Can the NBA NFT collection boost ETH value?

Ethereum ETH/USD is the second-largest cryptocurrency in terms of market capitalization as well as overall adoption.

Due to its smart-contract functionality, Ethereum is one of the first blockchain networks to be truly adapted for the development of decentralized applications (dApps) as well as non-fungible tokens (NFTs).

All of this has contributed to the growth of the overall network, as well as the coin’s market capitalization. 

NBA’s NFT launch and the second merge test as catalysts for growth

On April 4, we covered how Reddit integrated Ethereum-based NFTs.

On April 19, 2022, the Ethereum developer known as Lion dapplion announced that the mainnet shadow fork would occur on Saturday. The specific date is April 23, 2022.

Note that the first was the Mainnet shadow fork test that occurred on April 11.

Alongside this, on April 20, 2022, The National Basketball Association (NBA) announced that they would launch 18,000 Ethereum-based playoffs NFTs. 

This will be called “The Association,” and there will be a total of 75 NFTs of each player from the NBA playoffs. 

Interest arising from this second merge test, as well as the NBA NFTs, could lead to an increase in the value of Ethereum (ETH) by the end of the month. 

Should you buy Ethereum (ETH)?

On April 20, 2022, Ethereum (ETH) had a value of $3,110.27.

In order for us to get a better perspective as to what kind of value point this is for the Ethereum (ETH) token, we will need to go over its all-time high point of value, as well as its performance throughout March.

When we look at the all-time high value, Ethereum (ETH) was worth $4,878.26 on November 10, 2021. Here we can see that the coin was $1,767.99 higher in value at its ATH, or by 56%.

With that in mind, we will now be moving towards its performance last month. In March, Ethereum (ETH) had its lowest point of value on March 7 at $2,462.84.

Its highest point of value, however, was on March 29 at $3,463.46. This gives us an indication that the coin increased in value by $1,000.62 or by 40%.

With all of this taken into consideration, at $3,110.27, Ethereum (ETH) is a solid purchase as it can reach a value of $3,500 by the end of April.

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