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  • 20 Nov 24

Vitalik Buterin Acquires 400 Patron NFTs: A Sign of Market Revival?

Ethereum founder Vitalik Buterin has transferred 32 ETH ($99,543) to the Base platform and minted 400 Patron NFTs.

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Ethereum founder Vitalik Buterin has transferred 32 ETH ($99,543) to the Base platform and minted 400 Patron NFTs. This event has sparked a wave of optimism within the crypto community, raising hopes for renewed interest in NFTs. Against the backdrop of a growing crypto market, many are wondering whether this marks the beginning of a new rise for the non-fungible token market.

Buterin’s Transaction and Its Potential Significance

On November 19, an address associated with Vitalik Buterin (vitalik.eth) used 32 ETH (~$100.5K) to mint 400 Patron NFTs on the Base network. Reports indicate that these tokens are part of the Truemarkets Fair launch, where over 40% of the TRUE token supply will be distributed to Patron holders during the upcoming Token Generation Event (TGE).

Notably, Patron NFTs play a key role in the Truemarkets ecosystem, providing holders with benefits in token distribution. Previously, the decentralized trading platform Infinex, affiliated with Synthetix, raised $65.3M through the sale of these NFTs, indicating growing investor interest in this initiative.

Signs of a Revival in the NFT Market

Buterin’s transaction has sparked hope within the community for a possible revival of the NFT market. For the first time since June, the floor price of CryptoPunks has risen to $100K, with the collection’s total market capitalization, according to CoinGecko, exceeding $1.11B (359.6K ETH).

Buterin's Transaction. Source: PeckShieldAlert
Buterin's Transaction. Source: PeckShieldAlert

However, despite these positive signals, the NFT market continues to face serious challenges in 2024. Recent studies revealed that 98% of NFT projects launched in 2024 have failed. Experts attribute this to market oversaturation. Only 0.2% of new releases have been profitable, while the majority lost over half their value within days, creating significant risks for investors.

Vitalik Buterin’s actions and the recent price surge of leading NFT collections provide reasons for cautious optimism. Despite these positive trends, the market remains volatile and requires a balanced approach.

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