Ethereum price rises amidst a market-wide trend reversal and NFT market boom
NFT marketplaces like Opensea have registered 24-hr trade volumes of over $98 million
- ‘Web 3.0’ has been the most searched tech term since the year’s start, as per reports.
- Open source blockchain platform Tezos has partnered with Manchester United as part of a $26 million kit sponsorship deal.
- Ethereum’s total market cap currently stands at $365 billion.
Ethereum (ETH) has continued to rise in tandem with the market over the last couple of days. The altcoin showcases weekly gains of over 14%. It is trading at $3,062.
This ongoing price ascent comes at a time when a number of blue-chip NFTs are rallying. Offerings such as Azuki, Bored Ape Yacht Club, CloneX and Mutant Ape Yacht Club have seen their values surge since January 28, with all four projects generating more than $350 million in value. Not only that, a number of prominent NFT marketplaces have registered daily transaction volumes of over $100 million.
Studies have revealed that ‘Web 3.0’ — a decentralized version of the world wide web built largely on the Ethereum network— has generated a lot of interest since the year’s start. In fact, the term has been one of the biggest buzzwords of 2022, with researchers from Electric Capital revealing that a whopping 34K developers are working exclusively on Web 3.0-centric projects at the moment.
NFT ads flood Texas billboards
Sam Feldman, the founder of marketcap.guide, a website designed to educate users regarding the crypto market, revealed that he has set up more than a 100 different billboards across Texas city over the past six odd months as a means of promoting NFT adoption.
To date, Feldman claims to have dished out over $620K of his money as well as launched a number of NFTs on the SOL ecosystem. He plans on using 70% of his generated revenue to release even more billboards and carry forward his vision of spreading crypto education across America over the coming few months. On the subject, he was quoted as saying:
“It’s not just that we’re selling people a picture of a billboard. We’re asking people to believe in this idea of a self-fulfilling prophecy of billboards around the world where the more people that believe in it, the more it happens and happens and the more awareness spreads.”
Tezos enters into a partnership with Manchester United
One of the world’s leading soccer clubs Manchester United has entered into a multi-year training kit sponsorship with Tezos, an open-source blockchain project. As per reports, the entire agreement is touted to be worth $27 million and may potentially also involve the soccer giant exploring other crypto spaces, such as the burgeoning Web 3.0 ecosystem in the near term.
Since 2021, Tezos has been heavily involved in the sports sponsorship space, having become Red Bull Raching’s official blockchain partner last year.
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Disclosure: The author owns a range of cryptocurrencies at the time of writing