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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Nov 4, 2022
The Terra Luna ecosystem has introduced a new feature geared towards NFT minting on its blockchain. According to a detailed step-by-step YouTube tutorial, digital art enthusiasts can now mint NFTs on the Terra Luna network with minimal technical knowledge.
Following the Luna-UST crash earlier this year, the Terra ecosystem is working hard to regain its lost glory. Moreover, the Terra network had grown to the top ten coins by market capitalization, over $40 billion, before the May crash.
Through its strong online communities, the Terra network has risen from the ashes in the past few months. Notably, the Terra Twitter account boasts over 1 million followers.
The NFT market has shown tremendous potential, particularly in the metaverse and play-to-earn industry. Additionally, the NFT market is largely unregulated, thus a soft spot for speculative trading.
The Terra Luna ecosystem has attracted significant investment from developers and angel financiers seeking to tap into its vibrant community dubbed the #Lunatics. Furthermore, blockchains have shown a high correlation between online communities and long-term prosperity.
The Terra Luna ecosystem recorded high onchain activity in September, with several protocols launching on the blockchain. The LNS (Luna Name Service) network launched their on-chain profile tool, where users can register a .luna domain last month.
Additionally, Soil Protocol completed phase 2 of its roadmap by launching new Terra NFT tools. The Zodiac Protocol went live last month on Terra’s testnet in preparation for the mainnet release.
Other notable on-chain activities on Terra blockchain during September included the Coinhall release of its DEX aggregator, Hallswap v3. Meanwhile, TerRarity also launched its NFT aggregator in September, whilst Harbor Protocol announced an airdrop to LUNA stakers.
Consequently, Luna’s price has gained approximately 55 per cent in the last two months to trade around $2.39 at reporting time. Nonetheless, the asset has lost approximately 87 per cent from its ATH, around $18.87, which was set on May 27.
According to market data provided by Coingecko, Terra Luna has a market capitalisation of approximately $378,949,521. Additionally, the Terra Luna network reported a daily traded volume of $127,000,112. Notably, the Luna tokens have a circulating supply of 160 Million coins and a total supply of 1.04 Billion.
By tapping into the NFT market, the Terra Luna network anticipates adding more to its on-chain activity. Moreover, decentralised application developers are seeking a relatively reliable and affordable blockchain to build.
As such, the Terra Luna ecosystem is determined to provide the safest smart contract in the layer two industry.
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