The ETH Merge Did Little to Energize a Tepid non-fungible token(NFT)  Market

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The Eth Merge Did Little To Energize A Tepid Nft Market

In the weeks leading up to the Merge, non-fungible token(NFT)  trading decreased overall, and this past week has been just slightly better.

As Ethereum continues  its reign as one of the dominant blockchains tech for launching non-fungible crypto  (NFTs), some speculated that its milestone transition from proof-of-work to proof-of-stake last week would help reinvigorate an non-fungible token(NFT)  market that’s been downward for the better part of two months. On the other hand, data shows little movement in either direction regardless of major improvements to the blockchain’s energy use, speed and scalability.

In the weeks leading up to , non-fungible token(NFT)  trading decreased overall, and this past week has been just slightly better. 1 of the industry’s top marketplaces, OpenSea, has seen $84 Million of volume in the past 7 days for -based NFTs, a 5.3 percent increase from the week leading up to the Merge, as reported by data from . On average weekly price for an Ethereum-based non-fungible token(NFT)  on OpenSea stands at $199, a 14.5 percent decrease from the previous week.

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Nonetheless, the total number of traders on the platform increased 9 percent within the past week, totaling 156,000 unique .

The lack of appetite for post-Merge NFTs, for some, has come as a surprise, with several traders believing Ethereum’s transition to proof-of-stake would lure in potential traders previously concerned by exorbitant energy consumption. Salesforce, for example, was scolded by employees who opposed its plans for an non-fungible token(NFT)  cloud platform out of concern for the impact of the , regardless of the fact that the company had emphasized that it would not proof-of-work blockchains tech. On the other hand, post-merge, there have not been any meaningful conversations about how non-fungible token’s (NFT)  on Ethereum (ETH) are now significantly less taxing on the environment and create fewer emissions.

Additionally, concerns about forked non-fungible token’s (NFT)  – a worry that non-fungible token’s (NFT)  would be duplicated and have one on the main, new proof-of-stake blockchain tech likewise as a version on the forked ETHPOW chain – have been raised, though no such issues have yet materialized.

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A report by DappRadar on Thursday concluded that Ethereum-based non-fungible token’s (NFT)  are operating normally post-merge, and holders won’t need to take any additional actions to secure normal market functionality. The 1st non-fungible token(NFT)  minted on Ethereum (ETH) using proof-of-stake happened 26 minutes after the Merge, and it was purchased for 36 ETH. Bloom, which claims to be the 1st non-fungible token(NFT)  collection in Ethereum’s new proof-of-stake era, likewise experienced a successful launch.

Zooming out, September 2022 is shaping up to be one of the worst months for non-fungible token’s (NFT)  at large since its mania in August 2021. The industry is on pace for under $600 Million in total sales for September, a fraction of its $5 Billion monthly peak last , as reported by data from The Block.

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