HBAR Foundation announces new support for NFTs on the growing Hedera Network

Venly, a blockchain technology provider, and the HBAR Foundation today announced Venly’s support for their NFT tools and wallet services on the Hedera Network, with support for their NFT Market coming soon. 

With Venly solutions on the Hedera network, developers can build applications on Hedera using Venly’s tools to create wallets and allow users to mint and sell NFTs. A Foundation grant will be used to cover fees for the near future so that all transactions will initially be free to incentivize growth.

NFTs on the Hedera network

The first sustainability project on the Hedera network using Venly’s tools is DOVU, a tokenized data economy for DeFi carbon offsetting. DOVU uses Venly’s wallet and mints NFTs using Venly’s NFT tools. Upcoming projects include theatre NFT platform Third Act, music NFT platform Mynt, as well as a gaming platform. 

“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,” shared Shayne Higdon, CEO and Executive Director of the HBAR Foundation. “This integration aligns well with the growing sustainability economy on the Hedera network.”

As a 3rd generation proof-of-stake public distributed ledger, Hedera offers 10,000 transactions per second, near the real-time settlement, and low fees and bandwidth consumption. The Hedera Governing Council is led by global institutions and designed to be completely decentralized.

Hedera expands usecases

Launched in 2018, the public network has processed over 1.75 billion transactions generated by real-world applications and has over 410k accounts. Built around a core pillar of environmental sustainability, the Hedera network has achieved carbon neutrality and its Governing Council is committed to carbon negative network operations.

“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 its 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,” explained Tim Dierckxsens,  CEO and co-founder of Venly.

The HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, ESGs, gaming, and other sectors.

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