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NFT Prices Diverge Sharply as Ethereum ‘Merge’ Mania Intensifies

  • Interest in nonfungible tokens has waned in recent months
  • Investors have been buying Ether ahead of blockchain upgrade
Bored Apes displays at the Bored & Hungry restaurant in Long Beach, California.
Bored Apes displays at the Bored & Hungry restaurant in Long Beach, California.Photographer: Bing Guan/Bloomberg
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Prices of Ether and nonfungible tokens that often run on the Ethereum network have diverged sharply as investors snap up the second-largest cryptocurrency ahead of the blockchain’s highly anticipated software upgrade.

Ether has soared 54% between June 13 to Aug. 15, according to data compiled by Bloomberg. NFTs, on average, have declined almost 19% over the same period, according to researcher NonFungible. Cryptocurrencies hit a low in mid-June -- with Ether falling below $1,000 on June 18 -- after the collapse of the Terra blockchain and when its ripple effects began to topple hedge fund Three Arrows Capital and lender Celsius Network.