Why does Ethereum have value?
Ethereum was built as more than just another digital payments facilitator. It was built as a platform to support the creation of decentralised apps and run smart contracts, which opens up the technology to adding value to an untold number of other markets and industries.
Ethereum-based applications are already making their presence felt in finance, entertainment, the arts, and have even kickstarted a whole new industry of decentralised finance (DeFi). The most popular addition of which being the explosion in popularity of non-fungible tokens (NFTs). For a blockchain, a growing network and increasing influence in new corners of the market is a strong indication of value.
While Bitcoin transformed money and payments through the power of blockchain technology, Ethereum is poised to do so for applications across finance, entertainment and beyond. With its own virtual machine, autonomous smart contracts and internal cryptocurrency, the possible applications of this technology are yet to be fully realised, but the possibilities suggest it will continue to grow and dominate the headlines for a long time to come.