Source: Cointelegraph Original: "{title}"
In this week's newsletter, you will learn how Ethereum-based non-fungible tokens (NFTs) have surpassed weekly sales of $300 million with the surge of collectibles like Pudgy Penguins and Azuki. Meanwhile, two 23-year-olds have been charged with a series of frauds involving NFT projects and other digital assets. Additionally, you can check out Cointelegraph's "2024 NFT Review," which looks back at the trials and significant events in the NFT space this year.
With the surge of NFTs in December, Ethereum-based NFT collections drove weekly sales over $300 million. In the week leading up to December 21, Ethereum NFT collections such as Pudgy Penguins, LilPudgys, Azuki, Doodles, and CryptoPunks dominated the NFT sales leaderboard.
Due to the sudden spike in trading volume driven by Ethereum-based digital collectibles, NFT sales in December reached $678 million in just 21 days. December's sales exceeded last month's record of $562 million. As of this report, total sales for December have reached $771 million.
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Two 23-year-olds from California have been arrested and charged with a series of carpet scams involving NFTs and other digital assets. The duo is accused of defrauding investors of over $22 million.
Prosecutors claim that Gabriel Hay and Gavin Mayo provided misleading statements and false roadmaps for a series of NFT and digital asset projects. Hay and Mayo are accused of abandoning projects after investors had put in their funds.
The two are also alleged to have harassed and intimidated a whistleblower who exposed their involvement in the NFT projects.
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Despite facing challenges in 2024, NFTs continue to integrate into the Web3 space. While some media outlets write obituaries for NFTs, holders are trading digital collectibles. According to data tracking agency CryptoSlam, NFT sales in 2024 are approximately $8.5 billion.
Although NFT sales are lower than in previous years, the number of independent buyers in the space has increased by 62% year-over-year. In 2023, the number of NFT buyers was around 4.6 million, rising to 7.5 million in 2024.
While NFTs continue to persist, their holders face numerous challenges this year, including declining trends and regulatory hurdles.
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Thank you for reading this week's summary of the most noteworthy developments in the NFT space. Next Wednesday, we will bring you more reports and insights on this dynamic field.
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