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HomeNewsScience and SpaceDespite Ethereum's price struggles, NFT prices are exploding

Despite Ethereum’s price struggles, NFT prices are exploding

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In Science and Space: While the price of ETH, the native currency of Ethereum, may be in decline, some NFTs have seen a rise in popularity due to the network’s anticipated switch to proof-of-stake.

While Gods Unchained and DirtyRobot’s RENGA are two less well-known NFT collections in the community, Bored Ape Yacht Club is a relatively well-known NFT collection.

Over the past week, the following NFT collections appear to have gained popularity: DirtyRobot’s Boad Ape Yacht Club, RENGA When Delivered from the Gods’ Chains They each had weekly trade volumes of $6.6 million, $6.1 million, and $4.9 million, according to DappRadar. The most significant gain was seen by Gods Unchained, which had a 391% spike in trading volume from the previous week.

Among Web3 domain name services, Ethereum Name Service came in sixth. It was the most traded NFT collection during the same time period after ranking as the most popular NFT collection earlier this month.

Bloomberg also discusses Merge and how it affects NFTs, claiming that decreases in Ethereum transaction prices and speeds may be beneficial for NFT collectors.

Be aware, though, that Merge alone is not anticipated to deliver gains in transaction cost or speed. This is not a scaling update, as the Ethereum Foundation has acknowledged, but only a modification to the network’s consensus mechanism.

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