Gamestop plans to launch the NFT market

Last week Bitcoin lagged behind other crypto assets despite its quest to recover value. The world's largest cryptocurrency started the week below $ 37, after seven days aiming for a high of $ 400 per eToro platform.

Currently, BTC costs around $ 40, which is a seven-day profit of around 700%. Ethereum meanwhile, it had a much stronger week and started below $ 2500, before surging to its all-time high of $ 2951 on eToro on Saturday. It is currently trading at just under $ 2900 and has gained around 18% in the past seven days. Major cryptocurrencies saw various rate hikes, including the first one from the Federal Reserve, at a good pace last week. Due to important events in the Ethereum blockchain community coming in the next few days, the market may still be driven by further technical updates.

The cryptocurrency community is waiting for a "merger"

The crypto community is keeping a close eye on a major update to the Ethereum blockchain, dubbed a "merger". A merger is a network update that will get ETH off the mechanism Evidence-based consensus (PoW) on the mechanism consensus proof of participation (PoS). Last week, a test was successfully conducted on the Kiln test network, making traffic more likely than ever. The merger will have several serious implications for the Ethereum blockchain and therefore its ETH token. The move to the PoS model will result in a protocol that rewards players instead of miners, and will also make blockchain 99%. more energy-saving. This is a particularly crucial event, especially given the global energy crisis and the long-term issue of climate change. The move to the PoS model will significantly reduce Ethereum's overall blockchain emissions, eliminating one of the biggest criticisms of blockchain and its crypto-assets. The ETH price has responded to the events of the past week, and with changing protocols potentially increasing the likelihood of cryptocurrency deflation, this could have a further positive impact on the price.

Gamestop plans to launch the NFT market

Gamestop claims he is going to run NFT market by the end of the second tax quarter of 2022. Earlier this year, there were reports that such a project might be underway and the company's latest results confirmed it. The company has already partnered with an Australian gaming startup to establish a fund for NFT developers. The partnership with Immutable X will provide up to $ 150 million in funding through cryptocurrency tokens. The details of the NFT market, however, are little known. The NFT market has been hit hard in the past few months by sell-offs in the wider market, making this proposition even more difficult. That being said, the underlying technology behind the NFT is sound. It is not uncommon for cryptocurrencies to experience significant volatility in the early stages. This happens when the market measures value and investors are looking for winners from a wide variety of projects, not all of which will be successful.

When HSBC buys the land, SAND jumps up

Price SAND token has grown as there are more and more reports of space takers in the Sandbox metaverse. Sandbox last week struck a partnership with major banking institution HSBC, part of which is the company's seizure of a piece of land in the metaverse. The bank intends to deliver innovative brand experiences and engage in other sectors such as esports and gaming through the medium. The move marks some payback for a company that has long advertised its anti-crypto policies such as blocking cryptocurrency payments. It is also not the first large financial institution to jump into the meta-world - JPMorgan created a virtual showroom in Decentraland last year. More and more large institutions are taking part in crypto metaverse projects, so you can see that the technology continues its expansion. While these are still beginnings, more users and the growth of the market are likely to be positive for its tokens as well.