The ETH merge may start the next NFT market bull run. Not just Ethereum prices, many have been discussing how the merge may also affect NFT prices in the coming months.
The Upcoming ETH Merge
With the Ethereum’s merge to Proof-of-Stake consensus happening in less than a month, many in both the crypto and NFT community have been buzzing around how the Merge may affect the market.
Although some in the community believe that the Merge will cause nothing but a slight surge in ETH prices for a short while, others believe that the Ethereum Merge may be the start to the next NFT market’s bull run.
Many have expressed their excitement and views for the future, like Twitter user @apebayc who tweeted that he believed a “massive bull run post-merge”, one that’s so big it’s never been seen in the market before.
I expect a massive (like never seen before) NFT bull run post-merge. I'm talking about 2-3x floor price increase in some of the top rank collections (Yuga, CloneX, Doodles, Azuki, Cool Cats, Moonbirds, Goblins, WoW, 10KTF) within days, if not hours.
— MΞSSi 🍌 (@apebayc) August 21, 2022
“I’m talking about 2-3x floor price increase in some of the top rank collections,” @apebayc said.
Being the biggest and most popular cryptocurrency that people buy NFTs with, many have agreed with the idea that the ETH merge will essentially lift the NFT market with it.
However, others in the community have seemed to disagree with this idea, especially considering the fact that multiple cryptocurrencies including Ethereum have dropped dramatically in price the last couple of days.
ETH To Rise Again
Other crypto analysts say, however, that despite this sudden drop in crypto prices and current bear market that Ethereum may return to its normal high prices as we near the Ethereum merge.
This is due to the fact that excitement for the Ethereum merge, which has been talked about for many years now, is considered to far outweigh the bearish behaviour of the market right now.
With Ethereum rising and the promise of a “better blockchain” that comes with the Merge, it’s suspected that the community’s bullish thoughts and excitement may drive NFT prices higher and higher over time.