Polkadot Gains New Parachain to Expand NFT Potential

Polkadot’s latest parachain is Moonsama, an NFT project combining gaming and utility across chains.

Moonbeam NFT logo next to Polkadot's logo and an image representing its ecosystem. There's also a man laying on it.
  • Polkadot announced the winner of its latest parachain auction – Moonsama. 
  • Moonsama is set to become the first blockchain governed by NFTs. 
  • Moonsama focuses on bridging the gap between Web2 gaming and Web3. 

On Monday, Polkadot announced the winner of its latest parachain auction. Moonsama network, a project focusing on NFTs, will become Polkadot’s 42nd parachain.  

According to Polkadot, Moonsama wants to power NFT utility by “developing infrastructure and utility solutions” for the market. 

Moonsama –  Bridging Web2 Gaming and Web3

Moonsama aims to bridge the gap between Web2 gaming and Web3 ownership. A part of that effort is the Moonsama Multiverse Portal, which enables developers to connect their Web3 dApps to Web2 games. 

“NFTs launched on Moonsama are programmable & composable through both WASM and EVM interfaces. Native projects get access to a large array of utility tools,” Polkadot wrote

To catalyze this, Moonsama set up designated servers for popular Web2 games, including Minecraft. The platform’s tools enable integrating Web3 features into these Web2 games. This includes land ownership in Moonsama’s designated servers, NFT galleries, and more. 

First Blockchain Where NFT Owners Are in Charge

The entire Moonsama ecosystem will have a unique governance structure. Instead of being merely token holders, NFT owners will have the final say over the project. 

“Moonsama Network will be the world’s first blockchain governed by NFTs,” Polkadot pointed out

Due to the fact that Moonsama started as an NFT collection, the owners of Moonsama NFTs are in charge of the entire ecosystem. This means that NFT owners will also be in charge of the Moonsama parachain. 

What Are Polkadot’s Parachains? 

Parachains are blockchain networks that work in parallel with Polkadot’s main blockchain network. Owners can customize these parachains to fit the specific needs of their applications. At the same time, the Polkadot blockchain takes care of consensus, enabling all parachains to benefit from its security and decentralization. 

Polkadot now has 42 parachains, with some reaching significant growth. According to Polkadot, parachains Acala Network and Parallel both had about $200 million in TVL (total value locked) in 2022. Moonbeam, the popular platform for cross-chain applications, had $85 million in TVL. 

On the Flipside

  • The Moonsama team has not revealed much about its future plans. In fact, the Moonsama website states, “We don’t do roadmaps, we just deliver.” 
  • NFT prices have dropped significantly since the highs in 2022, as trading volume plunged a whopping 97%. 

Why You Should Care

Polkadot is an innovative blockchain project with a sizeable ecosystem and community. Its expansion into NFTs could help accelerate innovation in the space. 

Read everything you need to know about Polkadot: 
Polkadot (DOT): A Beginner’s Guide

Read about Twitter’s reaction to Musk changing the site’s logo to Doge:
Musk’s Dogecoin Logo Stunt Draws Fire From Twitter Users

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.