1/ It is more than appropriate that the torch is an NFT. The ATH of @ethereum was in November 2021 when it peaked around $4600-4800, which was NFT season. If NFTs on ETH roar back, we will reach new ATH beyond the pure financial plays. Here's 🧵👇why
3/ ETH is a utility token, and holding it provides the opportunity to engage in something important, i.e., to spend, such as in DeFi, some tokens, and yes, also NFTs. This is also the reason why ETH's rise is bullish on-chain because we spend, unlike BTC users whose culture is infinite HODL.
4/ ETH originally developed into the culture chain which has moved and fragmented into other chains such as @AbstractChain @apecoin @educhain_xyz @0xPolygon but whoever captures the culture market will have the largest TVL. Culture is a critical part of any lasting economy!
5/ Culture is the biggest capital investment in the world in the trillions! Some think culture is only art related but cultural spend in combination with retail is one of the largest TVL of any economy if you include what we spend on retail and status assets.
6/ That's because Capital is not purely economic; once we reach a certain amount of "fungible" wealth, we invest in other forms of capital to increase our status & reputation that are social, cultural, and symbolic in nature, i.e., NON-fungible in nature as part of our enjoyment.
7/ You don't buy a Birkin bag to put stuff in it just as much as you don't buy a Rolex to tell the time. NFTs represent the cultural, social and symbolic power of a community visible with @BoredApeYC @pudgypenguins @Moca_Network and so many others.
9/ @VitalikButerin it's time to recognize that NFTs worth a lot of money are not only necessary and not something you need to dislike and if you want to keep your favorite parts going better and faster you should engage in it fully and lean in!
10/ @VitalikButerin NFTs are the backbone of the @ethereum cultural economy much more than just financial, it's about culture, status and ultimately belonging. There are many NFTs benefiting artists, creators, teachers and students too such as with @TinyTapEDU @opencampus_xyz
11/ I encourage all @ethereum torchbearers and leaders to fully engage in NFTs from arts to public and social goods, utility or just pure fun and you will see new heights with eth and the entire EVM ecosystem like never before! @ethereumJoseph light the flame!
12/ and the NFT market cap based on @cryptoslamio is now close to $11 billion and likely to rise, with the most valuable NFT collections remaining on @ethereum.
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