NFTs
Paris Match auctions NFTs to celebrate the magazine’s 75th anniversary
Paris gamea French magazine, is auctioning off 75 iconic archival photos as Ethereum (ETH) non-fungible tokens (NFTs) to celebrate his 75th birthday.
The auction started in June 17th and presented a curated selection of historic images from the Paris Match archives.
This includes photos of entertainment icons like The Rolling Stones, Jack Nicholson, Orson Welles and John Travolta. Images of significant historical moments such as the fall of the Berlin Wall and scenes from Harlem and the Tour de France are also included.
Each NFT purchase will include a signed and numbered physical print of the same photo, bridging the gap between traditional art collecting and digital ownership. Bidding for each photo starts at 0.3 ETH, equivalent to approximately $1,062 at current rates.
This initiative marks Paris Match’s second venture into the NFT realm, following a successful sale of 120 exclusive NFTs in January 2023. The magazine teamed up with NFT photography platform Focus Bloc and SuperRare for this auction.
According to CryptoSlam, global NFT sales volume saw a 45% increase to $19.25 million in the last 24 hours, with Ethereum leading the way with $7.19 million in sales, followed by Polygon and Bitcoin (Bitcoin).
In the last update, Ethereum (ETH) is trading at $3,492.60, marking a 7% drop in price over the past month.
Paris Match’s decision to adopt NFT technology and auction its iconic photographic archives reflects its dedication to preserving its cultural legacy while adapting to the digital age.
Spot Ethereum ETF approval, experts weigh in
According to analysts, the approval of Ethereum ETFs spot by the US Securities and Exchange Commission (SEC) is expected to significantly impact the price of Ethereum. Experts predict that Ethereum could see a 60% to 75% increase, similar to Bitcoin’s performance after ETF approval.
Standard Chartered Analysts forecast Ethereum could reach $8,000 by the end of 2024, driven by an estimated $45 billion inflow into Ethereum ETFs in the first year. Meanwhile, other experts like Raoul Pal predict Ethereum could reach $17,000 to $20,000 during the next bull cycle.
In the world of NFTs, Ethereum occupies a dominant position, capturing 72.3% market share with a turnover of US$8.54 billion in 2023.
This leadership is attributed to Ethereum’s early adoption in the NFT sector, supported by a robust community of developers and an extensive ecosystem tailored for NFT creation and trading.
However, Ethereum faces increasing competition from emerging blockchains like Solana, Bitcoin, and Immutable X, which are gaining traction as viable alternatives.
Ethereum’s strength in NFTs is bolstered by its established infrastructure and widespread recognition. The platform offers multiple NFT marketplaces and tools, making it the preferred choice for developers who want to create sophisticated and dynamic NFTs.
Despite these advantages, Ethereum encounters scalability challenges, addressed through initiatives such as the transition to proof-of-stake consensus (PoS) and implementing layer 2 solutions, such as rollups, to improve performance.
In contrast, Solana differentiates itself from other blockchains by offering lower gas fees and faster transaction speeds, positioning itself as a strong challenger to Ethereum.