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Polkadot (DOT) is setting itself up for a major price breakout this week as it opened the trading day with the announcement of its latest parachain winner. According to the proof-of-stake (PoS) protocol, Moonsama has snapped up the spot as the 42nd parachain on Polkadot as it sets the pace to introduce new non-fungible token (NFT) applications to the overall ecosystem.
1/ The winner of #ParachainAuction 42 is confirmed as @MoonsamaNFT
— Polkadot (@Polkadot) April 3, 2023
Moonsama accelerates the arrival of NFT-powered applications to the market by developing infrastructure and utility solutions. Congratulations to the team on joining Polkadot’s parachain family! pic.twitter.com/1eajhHAXYW
Moonsama is branded as a start-up with a simple mission, to "unlock the potential of NFTs as true elements of utility in the Web3 space." As noted by Polkadot, "Native assets & collections on the Moonsama Network now benefit from cross-chain messaging & integration with Moonsama's Multiverse Portal."
The idea behind the parachain auctions that have seen top protocols like Astar Network and Moonbeam launch on Polkadot is to broaden the overall use cases of the parent blockchain network. With parachains, the technological advancement of Polkadot is heightened, and this can significantly increase the overall accumulation of the digital currency.
Moonbeam Network Finally Live on Polkadot, GLMR Rocketing on Exchanges
The choice of Moonsama to bring NFT innovation also helps showcase the diversity that befits a truly functional Web3.0 ecosystem.
DOT price outlook
While every protocol resident on Polkadot as a parachain has its tokens, the DOT token is the representative digital currency that tends to benefit from all of the positive milestones being printed by individual projects.
At the time of writing, DOT is experiencing a marginal loss of 0.34% over the past 24 hours at $6.34. However, it is maintaining positive growth of over 5% in the trailing seven-day period in what looks like a major boost for the price.
Moonsama sentiment may start translating into visible price growth in a short time. The fact that the new parachain is even EVM-compatible makes it one sure to hit it off with Polkadot investors in the near term.
About the author
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.