NFT Comeback? Vitalik’s Patron NFTs Signal Bullish Revival

The Ethereum address attributed to Vitalik Buterin has moved 32 ETH to Base and minted 400 Patron NFTs. These NFTs are part of the Truemarkets Fair launch, where over 40% of the TRUE token supply will be allocated to Patron holders during the upcoming token generation event (TGE). 

Infinex, a decentralized trading platform from Synthetix, previously raised $65.3 million through the sale of Patron NFTs. 

Does Vitalik Buterin’s Alleged Transaction Signal an NFT Comeback?

The transaction from the ‘vitalik.eth’ address has fueled optimism within the community about a potential NFT comeback in the current bull market. The broader crypto market has shown a strong upward trend, leading some to hope for a revival of the 2021 NFT boom. 

During that time, NFTs like Bored Ape Yacht Club (BAYC) fetched millions. Recent price surges suggest renewed interest, with BAYC floor prices more than doubling in weeks. 

Similarly, the cheapest CryptoPunks now trade for around $112,000, with the collection’s total market value exceeding $1.6 billion. Rare pieces from these collections continue to command significantly higher prices.

Despite these signs of revival, the NFT market has struggled throughout 2024. Data shows that 98% of NFT collections saw minimal trading activity, reflecting a saturated market. 

Only 0.2% of NFT drops were profitable, with most losing over half their value within days, signaling a challenging environment for investors.

Meanwhile, Base, Coinbase’s Ethereum layer-2 network, surpassed 1 billion transactions within a year. However, its commemorative NFT sparked controversy for allegedly copying digital artist Chris Biron’s work. 

In response, Base apologized, committed the NFT proceeds to Biron, and pledged to improve its vetting process.

Also, earlier this month, blockchain investigator ZachXBT’s NFT project inadvertently created a $15 million meme coin due to Zora protocol’s auto-generated ERC-20 feature. Although intended as an archival project, it has since become the subject of speculative trading.