[Bitcoin Now] Rises to 57 Million Won... Rapidly Growing NFT Market

Ahead of El Salvador's Bitcoin Legal Tender Adoption on the 7th... Citizens' Complaints Increase

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has risen to the 57 million KRW range. This is interpreted as the cryptocurrency market gaining momentum amid the rapid growth of the Non-Fungible Token (NFT) market.

According to the domestic cryptocurrency exchange Upbit, as of 3:16 PM on the 2nd, Bitcoin recorded 57.49 million KRW, up 1.85% compared to the previous day. It had fallen to 54.53 million KRW the day before but then rebounded.

The popularity of NFTs appears to have had a positive impact on the overall cryptocurrency market. According to decentralized application (dApp) data platform DappRadar on the 1st (local time), the total market capitalization of NFTs exceeded 14.27 billion USD (approximately 16.5774 trillion KRW). This corresponds to the 12th largest ranking in the overall cryptocurrency market capitalization. DappRadar explained, "NFT trading volume reached about 3 billion USD in August," and "foreign card company Visa also purchased NFTs worth 150,000 USD." Due to this situation, Ethereum, the cryptocurrency related to NFTs, surged 10.16% the previous day.

NFTs are cryptocurrencies derived from the Ethereum platform, characterized by guaranteed anonymity but non-fungibility and incompatibility. The art world, focusing on this characteristic, began trading ownership of artworks through NFTs from early this year. NFTs serve as a kind of certificate of authenticity by recording unique value. Celebrities such as Jack Dorsey, Twitter CEO, and Elon Musk, Tesla CEO, have also auctioned NFTs.

Meanwhile, as El Salvador, a Central and South American country, prepares to adopt Bitcoin as legal tender on the 7th, concerns from civil society are growing. On the 1st, major foreign media reported that merchants in San Salvador, the capital of El Salvador, are showing resistance to Bitcoin. The El Salvador government installed 200 automated teller machines (ATMs) and 50 staffed branches to facilitate easy deposits and withdrawals of dollars via Bitcoin, but citizens still express dissatisfaction due to lack of information. Additionally, criticism from citizens continues regarding volatility and the potential use of Bitcoin for criminal activities.

This content was produced with the assistance of AI translation services.