Cryptos

Only in crypto: A crescent explains why NFTs will help Ethereum grow

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Ethereum is trading at a profit of 17% on strong bullish momentum. It traded north of its pre-May crash levels due to strong bullish momentum. At the time this writing, ETH is at $ 3,782 and has a 6.7% daily profit.

ETH rallies in the daily chart. Source: ETHUSD trading view

Bitcoin was second in market capitalization. BTC’s price appears to be stuck between $ 48,000 and $ 52,000. If it maintains these levels, ETH may continue to benefit in short-term.

Delphi Digital Investment Company ClaimThe chart below shows that ETH has moved from a “long term multi-year wedge”. The company expects Ethereum will push further to its previous all-time highs, given the low derivative funding rates.

Ethereum ETH ETHUSD
Source: Twitter, Delphi Digital

Pseudonym CroissantETH analyst found evidence suggesting a new bullish catalyst event in Ethereum. GameStop (GME), which launched its NFT platform July 2021, supports this theory.

GameStop and AME Entertainment were the companies that saw a dramatic increase in the share price as a large influx in retail investors bought it in 2020. GameStop is now trying to preserve its newly acquired worth. . They are trying to become “the Amazon of the game”.

This is why GME integrates Ethereum-based NFTs. GME will “get millions of people onto the network this way,” according to The Crescent. The analyst Additional:

Even more impressive is their determination to take this next step. GameStop’s senior engineers stated that they are striving to become the “bridge” between the old and new – traditional legacy e-commerce, and the next generation blockchain. ”

To achieve its goal, GameStop hired “highly skilled smart contract developers”, such as a SushiSwap “foobar” contributor. A non-custodial solution called Hodlberg Financial could be used by the company, which is user-friendly as well as inexpensive in terms transaction fees.

GameStop looks to Ethereum for evolution

RobinHood was the most popular platform for trading stocks during the AME and GME manias. It prevented users from buying or selling these stocks at the peak of the AME and GME manias. This incident led to GameStop, according to the Crescent.

The company is aware of its young shareholders who may be interested in cryptocurrencies and digital assets and attempts to tap them as part its strategy. It has thus consolidated its partnerships with Hasbro, Xbox, and possibly esports teams.

Crescent stated that new developments in the ENS sector and the integration of DNS will lead to greater adoption of NFTS for businesses. This will open up new opportunities for GameStop, Ethereum and others.

(…) The result of what I have described and the opportunities it creates are endless. This will attract millions of eyes to $ ETH, even large companies will be able to easily deploy their intellectual property in a verifiable and * understandable * way. It’s huge.

As the Axie Infinity case demonstrated, the gaming industry could greatly benefit from NFTs, digitization, and the gaming model that wins. NFTs may be the solution for both content creators as well as consumers. They could also serve to bridge Ethereum into the mainstream.

(…) You can all say that GameStop is preparing to take the gaming industry by storm with NFTs on $ ETH. Gaming and blockchain ecosystems go hand-in-hand, and they’re certainly not the only ones noticing it.

Similar reading: What’s new with Bitcoin?| New to Bitcoin? Learn how to trade crypto using the NewsBTC trading course




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