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Everlasting Life was created in 1998.
The Everlasting Man was created in 1925.
Everlasting Night was created in 1998.
Everlasting Gobstopper was created in 1976.
Yes, "everlasting" can function as a participle when it is used as an adjective in a verb phrase. For example, in the sentence "The sunset was everlasting," "everlasting" is functioning as a participle modifying the noun "sunset."