Only In Crypto: A Croissant Breaks Down How GameStop & NFTs Will Boost Ethereum

On a strong bullish momentum, Ethereum records a 17% profit in the past week trading north of its levels before May’s crash. At the time of writing, ETH stands at $3,782 with a 6.7% profit in the daily chart. The second cryptocurrency by market cap has been outperforming Bitcoin. The price of BTC seems stuck in the $48,000 to $52,000 range and, should it sustain these levels, ETH could continue to benefit in the short term. Investment firm Delphi Digital claimed that ETH has broken out of a “Multi-year long-term wedge”, as seen in the chart below. Since funding rates across derivates are low, the firm expects Ethereum to push further into its previous all-time highs. Pseudonym analyst CroissantETH has found evidence that suggests a potential new bullish catalyzer event for Ethereum. This theory is supported by GameStop (GME) launching their NFT platform back in July 2021. GameStop and AME Entertainment (AMC) were the companies that saw a massive rise in their stocks’ prices as a large inflow of retail investors bought it in 2020. Now, GameStop is trying to preserve its newly acquired value. They are trying to become the “Amazon of Gaming”. Therefore, why the company is integrating Ethereum based NFTs. The Croissant expects that GME will “onboard millions of users to the network this way”. The analyst added: Even more interestingly though, is just how seriously they are taking this next step… As said by the Principal Engineer o...