Ethereum booms on NFT interest, crypto investors hunting ‘metaverse money’

Ethereum booms on NFT interest, crypto investors hunting ‘metaverse money’

Ethereum (ETH-USD) set a new record high for yet another consecutive day on Thursday, riding at least two macro themes entrenching themselves within the cryptocurrency sector.

The second largest cryptocurrency traded above $4600 before paring those gains, but has logged record highs over the past week — thanks in part to the rising popularity of non-fungible tokens (NFT) and Decentralized Finance (DeFi) projects. Over the last year, ether has outperformed bitcoin, gaining more than 1025%.

Those factors have spurred short-term demand for paying transaction costs in the digital coin, plus growing speculation on its value for the so-called metaverse. The latter development is approaching warp speed, now that Facebook (FB) has rebranded itself in an aggressive push to lean into the next phase of digital's development.