Ethereum, or ether for short, hit a new record high of just over $ 2,900 on Saturday. Ether prices have almost quadrupled in 2021 and are rising 290%. Bitcoin has also had a good run this year and doubled in value.
The total value of all Ethereum in circulation is now around $ 333 billion, according to CoinMarketCap. Bitcoin ( the market value is almost $ 1.1 trillion. )
Bitcoin has risen this year in part due to increased adoption from corporate America. Musk̵7;s Tesla ( and software company )MicroStrategy ( have bought bitcoin to keep their balance. Digital payment giants )Square ( and )PayPal ( also lets users buy, sell and hold crypto. )
But Ethereum has had an even bigger rise than Bitcoin because it is the cryptocurrency of choice for the purchase of many non-fungible tokens or NFTs – which has taken the art and wider collectibles world by storm.
An NFT piece by digital artist Beeple sold for nearly $ 70 million at a Christies auction earlier this year. Baseball trading card company Topps has entered the NFT game by selling virtual cards and is now going public through a merger with a blank check company for special purpose acquisition or SPAC.
NFTs often offer fans of an artist, celebrity or athlete unique video and other digital content. Super Bowl champion Tom Brady now has his own NFT company.
And two players selected in this week’s NFL Draft, Heisman Trophy winner DeVonta Smith and defensive end Kwity Paye, also launched NFTs. Part of the sales from Smiths NFTs go to charity, he said. Paye has said that all his NFT sales go to a non-profit organization.