Getting into NFTs is a way for many blockchain-based projects or cryptocurrencies to stimulate price rallies and activity while also gaining attention.
Currently, Ethereum Classic [ETC] appears to be the latest to try out this strategy.
ETC in the Metaverse
The Ethereum Classic Twitter account retweeted a video about the “ETCPunks” NFT project. It responded to those who alleged it didn’t have NFTs and asked,
However, a trader might be reminded of Ethereum’s CryptoPunk series by Larva Labs when looking at the ETC Punks project. Additionally, the ETC Punks Twitter account pointed out the difference.
Visa bought an Ethereum-based CryptoPunk for around $150,000 this year. It raises the question of whether Ethereum Classic also hopes to draw mainstream stakeholders or even compete with the second-largest blockchain by market cap.
The ETC Punks collection featured pixelated avatar faces on a green background. In contrast, the Ethereum Classic-based NFT project differentiates itself by announcing that purchases will be random and that the NFTs’ identity – or rarity – will only be revealed after the transaction.
According to the ETC Punks website, 6,285 of 10,000 ETC Punks remained.
Comparisons with Ethereum
Deploying NFTs or NFT projects can bring new users to a blockchain’s DeFi scene. Ethereum is an example.
Based on 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 past 24 hours.
Ethereum’s CryptoPunk collection saw a 1178.81% increase in the last seven days, with a volume of 131,409.74 ETH. Additionally, according to Ethereum’s statistics between Q3 in 2020 and Q3 in 2021, OpenSea sales rose by around 141,847%.
As a result of these factors, traders can better understand Ethereum Classic’s move into the NFT space, as well as the growth that successful projects can enjoy.
Some ‘classic’ stats
In terms of Ethereum Classic’s price performance, the altcoin was hit by a significant selloff late in October. As a result, its price plunged well below $50 on the charts.
The price of ETC had climbed back up to $54.23 at press time, with the alt ranked 31st based on market cap.