In this week’s newsletter, read about how Ethereum-based non-fungible tokens (NFTs) drove weekly sales volumes to more than $300 million as collections like Pudgy Penguins and Azuki surged. Meanwhile, two 23-year-olds were accused of performing a series of rug pulls using NFT projects and other digital assets. Also, check out Cointelegraph’s NFT recap 2024 to review the year’s trials and major events in the NFT space. 

Ethereum NFT collections drive weekly volume to $304M

NFT collections based on Ethereum drove weekly sales volumes to over $300 million as NFTs surged in December. In the week leading to Dec. 21, Ethereum NFT collections like Pudgy Penguins, LilPudgys, Azuki, Doodles and CryptoPunks dominated the NFT sales charts.

Because of the sudden volume surge driven by Ethereum-based digital collections, NFT sales in December reached $678 million in just 21 days. December’s sales surpass the previous month’s record of $562 million. At the time of writing, NFTs had reached a sales volume of $771 million in December.

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NFT promoters face fraud charges over alleged $22M rug pull

Two 23-year-olds from California were arrested and charged with performing a series of rug pulls using NFTs and other digital assets. The duo allegedly defrauded investors of over $22 million.

Prosecutors alleged that Gabriel Hay and Gavin Mayo gave 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 poured money into them.

The duo also allegedly harassed and intimidated a person who exposed their involvement in one NFT project.

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NFTs in 2024: Surviving challenges, embracing growth, eyeing the future

NFTs continued to be integrated within the Web3 space despite facing challenges in 2024. While some outlets wrote obituaries for NFTs, holders traded digital collectibles. According to data tracker CryptoSlam, NFTs recorded about $8.5 billion in sales in 2024.

While NFT sales volumes are lower than in previous years, the space saw a 62% increase in unique buyers year-on-year. In 2023, NFT buyers numbered about 4.6 million, which rose to 7.5 million in 2024.

Even though NFTs endured, holders faced numerous challenges this year, from a downward streak to regulatory hurdles.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.