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NFTs seem to be fueling the Ethereum <\/strong>(CRYPTO: ETH) rally as the recently upgraded crypto\u00a0continues its ascent toward all-time highs.<\/p>\n Culture is currency and the trend is only going to accelerate from here, Coinshares’ Meltem Demirors<\/strong> said Friday on CNBC’s “Squawk Box.”<\/p>\n NFT Culture:<\/strong>\u00a0More than\u00a0$3 billion of\u00a0NFTs were traded in August alone and NFTs have become a $5 billion asset class, Demirors said.<\/p>\n “What we are seeing is the assets within the crypto asset ecosystem no longer have a beta of one to Bitcoin<\/strong> (CRYPTO: BTC).”<\/p>\n Bitcoin used to be the catalyst that would\u00a0pull other crypto assets with it as it traded higher, but now there are a lot of different channels through which demand is coming, she said.<\/p>\n Related Link:\u00a0Missed Out On CryptoPunks? Here Are 3,000 Free NFTs Up For Grabs<\/a><\/em><\/p>\n Although some people think\u00a0NFT\u00a0prices are stretched, it’s “no\u00a0more ridiculous” than what is happening with AMC Entertainment Holdings Inc<\/strong> (NYSE:AMC<\/a>), Demirors said, adding that the fundamentals in the crypto space are “much more sound.”<\/p>\n She told CNBC that she expects the crypto rally to accelerate into the fourth quarter.<\/p>\n Host Joe Kernen<\/strong> said he can’t help but think he is\u00a0going to look back down the road and say “how stupid were we?”<\/p>\n “I don’t think that’s the case at all Joe, culture is currency. That’s really what’s happening with NFTs\u00a0\u2026\u00a0we now have a way to transact in culture,” Demirors responded.<\/p>\n What About Dogecoin?<\/strong> Kernan then asked about Dogecoin<\/strong> (CRYPTO: DOGE): “Dogecoin should have given\u00a0us\u00a0pause, should it not?”<\/p>\n Dogecoin is part of the culture and the meme has become tokenized and fractionalized as an NFT, she said.<\/p>\n The future is going to be very different from\u00a0the past, Demirors told CNBC.<\/p>\n “Things that become life-changing technologies and market-changing trends often start out as toys, they start out as jokes. So I\u00a0think we can’t dismiss the trend.”<\/p>\n Just because it looks silly, doesn’t mean it won’t be a really significant component of the market over the next few years, Demirors noted.<\/p>\n Photo:\u00a0KNFind<\/a>\u00a0from\u00a0Pixabay<\/a>.<\/p>\n<\/p><\/div>\n