Genfinity’s recent Hedera Token Service podcast, sponsored by Calaxy, delved into the exciting world of the Hedera Network, a blockchain platform experiencing a surge in innovation. This one-stop shop for all things Hedera explores the latest projects that are leveraging the network’s capabilities to tackle real-world problems.
We’ll hear how SentX is streamlining NFT trading, how HbarSuite’s Smart Nodes will shake up DeFi, and how Kona and Tune.fm are bringing unique use cases to the network. From user-centric design to attracting new developers, we’ll see why the Hedera ecosystem is buzzing with activity and poised for significant growth.
SentX
SentX is a leading marketplace and launchpad for NFTs built on the Hedera network. It streamlines NFT trading with features like bulk listing/delisting, gasless price updates, and collection bids. As a launchpad, it plays a key role in facilitating the launch of new NFT projects on Hedera.
We spoke with Patricia Carapinha, Co-Founder and CMO of SentX. She took us through updates from the last few months, starting with her surprise by the high volume of NFTs traded on the Hedera Network on Jan. 1 2024, a time typically quiet for crypto activity. This is a positive sign because NFTs are important for the network’s growth, especially in attracting retail users. Having started with attracting institutions, Patricia emphasizes that enticing retail is a key focus now. Notably, strong retail participation is crucial for most crypto networks, and she believes that the SentX marketplace may be safer than OTC trading.
Mint & Sell NFTs for Less: SentX on Hedera
The marketplace caters to both creators and collectors of NFTs. They offer launchpad services for creators, but also allow direct listings on the marketplace for smaller collections, keeping the smaller creator in mind as well.
SentX boasts a unique “quantum batch listing” feature. This allows creators to list massive NFT collections at once for a very low fee. This feature utilizes Hedera’s capabilities and caters to creators from other ecosystems — like Ethereum — who are accustomed to a simpler workflow and may be initially resistant to change. SentX aims to attract creators by offering a cost-effective and user-friendly experience.
“The person sold 490 NFTs, paying 15 cents in fees, and this is something that you can’t do anywhere else.” – Patricia Carapinha, SentX
HbarSuite
HbarSuite is a suite of DeFi services built on the Hedera Network. They utilize a unique technology called Smart Nodes, which aim to potentially replace smart contracts. Notably, these Smart Nodes are like virtual programs that can be customized and deployed, offering scalability and efficiency compared to traditional smart contracts.
The HbarSuite team has been building their product for over two years. Their vision is to leverage Hedera’s native services to create powerful features. They’ve grown their community and showcased the potential of their Smart Node technology. They believe the network has been undervalued but are happy to see the Hedera ecosystem thriving.
Partnerships
HbarSuite dove further into developments during our Hedera Token Service podcast. The project has recently acquired some exciting partnerships. They’re working with the Scicom MSC Berhad in Malaysia to provide a decentralized student identity service and with a crypto bank broker in the UAE to power their decentralized application. They’re also excited about an upcoming use case surrounding building a DEX on SilkSwap, which will be using the Smart Nodes. But the big news is the upcoming release of Smart Node v2 in the next few months. This promises to be a game-changer with even more advanced capabilities for developers and users.
Attracting developers to the network
HbarSuite told Genfinity that the main goal of Smart Node v2 is to attract developers, especially those with a JavaScript or TypeScript background. This version two aims to lower the barrier to entry for developers unfamiliar with crypto or Web3 by using familiar coding languages. Developers will be able to build “smart apps” that interact with Smart Nodes and eventually community nodes. This could lead to more development from those outside the crypto space and allow for the creation of a wider variety of applications on the Hedera network, including decentralized exchanges and launchpads.
Kona
The creators of Kona discovered high-quality Kona coffee beans while visiting Hawaii in 2021. Because of their interest in Hedera and SaucerSwap, they decided to move forward with the network. After getting positive feedback from the Hedera network community, they were inspired to create a decentralized coffee brand with its own cryptocurrency ($KONA).
The Kona team are big fans of the Hedera ecosystem and found a welcoming community through the Discord early on. They want to give back to the community in a Web3 way. Their idea is to create a cryptocurrency, KONA, specifically for purchasing these high-quality beans at a competitive price. While anyone can buy with USD, holding KONA will unlock discounts and other benefits. They have been waiting for more liquidity in the Hedera network before launching this project, and they see this as a way for early investors to give back to newcomers.
Tune.fm
Tune.fm aims to fix music industry problems by letting artists publish music for free and get paid directly with JAM tokens from listeners. This bypasses expensive intermediaries who take a large cut from streaming revenue. They chose Hedera to create JAM tokens and NFTs for artists’ exclusive content due to its low transaction fees, fast settlement times, and ability to handle micropayments. This allows artists to keep more money and receive it instantly.
They told us that they are enthusiastic about 2024 for their company. They’re launching a mobile app for various platforms (iOS, Android, Mac, Windows) and have celebrity drops planned. These celebrity drops notably include big-name artists like Michael Jackson. Significantly, Tune.fm recently closed a $30 million funding round. They’re also working on a music Metaverse project.
Calaxy
Solo Ceesay, Co-Founder of Calaxy, highlights a big change in the crypto space, with projects maturing and use cases taking center stage. He emphasizes the importance of strong infrastructure for future growth. While price action is good, real-world applications are key to attracting retail users. Projects like Karate Combat ($KARATE) showcase how crypto can enhance existing experiences. Crypto enables entirely new things, like sharing experiences as NFTs. Ceesay is excited about the future of the Hedera ecosystem and its innovative projects.
Ceesay likes to adjust his explanations based on the audience. At high-level talks, he focuses on the core reasons NFTs exist, like solving payment and royalty issues for digital artists. For broader audiences, he uses analogies like car brands to make the conversation relatable. Ceesay believes enthusiast events aren’t the goal, and mainstream adoption requires understanding that new users won’t necessarily share our current level of interest. He noted that Chadd Weston, Calaxy’s Chief Design Officer, likes to reference Steve Jobs: “You got to start with the customer and work back to the technology.”
Hedera Network is buzzing with activity
The Network is experiencing a surge in activity with innovative Hedera Token Service projects that are tackling real-world problems. Here are some key takeaways:
- NFTs are taking off: SentX is streamlining NFT trading and attracting creators with its user-friendly features.
- DeFi on Hedera: HbarSuite’s Smart Nodes offer a potential alternative to smart contracts, attracting partnerships and poised for a major update.
- Diverse projects: From Kona’s coffee token to Tune.fm’s musician-centric platform, the network is fostering a variety of use cases.
- User experience is king: Calaxy emphasizes the importance of user-friendly design for Web3 mainstream adoption.
The Hedera ecosystem is flourishing with innovation, partnerships, and a growing developer community. This bodes well for the network’s future and its ability to attract both creators and users like you.
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