- Aptos blockchain announced a new token standard. In its latest announcement, Aptos emphasized the importance of token standards in facilitating network growth.
- Aptos’ total NFT transaction count reached 5,751 in mid-June and recently dropped to single digits.
- APT had an impressive performance in January 2023, starting with promising results. However, it has generally maintained a bearish outlook since February and recently declined to $4.92.
Aptos can regain its lost popularity with its new product: Aptos’ move can make APT investors happy in the long run.
Aptos Introduces Digital Asset Standard
Major networks like Ethereum have benefited from having token standards that facilitate interactions. Aptos blockchain seems to be following a similar path with its recent announcement introducing a new token standard.
In its latest announcement, Aptos emphasized the importance of token standards in facilitating network growth. As its latest offering aiming to increase growth, Aptos announced the launch of the Aptos Digital Asset (DA) standard.
According to the official announcement, this new standard will offer many benefits, especially in terms of real-world applicability. It will enable the development of composable NFTs. NFT trading activity has significantly declined in the past three months.
Aptos’ total NFT transaction count reached 5,751 in mid-June and recently dropped to single digits. This highlighted how slow market conditions have affected the network.
The new token standard emphasizes the network’s efforts to increase NFT trading activity. Meanwhile, APT’s development activity has also been affected and reached its lowest quarterly level on Monday (August 21).
Will the token standard put APT on an upward trend?
APT had an impressive performance in January 2023, starting with promising results. However, it has generally maintained a bearish outlook since February and recently declined to $4.92. However, the Money Flow Index (MFI) indicated that the token is still experiencing an upward trend. Therefore, the short-term outlook remains bearish.
The new Aptos DA standard could open up more growth opportunities and potentially increase token demand on the network. This is currently a hypothetical scenario. However, if successful, it could enhance the long-term bullish outlook.
In terms of recent on-chain observations, Aptos’ social dominance metric showed signs of alertness within the last 24 hours. However, on-chain volume remained low. This reflected the uncertainty and low confidence in the market’s ability to recover.
Aptos’ new token standard has the potential to increase network adoption in the long term and therefore has significant implications. However, APT has shown a downward trend in the past few months. It was still trading at a premium compared to the lowest 2023 price level.
