Ethereum NFTs Drive $304M Weekly Volume as Fraud Charges Shake NFT Space

Ethereum NFT collections surged in weekly sales to over $300M, but the NFT world faced controversy as two individuals were charged with a $22M rug pull, highlighting the sector’s highs and lows in 2024.

The NFT market continues to captivate the crypto world, with Ethereum-based collections driving massive sales and controversy defining the space.

Ethereum NFT Collections Drive Weekly Volume to $304M

In the week leading up to December 21, Ethereum-based NFTs propelled sales volumes to over $300 million, fueled by the popularity of collections like Pudgy Penguins, Azuki, LilPudgys, Doodles, and CryptoPunks. December alone has seen NFT sales reach an impressive $771 million as of now, surpassing November’s record of $562 million.

The surge in Ethereum NFT sales contributed to a broader market boom, with NFT transactions totaling $678 million in just 21 days. This surge underscores the resilience of NFTs in the Web3 space, even amidst challenges.

NFT Promoters Charged With $22M Rug Pull

Amid this success, the NFT industry faces controversy. Two California-based individuals, Gabriel Hay and Gavin Mayo, were arrested and charged with orchestrating a series of rug pulls that defrauded investors of over $22 million.

According to prosecutors, Hay and Mayo misled investors with false roadmaps and exaggerated claims for their NFT projects, abandoning the ventures once funds were secured. The pair also allegedly harassed a whistleblower who exposed their involvement in one of these fraudulent schemes.

NFTs in 2024: Challenges and Growth

Despite controversies, 2024 proved to be a transformative year for NFTs. While the market saw challenges such as regulatory scrutiny and declining sales compared to peak years, it also witnessed growth in unique buyers, which rose by 62% year-on-year.

Data from CryptoSlam shows that NFTs recorded $8.5 billion in sales this year, with 7.5 million unique buyers compared to 4.6 million in 2023. These trends highlight NFTs’ ongoing evolution and resilience, even as skeptics question their long-term relevance.

Looking forward, the NFT space is expected to further integrate into the Web3 ecosystem, driven by innovative projects and growing mainstream adoption.

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