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Ethereum hits $1,400 as it and NFTs get second life

Ethereum has passed $1,400 in value after news of an upcoming merge in September 2022, and NFTs are also expected to increase in value.

While the impending global economic turmoil has hit digital assets all around, Ethereum has suffered the most. According to a CNET report, Ethereum has seen 62% of its value shaved off since the beginning of 2022. In comparison, Bitcoin has suffered a 52% loss.

Also, since Ethereum’s tech is what the nonfungible token industry is built on, NFT values have also been decreasing. But, the news that the digital asset is on its way to redemption means that NFTs are also about to become more valuable.

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However, the $1,400 value mark it just crossed is still far from its all-time high of $4,800. Hitting that peak once again will likely take longer and requires more fortune than the Merge.

The Ethereum Merge involves the crypto transitioning from proof of work to a proof of stake. As the coin’s co-creator Vitalik Buterin said, they have been working on perfecting the system for nearly seven years, and ‘all of that work is coming together’ later this year.

What changed Ethereum’s fortune almost overnight now is the renewed confidence of investors in the digital asset. With the September date now in their minds, they can invest again in Ethereum and take its value back to the top.

In addition, the fact that the electricity-consuming process will be removed from its processes will mean that authorities may be more willing to accept it. Ethereum plans to reduce its carbon footprint by 99.65% if the Merge is successful.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.