Reddit integrates Ethereum-based NFTs, should you buy ETH now?

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Ethereum ETH/USD is the second-largest token in terms of market capitalization. It has seen significant levels of growth, especially within the decentralized finance (DeFi) and non-fungible token (NFT) spaces.

This has led to it becoming the go-to blockchain for many platforms that want to adopt those technologies. 

Ethereum, prior to the ETH2 upgrade, still utilizes proof-of-work (PoW), where miners contribute computing power to verify the transactions. 

Ethereum adoption and increased mining revenues as a catalyst for growth

We covered what the Ethereum merge is and when it will occur on March 29.

One of the biggest social networks on a global scale, Reddit, has integrated Ethereum-based non-fungible tokens (NFTs) on the platform.

Four NFTs were sold for up to $400,000 each to use as an avatar within the platform. 

Keep in mind, however, that for the time being, you cannot use your own NFT as an avatar, and if you do not have one of the four initially sold, you will just need to use a given jpeg instead. 

Due to the limited NFT collection, this could mean that this is just an initial test as a means of seeing how integrating NFTs would work on Reddit, and we can expect this to be expanded in the future to allow people to mint their own avatar NFTs as a sale or as a function.

Furthermore, Ethereum miners managed to reach $1.29 billion in revenues throughout March. This means that the revenues increased month-over-month by 7.2% and that Ethereum miners generated 1.08 times more in revenue than Bitcoin BTC/USD miners in March.

Should you buy Ethereum (ETH)?

On April 4, 2022, Ethereum (ETH) had a value of $3,500.60.

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In order for us to get a better perspective as to what kind of value point this is for the Ethereum (ETH) cryptocurrency token, we will be going over its all-time high value alongside the performance the token showcased throughout the previous month. 

When it comes to the ATH point of value, Ethereum (ETH) achieved a value of $4,878.26 on November 10, 2021.

However, when we go over the performance throughout the previous month, Ethereum (ETH) had its lowest point on March 7 at $2,462.84.

Its highest point was on March 29, when the token reached a value of $3,463.46.

Here, we can see that the token increased in value by $1,000.62 or by 40%.

With this in mind, at $3,500.60, Ethereum (ETH) is a token worth buying as it can climb to $3,700 by the end of April 2022.

The post Reddit integrates Ethereum-based NFTs, should you buy ETH now? appeared first on Invezz.

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