Aptos Foundation Unveils Aptos Digital Asset Standard With Focus on NFTs – Could It Kickstart Aptos Price Rally?

 Key takeaways

• Aptos (APT) has unveiled a new token standard, known as Aptos Digital Asset Standard (DA)
• DA brings NFT functionality to the Aptos ecosystem and unlocks greater variety of use cases for dApps
• Aptos hopes that DA will provide new ways to interact with the blockchain ecosystem and designed the token standard to improve upon older iterations that were launched by Ethereum and Solana respectively

Aptos has launched its new digital asset standard that aims to usher in a new era for blockchain-based applications that are built within the ecosystem. Aptos Digital Asset Standard (DA) brings NFT functionality to Aptos, and delivers improved performance when compared against older iterations of blockchain token standards.

1/ Introducing Aptos Digital Asset Standard (DA)

Token standards are pivotal in establishing a shared foundation to create, manage, and interact with digital assets in a blockchain ecosystem. The new Aptos DA offers builders unrivaled flexibility, composability, and scalability. pic.twitter.com/GmxZLuyyqF

— Aptos (@Aptos_Network) August 22, 2023

The Aptos Digital Asset Standard marks the beginning of a new era for the Aptos network

DA aims to solve key inefficiencies with token standards released on Ethereum (ERC721) and Solana (SPL), as well as with Aptos’ original token standard (TokenV1). It will use Move, a purpose-built programming language that brings greater precision for developers and the ability to create more complex smart contracts when compared to alternative networks.

One of the most exciting features of DA is that it brings NFT functionality to the Aptos ecosystem. Aptos expects that this will support a growing number of use cases for the blockchain by unlocking utility for musicians, videographers, artists, and gamers, as well as for the DeFi applications that already exist within the ecosystem.

As stated by Aptos, “DA empowers creators, developers, and users to unlock the full potential of their projects within the blockchain ecosystem.”

APT loses 70% since January ATH but the project continues to build

Aptos (APT) reached its all-time high (ATH) in January 2023, approximately 3 months after the token was first launched on the open market. APT reached $20.44, climbing 563.66% in just 4 weeks during a major bullish move.

Since then, APT has gradually bled. The token has lost more than 70% of its value since the end of January and continues to form new lows. With Bitcoin (BTC) recently falling out of a multi-month rising wedge pattern and now retesting its low from June, APT’s lower-low could signal that further downside is on the way.

APTUSDT chart via TradingView

Regardless of the ongoing price action for APT, the project continues to build a next-generation layer-1 blockchain that shows tremendous promise for the future. The recent addition of a new token standard could further add to bullish sentiment around the project for the long term, and help aid APT in its price recovery over the next 12 months.

APT price prediction: Could Aptos’ recent developments kickstart a price recovery?

The current price of APT is $5.96 after falling 2.8% in the past 24 hours. The continued decline in the price of APT may be alleviated in the short term by bullish project developments; however, the CoinCodex price prediction algorithm expects APT to fall a further 5.85% over the next 5 days.

Over time, a growing number of use cases within the Aptos ecosystem is expected to mark a full recovery. With the BTC halving event fast approaching, APT’s new layer-1 blockchain is expected to perform strongly during more bullish market conditions.

Over the next 30 days, the CoinCodex price prediction algorithm expects APT to rise by 8.11% with new all-time highs expected for the project over the next 18 months.