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According to Odaily, a recent report by NFTevening and Storible titled '2024 NFT Drops Status' reveals significant challenges in the NFT market this year. The report, which analyzed over 29,000 NFT collections released throughout the year, compiled data from OpenSea and Dune Analytics. It highlights that the market is oversaturated, with an average of 3,635 NFT collections being created each month in 2024. Notably, 98% of these NFT drops have not been profitable, with no recorded trading activity since September, leading to their classification as failures. Additionally, 98% of NFT prices have dropped by at least 50% within the first three days of their launch.Furthermore, the report indicates that 84% of NFTs have their all-time high prices equivalent to their mint prices, suggesting they have not gained any additional value. NFTevening's analysis shows that only 0.2% of all NFT collections have been profitable for investors. Even among NFTs that are actively traded or considered 'active,' only 11.9% have proven to be profitable. Data from Dune Analytics reveals a 76.32% decline in OpenSea's daily trading volume compared to earlier this year. Additionally, the minting volume has been affected, with 64% of NFTs being minted fewer than 10 times.

According to Cointelegraph, non-fungible tokens (NFTs) have experienced a significant increase in sales volume, reaching $181 million over the past week. This marks a 94% rise compared to the previous week's $93 million. The surge in NFT sales coincides with notable gains in Bitcoin and other cryptocurrencies. The Ethereum network led the charge with a sales volume of $67 million, reflecting a 111% increase from the prior week. Bitcoin's blockchain followed closely with $60 million in NFT sales, marking a 115% rise. Other blockchains, including Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, collectively contributed $45.5 million to the weekly sales volume. In addition to the increase in sales volume, the average value of an NFT sale also rose significantly. Over the past week, the average NFT sale value climbed to $133.08, an 87% increase from the previous week's $71.11. The recent surge in NFT sales volume comes as the market shows signs of recovery, breaking a prolonged downturn in monthly sales. In October, digital collectibles recorded $356 million in sales, an 18% increase from September's record low of approximately $300 million. This uptick ends a seven-month decline in digital collectible sales, which had been consistently falling since March 2024, when NFTs reached a $1.6 billion volume. October also saw an increase in NFT transactions, with the total transaction count reaching 7.2 million, a 42% rise compared to the previous month. This bullish momentum in NFT sales is occurring alongside a broader rally in the crypto markets. Following the United States elections, the crypto market experienced a surge, with Bitcoin leading the way. On November 13, Bitcoin achieved a new all-time high of $93,477. Currently, Bitcoin is trading at around $91,000, with a market capitalization of $1.8 trillion.

According to Cointelegraph, the non-fungible token (NFT) market on the BNB Chain has experienced a resurgence, largely driven by whale activity. Despite a decline in the average daily number of NFT buyers, whales have continued to engage in buying, selling, and trading on the network. Data from blockchain analytics firm Messari reveals that NFT volumes on the BNB Chain increased to a daily average of $600,400 in the third quarter. This period also saw a rise in daily average sales to 8,900, marking a 47% increase from the previous quarter. However, the average daily buyers fell to 2,300, a 53% decrease, indicating that the increased volume was primarily due to whale transactions. In other developments, luxury car manufacturer Automobili Lamborghini has launched the minting of its Revuelto NFTs as of November 7. These NFTs will be integrated into games developed by Animoca Brands, allowing users to drive Lamborghini vehicles in a virtual environment. Additionally, Lamborghini has partnered with Transak, a crypto ramp service provider, to facilitate various payment methods for minting these NFTs. Meanwhile, decentralized finance and NFT platform Infinex is planning to release an updated version of its platform by early 2025. In an interview with Cointelegraph, Infinex founder Kain Warwick stated that the new architecture would enable faster integrations with marketplaces such as OpenSea and Blur, reducing the integration time from two to three months to just two to three weeks. In legal news, two users of the NFT marketplace OpenSea have dropped their lawsuit alleging the sale of unregistered securities. This decision came after a Florida Federal Court judge allowed OpenSea to demand arbitration. The users' attorney, Adam Moskowitz, confirmed to Cointelegraph that they had no choice but to dismiss the case following the judge's ruling. These updates highlight significant movements in the NFT space, driven by both technological advancements and legal developments. Stay tuned for more insights and reports on the evolving NFT landscape.

According to Cointelegraph, two users of the non-fungible token (NFT) marketplace OpenSea have voluntarily dismissed their class-action lawsuit, which accused the platform of selling unregistered securities. This decision follows a ruling by Judge Cecilia Altonaga in a Florida federal court, allowing OpenSea to compel arbitration.The plaintiffs, Anthony Shnayderman and Itai Bronshtein, filed for dismissal on November 7 after the judge's order last month. OpenSea had maintained that the users were bound by its terms of use, which stipulate that all claims must be resolved through arbitration. In an October filing, OpenSea emphasized its intention to move the plaintiffs to arbitration and indicated it would appeal any court denial, effectively pausing the case. The NFT marketplace argued that users agree to resolve disputes through the alternative dispute resolution services provider JAMS.Adam Moskowitz, the attorney representing Shnayderman and Bronshtein, stated that they had no choice but to dismiss the case. He explained that their primary objective was to establish a framework for creating a functional global marketplace for NFTs, considering upcoming political and legislative changes. Moskowitz expressed hope that OpenSea could play a role in supervising and monitoring NFTs traded on its platform, from which it profits. He also mentioned ongoing efforts to assist victims of failed NFTs and other crypto products.The lawsuit, initiated in September, alleged that the NFTs purchased on OpenSea were unregistered securities contracts in the United States and were worthless due to their illegal nature. The plaintiffs pointed to OpenSea's August disclosure of a Securities and Exchange Commission (SEC) Wells notice, suggesting potential liability for facilitating the exchange of unregistered securities. The suit also referenced the SEC's actions against NFT projects Stoner Cats 2 and Impact Theory, where NFTs were deemed unregistered securities. The plaintiffs claimed that OpenSea breached a user warranty by failing to moderate its exchange for unregistered securities. In response to the allegations, an OpenSea spokesperson dismissed the claims as baseless, asserting that the lawsuit was unfounded and based on the disclosure of an SEC Wells notice. OpenSea did not immediately comment on the voluntary dismissal of the lawsuit.

According to PANews, NFT sales experienced a significant increase this week, reaching $95.72 million, marking a 14.99% rise compared to the previous week. This uptick comes after several weeks of declining transaction volumes. However, the number of buyers saw a dramatic decrease of 90.21%, while the number of sellers dropped by 88.80%.Ethereum emerged as the leading blockchain for NFT sales over the past seven days, recording $31.14 million in sales, which represents a 13.25% increase. Following closely, Bitcoin-centric NFT sales secured the second position with $26.01 million. Solana ranked third, with sales amounting to $12.97 million from November 2 to November 9. Despite the overall growth in sales, the sharp decline in both buyers and sellers highlights a shifting dynamic in the NFT market.

According to Odaily, Ubisoft's recently launched NFT role-playing game, 'Champions Tactics: Grimoria Chronicles,' has encountered a significant exploit. A player, known by the usernames Schilleri11 or Paulstar111, has reportedly found a way to achieve 'automatic victories,' disrupting the normal ranking matches for other players. This player has been recorded as having participated in over 56,000 matches, consistently winning each one without any clear explanation of how they managed to match and win so many games automatically.Players have expressed their frustration on the game's Discord server, reporting that whenever they attempt to start a competitive match online, they are invariably matched against this player and lose automatically, even before the match begins. Discord administrators have acknowledged the issue and stated that the team is aware of the problem. They have banned the player in question, but some users have reported that the account remains active, continuing to affect the game's competitive integrity.

According to CryptoSlate, the SEC has issued a Wells notice to blockchain gaming platform Immutable, marking another instance of the regulator's enforcement actions against crypto companies ahead of the US election. Immutable revealed in an October 31 blog post that the SEC's move is part of its “regulation-by-enforcement” strategy targeting the crypto industry. The company noted that the notice was issued without prior discussions with the SEC.Immutable stated that the SEC's allegations, though vague, seem to focus on the 2021 listing and private sales of its native token IMX. The company contends that the IMX token does not meet the criteria of a security and criticized the SEC for bypassing meaningful dialogue. Immutable expressed frustration over the lack of detail in the Wells notice, which contained fewer than 20 words of substantive explanation and lacked a clear basis for the investigation.Additionally, Immutable suggested that the SEC's allegations implied inaccurate claims of “fraudulent misrepresentations” related to a 2021 blog post about the IMX token’s pre-launch investment pricing. The company argued that the regulator mischaracterized this information, stating that there was “real consideration” involved in the investment, which could have been clarified through constructive dialogue with the SEC.Immutable emphasized its readiness to defend the rights of builders, creators, and gamers, leveraging its considerable resources. The company reiterated its commitment to the industry and its intention to continue building despite regulatory challenges.

According to Cointelegraph, non-fungible tokens (NFTs) experienced a significant recovery in October, breaking a seven-month downward trend with an 18% increase in volume. After reaching a peak monthly volume of $1.6 billion in March 2024, NFT volumes had been steadily declining, hitting their lowest point since 2021 in September 2024. However, October saw a notable turnaround with a monthly volume of $356 million, up from September's $300 million, according to data from CryptoSlam. This resurgence in NFT sales volume marks a positive shift for digital collectables, which had been struggling throughout 2024. In addition to the increase in volume, the total number of NFT transactions also rose significantly. October recorded 7.2 million transactions, a 42% increase from September's five million transactions. Weekly volumes also saw a boost, with the period between September 30 and October 6 recording the strongest weekly sales since August, reaching over $84 million. Leading the sales volume for the last 30 days was the Mythos Chain-based NFT collection DMarket, which accumulated $33 million in sales. Following closely was the Immutable-based collection Guild of Guardians Heroes with a volume of $13 million. Bitcoin and Ethereum-based collections such as Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks also showed strong performance in October. Solana-based NFTs also made a significant impact, with collections like DogeZuki, Froganas, and Retardio Cousins recording almost $25 million in sales last month. Collectively, Solana-based NFTs achieved a 30-day sales volume of $67 million in October, accounting for 19% of the overall NFT monthly volume. This brings Solana-based NFTs' all-time sales volume to nearly $6 billion, solidifying its position as the second-ranked blockchain in overall NFT sales.

According to Cointelegraph, the developer behind the Mutant Ape Planet, a derivative of the popular Mutant Ape Yacht Club (MAYC) non-fungible token (NFT) collection, has been ordered by a court to forfeit $1.4 million and pay a $15,000 fine. On November 1, United States District Judge Margo Brodie sentenced French national Aurelien Michel to a one-month lockup, which he had already served in a New York facility. The judge also imposed a $15,000 fine on Michel and mandated the forfeiture of $1.4 million. Federal prosecutors had sought a 37-month prison term for Michel, but the defense contended that the losses linked to the fraud were overstated. Michel’s attorneys, Ira Sorkin and Adam Brody, argued that purchasers of the NFT received “digital artwork,” suggesting that Michel should be spared from further imprisonment. Judge Brodie concluded that the exact loss amount was unclear, noting that while Michel and his co-conspirators received $2.9 million from the project, each NFT purchaser did receive something of value, though the precise value was indeterminate. Michel was arrested on January 6, 2023, in New York for the alleged $2.9 million fraud. A Department of Justice press release stated that Homeland Security agent Ivan Arvelo accused Michel of executing a rug pull scheme, stealing nearly $3 million from investors. The release also mentioned that Michel admitted via social media that he had conducted a rug pull, stating, “We never intended to rug but the community went way too toxic.” The Mutant Ape Planet NFT collection comprised 6,797 NFTs on Ethereum, with 567 Ether (ETH) in sales. However, the average price of the NFTs has significantly dropped since its launch in January 2022. On November 15, 2023, Michel pleaded guilty to executing a rug pull and defrauding investors. Prosecutors asserted that Michel and his associates deliberately failed to fulfill their promises to the NFT collection’s community members. They claimed that while Michel purported to offer NFTs backed with rewards and benefits, he ultimately turned the venture into a “nightmare of deception and losses.”

According to Foresight News, a federal jury in Florida has found 21-year-old NFT developer Berman Jerry Nowlin, also known as Repulse and Zayous, guilty of conspiracy to commit wire fraud and money laundering. Nowlin faces a maximum sentence of five years in prison, with sentencing scheduled for January 23, 2025. Nowlin, along with co-defendant Devin Alan Rhoden, minted the 'UndeadApes' and 'Undead Lady Apes' NFT series on the Solana blockchain. Nowlin served as the developer for these projects, which involved creating NFTs using an art engine, managing blockchain protocols, and writing Solana smart contracts. The two later executed a rug pull on a third NFT series, 'Undead Tombstone,' in April 2022, deleting their Discord and Twitter accounts and cutting off all communication with investors. Through these three NFT projects, they received nearly $400,000 in cryptocurrency. Rhoden pleaded guilty to conspiracy to commit wire fraud and money laundering on May 24, 2024. His sentencing hearing is set for November 20, 2024.

According to Decrypt, two NFT developers have been implicated in a fraudulent scheme involving the sale of three NFT collections on Solana. The collections, named “Undead Apes,” “Undead Lady Apes,” and “Undead Tombstone,” were sold in 2022, generating nearly $400,000. The developers, 21-year-old Berman Jerry Nowlin Jr. and 25-year-old Devin Alan Rhoden, were found guilty of conspiracy to commit wire fraud and money laundering. Nowlin was found guilty and faces up to five years in federal prison, with sentencing scheduled for January 2025. Rhoden pleaded guilty and will be sentenced later this month. The Department of Justice (DOJ) reported that the success of these NFT projects was driven by false statements about future partnerships, reinvestment of capital, and utility for holders. In April 2022, the developers abruptly halted the minting of “Undead Tombstone” NFTs and deleted all communication channels, effectively abandoning the project and leaving investors with worthless assets. The DOJ defines this as a rug pull, a type of cryptocurrency investment fraud where developers abandon a project and take investor funds. The developers used Tornado Cash, a now-banned crypto mixer in the U.S., to obscure the movement of funds. They also employed a technique called “chain-hopping” to move funds between Solana and Ethereum, making it difficult to trace the transactions. Nowlin eventually converted the cryptocurrency to U.S. dollars and transferred the funds to his bank account. The case highlights the risks associated with investing in cryptocurrency projects and the importance of due diligence.

According to Foresight News, BlockMedia reported that the operator of the NFT project Age of Zen (Aozen), My Road, was declared bankrupt by the Seoul Bankruptcy Court on the 29th. The court stated that 'the final dividend has been paid after the bankruptcy proceedings,' and 'creditors have approved the formal bankruptcy.' Previously, Age of Zen (Aozen) had announced a future roadmap that included puzzle games, an NFT marketplace, decentralized finance (DeFi), and staking, with a focus on the metaverse worldview for 2022. However, My Road failed to properly execute the roadmap and lost the trust of Aozen holders due to various issues, including contract problems with outsourcing partners and allegations of plagiarism in NFT illustrations. In February 2023, My Road filed for bankruptcy with the Seoul Bankruptcy Court.

According to Foresight News, in a recent interview with Decrypt, crypto artist Beeple (Mike Winkelmann) shared his views on the current state of the NFT market. Beeple noted that the speculative investors have largely exited the space, leaving behind a core group of enthusiasts who truly understand the technology. Reflecting on the past, Beeple remarked, 'Looking back at that time, it was crazy because NFTs were hated for much longer than they were loved. We lost a lot of users, but those people were never in it for the art, I could tell right away. Speculators have moved on, but people are still passionate about this stuff.'According to Foresight News, Beeple's NFT artwork 'Everydays: The First 5,000 Days' was sold for $69.3 million in 2021.

According to Odaily, CryptoSlam data reveals that the total NFT sales over the past week amounted to $89.26 million, marking a 7.11% decrease from the previous week. Despite the drop in sales, the number of NFT buyers surged by 42.2%, and the number of sellers increased by 52.55%.Ethereum-based NFTs recorded sales of $31.2 million over the past seven days, experiencing a slight decline of 2.96%. Solana-based NFTs ranked second with sales reaching $18.42 million, reflecting a growth of 12.39%. Bitcoin-based NFTs came in third, with sales amounting to $14.37 million, a significant decrease of 34.02% from the previous week.

According to Odaily, Synthetix founder Kain Warwick recently reviewed the success of his new project, Infinex, and its Patron NFT auction sponsorship event. The event, essentially a public fundraising effort using NFTs, saw participation from notable projects and institutions such as Wormhole, Pyth, Synthetix, Variant, Founders Fund, Framework Ventures, and Wintermute Ventures. Prominent individuals involved included Ethereum co-founder Vitalik, Solana co-founder Toly, and Base head Jesse Pollak. Warwick announced that the distribution of Patron NFTs will commence soon, with more opportunities to become an Infinex sponsor emerging in the coming months. Additionally, the Patron NFTs are set to be listed on Blur and OpenSea in the next few days. Previously, it was reported that the Infinex auction sponsorship event successfully sold 41,258 NFTs, raising a total of $65.3 million.

According to BlockBeats, on October 23, Magic Eden announced the launch of a dedicated Berachain section. This new feature allows users to explore existing Berachain NFT projects on other blockchains, including Arbitrum and Ethereum.

According to PANews, Japanese collectible toy brand Medicom Toy is set to release a new limited edition NFT on the Mint Blockchain on October 25. The NFT corresponds to their latest collectible item and will be available on the RareShop platform. This launch marks the global debut of the Medicom Toy x National Palace Museum of Taiwan collaboration, featuring the Qingming Shanghe Tu BE@RBRICK 1000% version. Only 30 units will be available on the RareShop platform, each priced at $988. The sale will operate on a whitelist basis, with items available on a first-come, first-served basis.

According to Foresight News, NFT marketplace Magic Eden has announced via a tweet that it will add support for ApeChain. This integration will include both a Launchpad and a marketplace built on ApeChain.