The non-fungible token (NFT) craze is one that often leaves investors scratching their heads. Buying a piece of art, while not being able to physically own that piece of art, sounds like a ridiculous notion. But, things are a little more nuanced with that in the space. Of course, if it were that reductive, there wouldn’t be people willing to shell out millions on pieces of digitally based art. And as these millions of dollars flood the space, one of the biggest winners is Ethereum (CCC:ETH-USD). The blockchain network holds a large monopoly over the NFT space, while not having to offer much in the way of resources to it. And as the trend boosts ETH values, investors want to know about analysts’ Ethereum price predictions.
NFTs aren’t just pictures that you buy. Rather, the NFT is a token. You are actually purchasing the rights to that digital artwork. The NFT is a verifiable token of ownership, which is stored on a public ledger to prove that ownership. Many confuse the concept with that of buying a print replica of a painting, and thus don’t see the value. But rather, think of the NFT as the painting itself; sure, people can save the digital art as a file on their computer, and use it as a wallpaper, but that’s the digital equivalent of the replica or photocopy print. They get to enjoy the art, but they don’t get true ownership.
The price of tokens range from pennies to millions of dollars; the most expensive NFT sold for $69 million on auction. As you can see, it’s a highly lucrative venture. And of all the beneficiaries, Ethereum is the largest. The network hosts a vast majority of the world’s NFTs, storing the tokens on its digital ledger. And according to NFT marketplace Nifty Gateway, the NFT market accounts for only one percent of the Ethereum network, making it a blip on the radar in terms of energy consumption.
Ethereum Price Predictions: Can NFTs Help Boost Ethereum Past Bitcoin?
As more and more buyers flood the space, Ethereum can capitalize on a market phenomena that is not found elsewhere. The trend could be what it takes to send ETH values upward to compete with Bitcoin (CCC:BTC-USD). But what do the analysts think about Ethereum price predictions? Let’s take a look:
- Wallet Investor thinks Ethereum stands to shatter its all-time high in the next year. The outlet forecasts a price of $5,358 for the coin by September of 2022.
- CoinPriceForecast sees Ethereum passing its high of $4,300 before 2021 is even through. It’s end-of-year forecast for Ethereum places the coin at $4,712.
- The Economy Forecast Agency is making both its end-of-year prediction and its one-year prediction known. Luckily for investors, they’re both bullish. By the end of 2021, the outlet says Ethereum could be as high as $5,665. By September of 2022, they predict a price of $11,949.