Hedera Hashgrapgh and Venly Announces New Support for NFTs

Support for Venly's NFT tools and wallet services on the Hedera Network is announced by The HBAR Foundation and Venly blockchain technology provider.

The HBAR Foundation and a blockchain technology provider, Venly, have announced support for Venly's NFT tools as well as wallet services on the Hedera Network. In fact, the announcement also underscored that support for Venly’s NFT Market is also coming soon. 

Developers can now use the tools of Venly to create wallets and at the same time allow users to mint and sell nonfungible tokens, thanks to the availability of the Venly solutions on the Hedera network. A foundation grant will be used to cover fees for the near future. This will ensure that, initially, all the transactions remain free, thereby incentivizing growth. 

The first-ever sustainability project using the tools of Venly on the Hedera network is a tokenized data economy for DeFi carbon offsetting named DOVU. It uses NFT tools and the wallet of Venly to mint NFTs. Other major upcoming projects on the platform that use Venly tools are:

  • Third Act: A theatre NFT platform
  • Mynt: a music NFT platform and a gaming platform

Shayne Higdon, the CEO and Executive Director of the HBAR Foundation, said:

"With the Venly launch on the Hedera network, the HBAR Foundation is taking an important step toward fulfilling its mission of easing friction for developers to build new and innovative applications on the network." This integration aligns well with the growing sustainability economy on the Hedera network. "

Hedera Hashgraph, as a third-generation Proof of Stake (PoS) public distributed ledger, provides its users with:

  • 10,000 TPS (transactions per second)
  • Near real-time settlement
  • Low fees
  • Low bandwidth consumption

Global institutions lead the Hedera Governing Council, which has been designed to be completely decentralized. 

The use cases for Heder have also expanded fast since its launch in 2018. The Hedera public network has:

  • Processed more than 1.75 billion transactions (generated by real-world apps).M
  • ore than 410,000 accounts.

Two major environment-friendly aspects of the Hedera Hashgraph network are:

  • Its foundation built around the core belief of environmental sustainability.
  • The commitment of the Hedera Governing Council to carbon negative network operations

Tim Dierckxsens, the CEO and co-founder of Venly, said:

"We’re excited to add support for the Hedera network. Our blockchain agnostic products have been around since 2018, and I must say that Hedera is a one-of-a-kind network with a great long-term vision, and we’re very confident that many future projects will be built on the Hedera hashgraph technology. "

The HBAR Foundation provides grants and many other resources to startups, developers, and multifarious organizations so that they are able to launch DApps (decentralized applications) in NFTs, DeFi (Decentralized Finance), gaming, ESGs, CBDCs, and other sectors.