Vitalik Buterin Moves 32 ETH to Base, Mints 400 Patron NFTs Ahead of Truemarkets Fair Launch

The transaction from the ‘vitalik.eth’ address has fueled optimism within the community about a potential NFT comeback in the current bull market.

Vitalik Buterin’s Alleged Transaction Might Signal an NFT Comeback, But Here’s The Catch

A transaction from an address linked to Ethereum co-founder Vitalik Buterin has sparked speculation about a potential NFT comeback in the current bull market.

The transaction, which moved 32 ETH to Base and minted 400 Patron NFTs, is significant given Buterin's stature in the crypto community and the recent downturn in the NFT market.

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).

According to the Truemarkets team, Patron NFT holders will be able to claim 10,000 to 200,000 TRUE tokens, depending on the rarity of their NFT. The tokens are valued at $0.04 each during the TGE.

The move comes as part of a broader strategy to allocate a significant portion of the platform's native token to early supporters and community members.

The platform, which aims to combine the benefits of decentralized finance (DeFi) and centralized exchanges (CEXs), recently concluded a beta testing phase that saw over 100,000 users engaging with the platform.

Infinex, a decentralized trading platform from Synthetix, previously raised $65.3 million through the sale of Patron NFTs. The NFTs served as a unique mechanism to distribute tokens and engage the community.

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.

However, the NFT market has struggled throughout 2024. Data from NFT tracking service CryptoSlam shows that 98% of NFT collections saw minimal trading activity. This highlights the challenges in a saturated market.

Furthermore, a recent analysis by NFT data aggregator NFT Now reveals that only 0.2% of NFT drops were profitable. Most drops lost over half their value within days, highlighting a difficult environment for NFT investors.

Meanwhile, Base, Coinbase’s Ethereum layer-2 network, surpassed 1 billion transactions within a year. The network, which launched in February 2023, aimed to provide a low-cost and high-speed alternative to the main Ethereum chain.

However, the L2 encountered some hiccups along the way. The launch of a commemorative NFT sparked controversy after it was alleged that the digital artwork was copied from digital artist Chris Biron’s piece without permission.

In response to the allegations, Base apologized for the oversight, committed the NFT proceeds to Biron, and promised to improve its vetting process. Biron later confirmed receiving the funds and expressed appreciation for Coinbase's handling of the situation.

Additionally, earlier this month, blockchain investigator ZachXBT's NFT project, which was intended as a digital art archival initiative, inadvertently created a meme coin that soared to over $15 million due to Zora protocol's auto-generated ERC-20 feature.

The coin, named BxBurnt and initially priced at $0.000015, soared rapidly as traders quickly picked up on the meme potential. Despite ZachXBT's warnings that the coin was not intended for trading, it became a hot topic in NFT and crypto communities.