Will This Recent Development Take Hedera (HBAR) Price Past $1?

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HBAR Crypto News: Despite a broad market downturn for the vast majority of cryptocurrencies, Hedera (HBAR) is making headway with considerable gains. The performance of the network has been able to distinguish it from the rest of the crypto market and has attracted the attention of both whales and retail investors.

Hedera Pushes NFT Development

On Thursday, Hedera’s development wing, HBAR Foundation, announced the launch of the Kabila App which utilizes the Hedera Token Service (HTS) and provides a complete suite of NFT tools to boost the network’s NFT development further. According to the official announcement, the app offers HBAR creators a comprehensive and hassle-free experience, which includes a safe, non-custodial wallet for HBAR and HTS tokens with peer-to-peer trading, an end-to-end NFT toolkit, and an NFT launchpad.

Tokenization, and more specifically NFTs, are becoming increasingly popular; consequently, the entry requirements need to be lowered. Therefore, HBAR Foundation argues that creators should be able to harness the technology and launch collections with only a basic understanding of the underlying technology.

Grace Pfluger of HBAR Foundation was quoted as saying:

We’re excited to work with Kabila App as a team that continues to go beyond expectations, enabling users to easily leverage the full suite of utility that the Hedera Token Service offers and in turn create their own innovations throughout the ecosystem.

The team’s decision to build atop the Hedera network was justified by a variety of factors, including the network’s technology, governance, and community. The hashgraph makes it possible to process transactions at high rates with a practically immediate settlement, all while keeping transaction fees low and constant and leaving behind a carbon negative footprint.

We're excited to announce that @KabilaApp has launched its suite of robust and easy-to-use #NFT tools, empowering creators with the broad utility of the @Hedera Token Service (HTS) #HBARNFTs pic.twitter.com/LKSmdpHAOH

— HBAR Foundation (@HBAR_foundation) February 16, 2023

Hedera’s Growing NFT Ecosystem

Hedera has been making headlines in the NFT space recently, with its release of the Ashfall NFT collection which sold out within minutes of its release. Developed by critically acclaimed “Days Gone” director John Garvin, the digital collection received much appreciation from the Hedera community.

It is also important to note that on February 7, the governing council of the DAG-based platform welcomed technology giant Dell as its 28th new member. And, within just hours of the press release on this piece of HBAR crypto news, the value of the altcoin increased by approximately 15%. Already on the board of the governing council are representatives from a wide array of prestigious companies, including Boeing, IBM, Google, LG, and Ubisoft, amongst others.

These recent developments have led many to believe that Hedera could be among the top-performing projects for the year with its HBAR token eyeing a significant price increase to $1. However, as things currently stand, the price of Hedera (HBAR) is trading at $0.09 which represents an increase of 3% over the past 24 hours, in contrast to a jump of 28% over the last seven days.

Also Read: U.S. SEC’s New Rule To Affect Coinbase, Other Crypto Exchanges?

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