This Week in NFTs: ETH Staking, Burning & ChatGPT Turbo
The Ethereum network has shown that there is still a high demand for staking, even a month after the implementation of the Shanghai Upgrade. Experts suggest that with a large amount of Ethereum being staked, less ETH is being offered for sale on the open market, indicating a positive trend for the asset. However, the rise in meme coin popularity has led to an unintentional increase in the ETH burn rate. As the activity on the Ethereum network increases, higher bids for block space result in higher gas fees and therefore more ETH burned. The burn rate has accelerated, and more than 45,000 ETH has been burned in the last seven days alone. The preferred network for many new projects, Ethereum, has experienced a 24-hour trading volume of $1.12 billion.
An interesting experiment with ChatGPT, an AI model, led to the creation of the first-ever meme coin called $TURBO. Rhett Dashwood, a crypto artist, relied on the assistance of ChatGPT to develop $TURBO with only a $69 budget and no coding experience. Within a short period, the coin achieved a market cap of over $100 million. The potential of AI models such as ChatGPT in contributing to revolutionary projects within the Web3 sphere is significant, as demonstrated by the story of $TURBO.
PEPE, the token, has surfaced as a significant topic of interest in the cryptocurrency space. The rise of NFTs has led to discussions and stories such as that of Non-FungibleTony and Alex Salnikov, the founder of Rarible. There are two tiers of subscriptions available for The Open Edition Gazette, a weekly subscription that provides updates on the latest in NFTs.
