Paris Match, a French publication, is selling 75 iconic historical photos as non-fungible tokens (NFTs) on the Ethereum (ETH) blockchain to celebrate its 75th anniversary.
The auction began on June 17 and features a curated collection of historic images from Paris Match’s archives. These include images of entertainment icons such as The Rolling Stones, Jack Nicholson, Orson Welles, and John Travolta, as well as significant historical moments like the fall of the Berlin Wall and scenes from Harlem and the Tour de France.
Each NFT purchase also includes a numbered and signed physical print of the same photo, creating a link between traditional art collecting and digital ownership. Bidding for each photo starts at 0.3 ETH, approximately $1,062 at current rates.
This marks Paris Match’s second venture into the NFT space, following a successful sale of 120 unique NFTs in January 2023. The magazine has partnered with the photo NFT platform Focus Bloc and SuperRare for this auction.
According to CryptoSlam, global NFT sales volume has surged by 45% to $19.25 million in the last 24 hours, with Ethereum leading at $7.19 million in sales, followed by Polygon and Bitcoin (BTC).
As of the latest update, Ethereum (ETH) is trading at $3,492.60, showing a 7% decline in price over the past month.
Paris Match’s decision to embrace NFT technology and auction its iconic photographic archives reflects its commitment to preserving its cultural legacy while adapting to the digital era.
In other news, analysts expect the approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) to have a significant impact on Ethereum’s price. Experts predict Ethereum could see a 60% to 75% surge, similar to Bitcoin’s performance after ETF approval.
Standard Chartered analysts forecast that Ethereum could reach $8,000 by the end of 2024, driven by an estimated $45 billion influx into Ethereum ETFs within 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 holds a dominant position, capturing 72.3% of the market share with a trading volume of $8.54 billion in 2023.
Ethereum’s leadership in the NFT sector is due to its early adoption, supported by a strong developer community 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 reinforced by its established infrastructure and widespread recognition, with numerous NFT marketplaces and tools making it a preferred choice for developers aiming to create sophisticated and dynamic NFTs.
Despite these advantages, Ethereum faces scalability challenges, which are being addressed through initiatives such as transitioning to a proof-of-stake consensus (PoS) mechanism and implementing layer-2 solutions like rollups to enhance performance.
In contrast, Solana distinguishes itself from other blockchains by offering lower gas fees and faster transaction speeds, positioning itself as a strong challenger to Ethereum.
Ethereum ETFs could go live in July, according to an analyst.