• Aptos has rolled out a new token standard, the Aptos Digital Asset (DA) Standard.
• This is to facilitate network growth and enable developers to create composable NFTs.
• Despite this, APT’s total NFT trades count has dropped significantly in recent months due to slow market conditions.
Aptos Launches New Token Standard
Aptos has announced the launch of its Aptos Digital Asset (DA) standard as its latest offering which is aimed at leveraging growth on the blockchain. The network stated that token standards are important in establishing a shared foundation for creating, managing and interacting with digital assets in a blockchain ecosystem.
Benefits of the DA Standard
The new DA offers builders unrivaled flexibility, composability, and scalability. It will make it possible to develop composable NFTs and offer several benefits as far as real-world applicability is concerned.
Recent APT Performance
APT had a promising start after delivering an impressive performance in January 2023 but has maintained an overall bearish slide since February and recently bottomed out at $4.92. Despite this rebound back to its $5.82 press time price, its Money Flow Index (MFI) suggested that gradual bearish pressure was still present on the price charts.
NFT Activity Impacted By Slow Market Conditions
Aptos’ total NFT trades count peaked at 5,751 in mid-June but dropped significantly due to slow market conditions recently falling into single-digit count . The new token standard highlights the network’s efforts to boost NFT trading activity once again despite current market conditions.
Overall, with the launch of DA Standard by Aptos it looks like they are taking steps towards streamlining interactions on their network just like Ethereum [ETH]. While there has been some bearish sentiment lately for APT due to slow market conditions impacting NFT trading activity, hopefully this new offering will put them back onto a bullish trajectory soon enough!