Nfts
Paris Match auctions NFTs to commemorate the 75th anniversary of the magazine
Paris Matcha French magazine, is auctioning off 75 iconic archive photos under the name of Ethereum (ETH) non-fungible tokens (NFT) to celebrate its 75th anniversary.
The auction began on June 17 and featured a selection of historical images from the Paris Match archives.
These include snapshots of entertainment icons like the Rolling Stones, Jack Nicholson, Orson Welles and John Travolta. Images of important 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 numbered and signed 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, which equates to approximately $1,062 at current rates.
This initiative marks Paris Match’s second foray into the NFT space, following a successful sale of 120 unique NFTs in January 2023. The magazine partnered with photo NFT platform Focus Bloc and SuperRare for this auction.
According to CryptoSlam, the global NFT sales volume saw a 45% increase to $19.25 million in the last 24 hours, with Ethereum leading with $7.19 million in sales, followed by Polygon and Bitcoin (BTC).
Since the last update, Ethereum (ETH) is trading at $3,492.60, representing a 7% decline over the past month.
Paris Match’s decision to adopt NFT technology and auction its iconic photographic archives reflects its commitment to preserving its cultural heritage while adapting to the digital age.
Spot approval of Ethereum ETF, experts weigh in
According to analysts, the approval The U.S. Securities and Exchange Commission’s (SEC) assessment of Ethereum spot ETFs is expected to have a significant impact on the price of Ethereum. Experts predict that Ethereum could see a 60-75% increase, similar to how Bitcoin performed after the ETF was approved.
Standard Chartered Analysts forecast Ethereum could reach $8,000 by the end of 2024, thanks to an estimated $45 billion inflow into Ethereum ETFs in the first year. Meanwhile, other experts like Raoul Pal predict Ethereum could reach $17,000-$20,000 in the next bull cycle.
In the world of NFTs, Ethereum occupies a dominant position, capture 72.3% market share with a trading volume of $8.54 billion in 2023.
This leadership is attributed to Ethereum’s early adoption in the NFT sector, supported by a strong developer community and a large ecosystem suitable for NFT creation and trading.
However, Ethereum faces increasing competition from emerging blockchains like Solana, Bitcoin, and Immutable X, which are gaining ground as viable alternatives.
Ethereum’s strength in the NFT space is enhanced by its established infrastructure and wide recognition. The platform offers numerous NFT marketplaces and tools, making it a preferred choice for developers looking to create sophisticated and dynamic NFTs.
Despite these advantages, Ethereum faces scalability challenges, addressed through initiatives such as the transition to proof-of-stake consensus (Point of sale) and implementing Layer 2 solutions such as rollups to improve performance.
On the other hand, Solana sets itself apart from other blockchains by offering lower gas fees and faster transaction speeds, thus positioning itself as a serious competitor to Ethereum.