Ethereum NFT series drives weekly trading volume to $304 million
sales volume EthereumNFT collections have surged, exceeding $300 million per week. Xiaodou, graffiti, CryptopunkLilPudgys and Pudgy Penguins were the most popular collections in December. The collections attracted significant attention from collectors, prompting rapid transaction activity and booming sales figures.
Source: CoinGecko
This momentum helped December NFT sales reach $678 million on December 21, surpassing the previous record of $562 million set in November. Sales rose to $771 million by the end of the month. This outstanding result demonstrates that Ethereum-based NFTs remain the market leader and attract both experienced collectors and novices alike.
NFT promoter accused of $22 million fraud
Two 23-year-old California youths were accused of planning multiple frauds using NFTs and digital properties. Gabriel Hay and Gavin Mayo allegedly defrauded investors of more than $22 million through deceptive schemes.
Prosecutors allege the pair used misleading statements and false roadmaps to lure investors into their scheme. Investors abandon their efforts after receiving payment, leaving behind a worthless asset. They allegedly bullied and harassed people who exposed their fraud in one case.
The dangers of the NFT and cryptocurrency space were laid bare in this incident. Although the possibility of profit attracts many people, investors must conduct thorough research to prevent falling victim to a scam.
NFTs in 2024
Despite the many difficulties encountered in 2024, NFTs will still be important to the Web3 ecosystem. The data contradicts claims by some skeptics that NFTs are a dying trend. Statistics come from Crypto Grand Slam Showing full-year NFT sales totaled $8.5 billion.
Although sales were lower than in previous years, the number of independent buyers increased by 62%. From 4.6 million in 2023 to 7.5 million in 2024, there are more buyers. The increase in unique customers points to growing interest in NFTs, even as the industry adapts to more common models.
However, NFT holders faced some obstacles during the year. The space faces difficulties due to regulatory uncertainty and the downward trend of the larger cryptocurrency market. Despite these challenges, NFTs have shown resilience and continue to become an important part of Web3, opening the door to more advancements.
NFT Review provides a comprehensive analysis of the NFT market in 2024. The paper provides a comprehensive look at the evolution of the industry, including everything from legislative changes to breakthrough inventions.
For investors and collectors, it’s crucial to stay informed as NFTs continue to grow in popularity. By learning from the experiences of 2024, we can better understand the potential and dangers of the market in this changing environment.
