Is digital art behind the record Ethereum price run?
- The price of Ethereum has skyrocketed 521% since January 1, 2021.
- Digital art auction platform OpenSea this month recorded US$10bn in total sales since inception.
- Ethereum is the crypto payment of choice for OpenSea’s auctions of Non Fungible Tokens or NFTs.
The price of the world’s second largest cryptocurrency, Ethereum, has skyrocketed by 521.55% since January, in part due to its role as a payment mechanism for digital art, or Non Fungible Tokens (NFTs).
NFTs can be anything digital (such as drawings, music or thoughts turned into an AI) which are stored on a digital ledger, or blockchain.
Sales of NFTs surged to a record on the digital art auction platform OpenSea in August, on the back of rising demand for the likes of CryptoPunks, ArtBlocks, Bored Apes and Parallel Alpha.
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