NFT Boom 2.0: Ethereum Primed to Shatter $4,900 All-Time High, Says Animoca
Move over, DeFi summer—NFTs are back with a vengeance, and Ethereum's price is riding the wave.
Animoca Brands predicts ETH will smash its 2021 peak as digital collectibles regain momentum. The play-to-earn giant cites surging institutional interest and creator royalties fueling the resurgence.
Bullish? Sure. But let's see if this rally lasts longer than a CryptoPunk's relevance.
NFTs as cultural items
Considering this, Siu believes that ETH’s price could rise if the community taps into NFTs as cultural items to be embraced rather than viewed solely as financial instruments.
He argued that NFTs embody identity, social status, and community belonging, which drive real economic value.
Siu acknowledged that NFT trading has become increasingly fragmented across different blockchains. According to him, Ethereum’s dominance in the sector has dipped, now accounting for less than half of all NFT trading volume when excluding LAYER 2 networks.
Despite the fragmentation, Siu sees Ethereum’s cultural influence as a long-term advantage. He compared the cultural role of NFTs to luxury brands such as Hermès and Rolex, which are valued for symbolism rather than utility.
He stated:
“You don’t buy a Birkin bag to put stuff in it just as much as you don’t buy a Rolex to tell the time. NFTs represent the cultural, social and symbolic power of a community.”
He also emphasized ETH’s unique role as a spending token, unlike Bitcoin, which he described as rooted in a “HODL” culture. According to him:
“ETH is a utility token and holding it is for the opportunity to engage in something important i.e to spend such as in DeFi, some token and yes also NFTs. This is also the reason why ETH rising is bullish on-chain because we spend unlike BTC users whose culture is infinite HODL.”
Considering this, he urged Ethereum co-founder Vitalik Buterin to embrace NFTs as financial assets and pillars of Ethereum’s cultural economy.
He stressed:
“NFTs are the backbone of the Ethereum cultural economy much more than just financial, it’s about culture, status and ultimately belonging.”
