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NFT revival could push Ethereum to new record high
Yat Siu, Chairman of Animoca Brands, believes that non-fungible tokens (NFTs) could drive Ethereum to a new all-time high (ATH). He made this statement while commenting on the Ethereum Torch initiative, launched in celebration of Ethereum’s 10th anniversary.
On July 21, the Ethereum Foundation launched an NFT relay called Ethereum Torch to mark the network’s decade-long journey. The initiative involves passing an NFT from one wallet to another over ten days, ending on July 30. The campaign is dedicated to the people and values that have shaped Ethereum since its inception in 2015. The first participant was Consensys founder Joseph Lubin.
According to Siu, the decision to create a commemorative NFT based on Ethereum Torch is justified given the importance of NFTs to Ethereum’s ecosystem. He noted that Ethereum reached its previous peak in November 2021 during the NFT boom and expects a new wave of NFT interest could push it to another record high.
The foundation of a cultural economy
Siu also urged Ethereum co-founder Vitalik Buterin to recognize the cultural significance of NFTs. He emphasized that the more people use NFTs, the stronger the Ethereum network becomes.
"NFTs are the foundation of Ethereum’s cultural economy – not only financially, but in terms of culture, status, and ultimately, identity. Many NFTs provide value to artists, creators, educators, and students," said Yat Siu.
ETH price dynamics for 7 days. Source: CoinMarketCap
His comments come amid a rise in ETH's value. At the time of writing, ETH was trading at around $3,845, up 27% over the past 7 days.
As we wrote, Why is Ethereum up today (July 16)?
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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