For many blockchain-based projects or cryptos, getting into NFTs is a way to stimulate price rallies and user activity, whilst gaining attention as well.
Now, the latest to try out this strategy appears to be Ethereum Classic [ETC].
ETC in the Metaverse
Retweeting a video about the “ETCPunks” NFT project, the Ethereum Classic Twitter account hit out at those who accused it of not having NFTs and asked,
Nonetheless, a trader might look at the ETC Punks project and remember Ethereum’s CryptoPunk series by Larva Labs. The ETC Punks Twitter account also made sure to point out the difference.
On that note, Visa this year bought an Ethereum-based CryptoPunk for around $150,000. This does raise the question of whether Ethereum Classic hopes to also draw in mainstream stakeholders or even compete with the second-biggest blockchain by market cap.
For more context, the ETC Punks collection consisted of pixelated avatar faces set against a green background. However, the Ethereum Classic-based NFT project differentiates itself by announcing that purchases would be random and that the NFTs’ identity – or rareness – would only be revealed after the transaction.
At press time, the ETC Punks website claimed that 6,285 of 10,000 ETC Punks were remaining.
Comparisons with Ethereum
Launching NFTs or NFT projects can bring new users to a blockchain’s DeFi scene. Ethereum is a case in point.
According to Etherscan, the fourth-largest “gas guzzler” at press time was the OpenSea NFT marketplace, with fees of $2,757,104.61 or 609.74 ETH in the last 24 hours.
For its part, OpenSea showed that Ethereum’s CryptoPunk collection had seen a 1178.81% hike in the last seven days, with a volume of 131,409.74 ETH. Furthermore, looking at Ethereum’s statistics between Q3 in 2020 and Q3 in 2021, OpenSea sales reportedly shot up by around 141,847%.
Taking these factors together, a trader can better understand Ethereum Classic’s move into the NFT space, as well as the growth that successful projects can enjoy.
Some ‘classic’ stats
As far as Ethereum Classic’s own price performance is concerned, the altcoin was hit by a significant sell-off in late October. Consequently, its price plunged well below $50 on the charts
At press time, however, the price of ETC had climbed back to $54.23, with the alt ranked 31st in terms of market cap.