#crypto #fork #merge #NFT #ether
$ETH $BTC $BCH
“A respected crypto analyst says that the new fork of Ethereum makes him very bullish on the NFT sector”–Paul Ebeling
The pseudonymous trader known as Kaleo told his 530,000 followers that he has got eye on Ethereum’s upcoming merge to its Beacon Chain, which already runs the proof-of-stake model.
While many look forward to Ethereum’s big update, some are critical of it, and discussions of a possible hard fork back to a proof-of-work (POW) chain post merge have risen.
In such a situation, Kaleo says that since all non-fungible tokens on Ethereum will presumably also reside on the new chain, NFT holders could essentially double their collections.
“Hypothetically – let’s say there’s a semi-viable ETH proof-of-work fork that emerges post merge (to make it easy going forward, let’s call it pETH).
Any ETH NFTs you own pre-fork, you now own on both chains.
…There will definitely be a decent amount of volume for NFTs on the forked chain if any DEX (decentralized exchange) supports pETH as the community begins to speculate which will be the dominant chain.”
Kaleo uses Bitcoin Cash’s (BCH) price action in Y 2017 when it was forked from Bitcoin (BTC) as an example. According to the crypto analyst, there was a momentary phase where BCH appeared to compete with BTC.
Since a proof-of-work fork of Ethereum could be viewed by some as the “original” (OG) version of the Top smart contract platform, Kaleo speculates that some investors may put more value on NFTs on the fork.
Because of this potential scenario, Kaleo says he’s currently “incredibly bullish” on some of the Top Ethereum-based NFT collections.
“To summarize, that’s one major reason why I’m still incredibly bullish on OG blue chip ETH NFTs heading into the merge and believe that there will be a surge in the current NFT market volume lull as these narratives continue to develop.”
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Have a prosperous day, Keep the Faith!