Ethereum NFTs drive weekly volume to $304M, NFT promoters face fraud charges: Nifty Newsletter
On this week’s publication, examine how Ethereum-based non-fungible tokens (NFTs) drove weekly gross sales volumes to greater than $300 million as collections like Pudgy Penguins and Azuki surged. In the meantime, two 23-year-olds had been accused of performing a sequence of rug pulls utilizing NFT initiatives and different digital property. Additionally, take a look at Cointelegraph’s NFT recap 2024 to evaluate the yr’s trials and main occasions within the NFT house.
Ethereum NFT collections drive weekly quantity to $304M
NFT collections primarily based on Ethereum drove weekly gross sales volumes to over $300 million as NFTs surged in December. Within the week resulting in Dec. 21, Ethereum NFT collections like Pudgy Penguins, LilPudgys, Azuki, Doodles and CryptoPunks dominated the NFT gross sales charts.
Due to the sudden quantity surge pushed by Ethereum-based digital collections, NFT gross sales in December reached $678 million in simply 21 days. December’s gross sales surpass the earlier month’s file of $562 million. On the time of writing, NFTs had reached a gross sales quantity of $771 million in December.
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NFT promoters face fraud costs over alleged $22M rug pull
Two 23-year-olds from California had been arrested and charged with performing a sequence of rug pulls utilizing NFTs and different digital property. The duo allegedly defrauded traders of over $22 million.
Prosecutors alleged that Gabriel Hay and Gavin Mayo gave deceptive statements and false roadmaps for a sequence of NFT and digital asset initiatives. Hay and Mayo are accused of abandoning initiatives after traders had poured cash into them.
The duo additionally allegedly harassed and intimidated an individual who uncovered their involvement in a single NFT venture.
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NFTs in 2024: Surviving challenges, embracing progress, eyeing the longer term
NFTs continued to be built-in inside the Web3 house regardless of going through challenges in 2024. Whereas some retailers wrote obituaries for NFTs, holders traded digital collectibles. In line with knowledge tracker CryptoSlam, NFTs recorded about $8.5 billion in gross sales in 2024.
Whereas NFT gross sales volumes are decrease than in earlier years, the house noticed a 62% enhance in distinctive consumers year-on-year. In 2023, NFT consumers numbered about 4.6 million, which rose to 7.5 million in 2024.
Though NFTs endured, holders confronted quite a few challenges this yr, from a downward streak to regulatory hurdles.
