December Kicks Off with $187 Million in NFT Sales
The non-fungible token (NFT) market began December on a strong note, recording $187 million in weekly sales during the first week. This marked an improvement over November’s peak week of $181 million.
Ethereum dominated the blockchain landscape, generating $92 million in NFT sales—a 44% week-on-week increase. Popular collections like CryptoPunks and Pudgy Penguins significantly contributed to this surge, with rising floor prices and trading volumes.
Brooklyn DA Shuts Down 40 Fraudulent NFT Sites
An investigation led by the Brooklyn District Attorney’s Virtual Currency Unit uncovered 40 fraudulent NFT marketplace sites. The crackdown followed a report from an 85-year-old artist who was defrauded of $135,000.
The scam involved a fraudulent site mimicking a major NFT marketplace, where the victim was misled into minting his artwork and paying a hefty “access fee” from his retirement savings. The incident highlights the ongoing need for vigilance in the NFT space.
Magic Eden’s Token Debut Sees Initial Struggles
Magic Eden, a leading NFT marketplace, faced challenges with its new ME token launch. Debuting at $6.70, the token saw a spike to $13.10 before plunging to $4.30, representing a 67% drop.
User complaints about app glitches and a complex token claiming process contributed to the token’s turbulent debut. By press time, the token had recovered slightly to $5.16.
NFTs: Adapting and Evolving
Despite the challenges, experts believe NFTs remain a transformative technology. On Cointelegraph’s Hashing It Out podcast, Jana Bertram, RARI Foundation’s Head of Strategy, noted that while NFT volumes have declined, the technology’s potential for asset tokenization and artist empowerment persists. Bertram expressed optimism about NFTs evolving into new forms beyond their initial hype.
