Ethereum, the world’s second-largest cryptocurrency by market value, is falling along with other digital assets. Non-fungible token prices, on the other hand, are rising due to the long-awaited Ethereum blockchain update. According to cryptocurrency data tracker DappRadar, NFT sales, and prices have skyrocketed. The Ethereum Merge appears to have benefited markets that sell NFTs based on Ethereum, the most popular blockchain for this type of token.
Ethereum Price & Tokenomics
The current price of Ethereum is $1,360.04, with a 24-hour trading volume of $14.9 billion. In the previous 24 hours, Ethereum has gained 0.87% and 16.37% in the last seven days.
Ethereum Price Chart – Source: Tradingview
CoinMarketCap now ranks #2, with a live market cap of $166 billion. It has a circulating supply of 122,449,471 ETH coins and no maximum supply.
A Surge in NFT Sales Volume and Pricing
The average price of an NFT on the platform increased by 227% to $114 before stabilizing at $105, representing a 74% increase. For the time being, the rise in asset prices and trading volume stands out among NFTs’ generally declining sales, which have been severely impacted by the crypto winter. According to NFT statistics monitor CryptoSlam, global NFT sales dropped by 675% in August compared to the same month last year, when they reached $4 billion.
A 675% decline is quite something… pic.twitter.com/1bCsxgJYvI
— Diogenes (@WallStCynic) September 15, 2022
The most well-known NFTs are the colorful cartoon primates known as Bored Apps, owned by celebrities such as Snoop Dogg and Eminem. On September 15, Bored Ape Yacht Club, a well-known NFT collector, reported $1.3 million in sales, an increase of 187% from the previous day.
NFTs Stored on Ethereum Blockchain
According to DappRadar, trade volume on CryptoPunks, a well-known NFT collection, increased 56% to $1.4 million. These NFTs are pixelated images of 10,000 different characters that have been stored on the Ethereum blockchain. Trade volume on OpenSea, the all-time leading NFT marketplace, increased by 77% to $10 million on September 15.
DappRadar reports that it has since stabilized. Magic Eden, which sells Solana-made NFTs, saw a 36% increase in volume to $4.6 million. The firm began assisting Ethereum NFTs in August. Magic Eden’s sales are currently at $4.4 million, up 19% from the previous day.
Buyers Anticipate Non-existent Merge Benefits
Since they quickly gained traction in the cryptocurrency sector, the market for NFTs has seen more than $60 billion in transactions. PFPs and ETH merge benefits were the primary drivers of the early NFT market trend. Many media analysts believe the expansion is only temporary and is driven by flippers and profiteers.
Furthermore, the merger saw Ethereum transition to a more energy-efficient method of verifying and arranging blockchain transactions. The Ethereum merger could pave the way for other advances that would speed up and lower the cost of network transactions. These changes would be extremely beneficial to NFT collectors who have struggled to use the network due to delays and rising transaction prices.
Despite the recent onset of a bear market, which has resulted in a 90% drop in NFT values, there remains a strong desire to collect NFTs, as evidenced by the numerous businesses and brands that have entered the market. What has changed is the massive demand for high-quality NFTs with long-term value. Furthermore, the value of high-quality art NFTs have been going up over the past few months.
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