, we want Web3 elements to be under the hood, and to have this type of speed will enable a Web2 type experience of instant gratification.”

Alexandar Mitrovic, CEO of Unique Network, also commented on the benefits of working with Polkadot, such as the ability to optimize code and upgrade the chain without forking, which was made possible during the Forever Has Fallen project: “Working on Polkadot offers great flexibility. We are free to optimize the code and forklessly upgrade the chain. Our core developers have been waiting for an opportunity to test a series of performance improvement ideas on a large scale. Forever Has Fallen gave them the opportunity to present a business case that talks to mass consumers.”

The forthcoming integration of Asynchronous Backing (AB) by Polkadot’s core developers is expected to further improve the network’s efficiency and transaction speeds. This technological advancement is anticipated to contribute positively to the broader blockchain and NFT space.

Polkadot is distinguished by its facilitation of interoperability and information sharing among multiple blockchain networks, all within a secure framework. Developers use Substrate, a blockchain SDK, to create the parachains that form the Polkadot network, enhancing its versatility and capability.

Unique Network offers a scalable solution for creating composable NFTs, enabling a range of advanced use cases in industries such as gaming, art, e-commerce, and real estate. It stands as a testament to the evolving potential of NFT technology.

Forever Has Fallen, an interactive Web3 metaverse project developed by Incite, combines audio drama with online escape room elements to extend its narrative into a game format. This innovative approach allows players to earn digital rewards by engaging with various forms of content, including websites, social media, and hidden content, enriching the overall gaming experience. The recent accomplishments of Polkadot in NFT minting highlight the ongoing advancements in blockchain technology, offering new possibilities for developers and users alike.

Read this next

blockdag

BlockDAG’s Revamped Roadmap Drives Presale to New Record of $24.3M Success while XRP & Dogecoin Anticipate Growth

The world of cryptocurrency is alive with hype surrounding technical breakthroughs and recent updates.

Market News, Tech and Fundamental, Technical Analysis

Amazon Technical Analysis Report 9 May, 2024

Given the predominant daily uptrend, Amazon can be expected to rise further toward the next round resistance level 200.00,

Digital Assets

Binance fined $4.4 million in Canada for AML lapses

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a hefty fine on cryptocurrency exchange giant Binance for non-compliance with money laundering regulations. The action was the result of findings from a compliance activity conducted in 2023.

Chainwire

Bybit Web3 Announces Upcoming IDO for Nulink

Bybit, one of the world’s top three crypto exchanges by volume, today announced an upcoming Initial DEX Offering (IDO) for Nulink (NLK)on its Web3 platform. 

Digital Assets

Binance covered alleged market manipulation by DWF Labs – report

According to a report by the Wall Street Journal, Binance fired a member of its market-surveillance team after the team uncovered market manipulation by DWF Labs.

Industry News

CME Group reports record volumes in WTI crude oil futures

“As U.S. crude oil exports hit new records, commercial demand for our WTI-linked export contracts is also growing rapidly as global market participants manage their price exposure.”

Chainwire

AIGOLD Goes Live, Introducing the First Gold Backed Crypto Project

AIGOLD is pleased to announce the launch of its innovative cryptocurrency project. This groundbreaking initiative integrates artificial intelligence with the enduring value of gold, aiming to redefine the landscape of digital assets.

Fintech

Provable Markets raises $8 million ahead of “Basel End Game”

“Securities Lending is a uniquely complex, and vital component of the broader Securities Financing markets that underpin the global financial system. In many ways, it is the first of the traditional capital markets ecosystems that rely on T-0, real-time settlement.”

Industry News

ASIC fines JP Morgan for allowing 36 suspicious futures orders on ASX 24

The broker’s failure to identify its client’s trading as suspicious was “careless”, according to ASIC’s Markets Disciplinary Panel.

<