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.

You can read the full story at Grafa

Join the Grafa App for daily news

Track the trends, get news first and prepare yourself to make the right moves with your money. Learn more and sign up to the Grafa app today!

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Grafa

Grafa

Grafa is a one-stop charting tool that allows users to quickly and easily compare the market performance of companies, government data and financial sectors.