Despite the struggle with Ethereum Prices, these NFTs prices are pumping
September 28, 2022
2022-10-06 12:38
Despite the struggle with Ethereum Prices, these NFTs prices are pumping <br><br><br>
Despite the struggle with Ethereum Prices, these NFTs prices are pumping
Dr. Tanuja Chaudhary The second largest cryptocurrency in the world by market value, Ethereum, is now trading lower than most digital assets. However, the prices of the NFTs (Non-Fungible Tokens) are soaring high due to the Network’s highly awaited transition to Proof-of-Stake from Proof-of-work.
Top NFT collections according to weekly trading volume
Over the last week, NFTs such as Bored Ape Yacht, RENGA by DirtyRobot, and Gods Unchained have increased in popularity. According to the data of DappRadar, the weekly trade volumes of these three NFTs collections were $6.6 million, $6.2 million, and $4.9 million, respectively. Gods Unchained witnessed an upsurge of 391% in trade volume from its previous week, making it the most profitable NFT.
The Web3 domain name service Ethereum Name Service (ENS) was ranked as the 6th most traded NFT collection over the same time period, after ranking as the most popular NFT collection earlier this month. Some NFTs are experiencing increased popularity. However, the overall trading on the dominant marketplace OpenSea declined over the past seven days. According to the statistics, the DappRadar, the total volume of OpenSea was reduced by 22.4% and came to $80.9 million.
Magic Eden on the Solana (SOL) ranked as the second NFT marketplace with a seven-day trading volume of $22.7 million.
Bloomberg first highlighted the news of the surging popularity of NFT collection; the rising prices were considered “a bright spot amid overall declining sales for NFTs.” It further stated that sales of the NFT were hit hard by the crypto winter and were reduced by 67% in August compared to the same month last year. The media further hinted at the benefits that Merge brings to the NFTs. Improvement of Ethereum in terms of transaction speed and cost can be a boon for NFT collectors. However, it is to be kept in mind that Merge alone is not expected to result in an improvement in terms of transaction speed and cost; since merge is only a modification to the network, not a scaling upgrade, as claimed by the Ethereum foundation.
