• Sun. Oct 1st, 2023

Ethereum Price Increases as NFT Space Expands

Christian Klausen

ByChristian Klausen

Mar 8, 2021

Ethereum has been continuously increasing for the last five days. The price increases by about 10 percent, that is, exactly $150. Currently, Ethereum is trading in the region between $1640 and $1697. The ratio reversal, however, works in sync with EIP1559.

This EIP1559 involves crypto-economics, which can both burn the change fees as well as increase its capacity. It also performs both ways by doubling incentives, as well as removing the miner’s incentives.
However, the big news isn’t just the fact that Ethereum is on the rise but also the fact that it is rapidly increasing and blossoming in the NFT space. The NFT space has grown in a short time— from literal point zero— to approximately ten million dollars calculated. There are also different games that have been launched on the space, which survive on Ethereum as the internal currency. Some of these include football, decentralized plots, actual planets, and others like them.

Jesse Powell, who is the founder of Kraken, gave an important announcement about the crypto industry. He said that Bitcoin will no longer be calculated in dollars but would— as from henceforth— be measured in terms of what it is being used to purchase— especially on NFT. An example of such a purchase includes solar systems.
The planets and solar system on the NFT space are also purchased using Ethereum. A game has described itself as “a revolutionary blockchain-based game.” This is so because you can buy the planets on the 0xuniverse using Ethereum. The galaxy in this game is characterized by collectible planets, in which you can become an expert explorer in its galaxy.

Once done, you could earn the power to colonize and make subjects of the other ‘citizens.’ These subjects would be tasked with the responsibilities of fetching your resources, as well as building space crafts for you.
There’s also the art feature available where you can view artistic pieces for a small token of 0.2 Ethereum, or if you want it spelled out, that is 330 in dollars. Think of it as holding original art pieces in your hands— because in a way it is— for $330. It’s an art experiment, kind of, and soon many artists would be trooping in on the space to know what all the fuzz is about and ultimately get involved.
All of these carry price tags in Ethereum, not dollars. The more artists get involved, the more viral and popular this feature gets.

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Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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