Many blue-chip NFTs haven’t fared much better either.
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The world’s biggest NFT marketplace OpenSea, is seeing its lowest monthly sales in a year, according to Dune Analytics. Instead, interest in NFTs has continued to wane and trading volumes have dropped precipitously in recent months, according to tracker DappRadar. Ether holders are also eager to get any additional coins that could result from offshoots from the main Ethereum chain around the Merge.īut there’s no incentive to scoop up NFTs. The upgrade is expected to take place in September after being kicked down the road for several years.
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That has changed as investors have piled into Ether with hopes that it’ll continue to appreciate ahead of the software upgrade known as the Merge. In the past, NFTs often haven’t fallen as sharply as Ether and have, at times, appreciated more than the token, Fleyshman said. Since the most valuable NFTs - such as artwork of bored apes and punky-looking characters - are sold for Ether, both typically tend to move in lockstep.
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“Now it’s underperforming under any circumstances - up, down, sideways.” “The usual path was, if Eth went up or down, if Eth goes sideway, then NFTs had room to move,” said Sasha Fleyshman, portfolio manager at investment firm Arca. Cryptocurrencies hit a low in mid-June - with Ether falling below $1,000 on June 18 - after the collapse of the Terra blockchain and when its ripple effects began to topple hedge fund Three Arrows Capital and lender Celsius Network. NFTs, on average, have declined almost 19% over the same period, according to researcher NonFungible. 15, according to data compiled by Bloomberg.
![apes strong together wallstreetbets apes strong together wallstreetbets](https://i.ebayimg.com/images/g/pWQAAOSwqBZgF1-8/s-l300.jpg)
(Bloomberg) - Prices of Ether and nonfungible tokens that often run on the Ethereum network have diverged sharply as investors snap up the second-largest cryptocurrency ahead of the blockchain’s highly anticipated software upgrade.Įther has soared 54% between June 13 to Aug.