If Beincrypto.com is to be believed, we should be thanking @aggroed and the boys for steem's latest pump!
According to an article on beincrypto.com yesterday, they claimed that the recent 50% surge in steem's price was related to the announcement that NFTs (non fungible tokens) are now live on the steem blockchain.
More about NFTs can be found here:
If that is indeed the case, we should be giving a big thanks to the team behind NFTs for steem's latest pump:
While the news is undoubtedly bullish for steem, the timelines don't really match up that well for being the sole driver for steem's recent 50% surge.
With this announcement coming roughly 5 days ago and the price pumping roughly 2 days ago.
Regardless of whether the NFT announcement, Voice not being on the EOS mainnet, or it just being a completely random crypto pump, it was good news for all of steem regardless.
The article from beincrypto.com talking about steem and NFTs and the recent pump can be seen in it's entirety below.
STEEM Price Pumps After Adding NFT Support
The price of STEEM, the native token of the Steem blockchain, increased dramatically on Saturday. The jump followed the announcement that the platform is now supporting non-fungible tokens or NFTs.
The coin price jumped more than 35% in trading on Saturday, closing in on $.20. While a far cry from the peak price of $7.97 in Jan 2018, the increase reflects greater attention to the utility of the coin.
Steem and NFTs
NFTs function differently than other tokens. For example, Bitcoin is fungible because all bitcoins are the same. A transaction in Bitcoin is non-discriminatory—whatever Bitcoin that is transferred is a non-issue, so long as the transfer takes place.
However, with NFTs, users can uniquely identify each token, creating a simple system for tokenizing any asset. Additionally, the unique ID would make the tokenized asset trackable within the blockchain. Users could track inventory, follow up on specific asset locations, etc. NFTs were popularized with decentralized applications such as Cryptokitties on Ethereum.
The upgrade would allow transactions to take place within the platform between users, but for specific assets rather than simply coins. According to the announcement:
“The goal is for people to be able to trade anything here on Steem through Steem-Engine. We’ve just opened up a huge toolset for people to use to do that by allowing the tokens and thus products they represent to be tracked individually.”
Is Altseason Coming?
The explosive growth in altcoins recently has led some to conclude the market is entering a new growth season, which some like to call an altseason. Bitcoin’s rise has been consistent, but altcoins continue to gain as well.
STEEM’s growth cycle, however, is not following the market only. Instead, it is based on genuine platform upgrades for users. Investors believe that the introduction of NFTs will drive blockchain users into the market, leading to continued growth.
Stay informed my friends.