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According to Cointelegraph, despite a challenging year for non-fungible tokens (NFTs) in 2024, the TON-based marketplace Getgems remains hopeful about increased adoption through the instant messaging platform Telegram. Blockchain analytics platform DappRadar labeled 2024 as one of the worst-performing years for NFTs since 2020, with trading volumes and sales counts dropping nearly 20%. This downturn has affected NFT platforms, leading to closures like that of MakersPlace on January 15, citing ongoing market challenges. Nevertheless, some developers and companies are focusing on the long-term utility of NFTs. Getgems sees potential through Telegram's extensive user base and tools. With Telegram CEO Pavel Durov reporting 950 million monthly active users in September, Getgems is optimistic about leveraging this audience. A spokesperson from Getgems highlighted that while NFTs have had significant moments in the past, they have never been seamlessly connected with mass users like Telegram can offer. The platform emphasizes utility over volume or gambling, with features like Telegram Usernames providing ownership rights for digital identities and Anonymous Telegram Numbers representing accounts. According to Getgems, Usernames have generated a total volume of 72 million Toncoin (TON), and Anonymous Numbers have accounted for 24 million TON, with TON trading at approximately $5. This results in a combined volume of roughly $480 million, demonstrating the demand and usability of Telegram-based NFTs. On October 5, 2024, Telegram introduced Gifts, animated images for congratulating contacts with custom messages, with a feature allowing users to convert them into NFTs. Since their release, Telegram Gifts have gained popularity, with over 20 million acquired by users, according to Durov. On January 22, Telegram began integrating Gifts into the TON blockchain. The Getgems marketplace remains optimistic that Telegram's new onchain NFTs will achieve greater adoption, aiming to make them more accessible and appealing to a broader audience. Even before the NFTs went onchain, their pre-mint trading volume reached $1 million, with a market capitalization of $10 million. Getgems believes that the demand and usability of Telegram-based NFTs have already been proven.

According to PANews, U.S. sports betting platform DraftKings has reached a settlement with the National Football League Players Association (NFLPA) over allegations of unpaid fees for using NFL players' likenesses in NFTs. In a joint letter to New York federal judge Analisa Torres on January 27, both parties stated they have mediated the lawsuit and reached a settlement in principle, pending a final agreement. They have requested a 60-day suspension of the lawsuit, aiming to finalize the settlement by March 28. Specific details of the settlement have not been disclosed. Judge Torres, who previously handled the SEC's lawsuit against Ripple, will need to sign the final settlement agreement.

According to Odaily, renowned NFT collector punk6529 recently shared insights on the X platform, asserting that NFTs should be considered internet art rather than digital art. Traditionally, NFTs have been viewed as a subset of digital art, akin to algorithmic, generative, graphic, interactive, or immersive art created or existing on computers. However, punk6529 argues that while NFTs can be created with or without computers, they fundamentally exist on the internet rather than on computers. Punk6529 further explained that NFTs share similarities with Bitcoin (BTC). When a user 'owns' a cryptopunk, they essentially possess the cryptographic key to move that specific cryptopunk to different locations on the internet. The owner cannot remove it from the network or lock it away in a safe. In contrast to the traditional classification of art into two categories—non-digital art and digital art (including NFTs)—punk6529 suggests a new categorization: non-digital art, digital art, and NFTs.

According to Odaily, NFT sales reached $164.3 million this week, marking a 5.8% increase from the previous week, as per data from CryptoSlam. The weekly metrics indicate a resurgence in market activity, with the number of NFT buyers rising by 115.49% to 270,108, and sellers increasing by 107.81% to 218,676. However, the number of transactions saw a slight decline of 4.58% to 1,466,206.In detail, Bitcoin NFT sales fell by 10.9% to $27.5 million, despite a significant 174.98% increase in buyers to 23,827. Ethereum NFT sales experienced a 40% growth, reaching $85.6 million, with the number of buyers rising by 52.54% to 37,913. Solana NFT sales dropped to third place, decreasing by 30.8% to $14.6 million.Among NFT collections, Azuki led with $15.4 million in sales, a 268.21% increase, accompanied by a 253.45% rise in buyers and a 272.83% increase in transactions. Pudgy Penguins ranked second with $8 million in sales, a decrease of 8.04%, while CryptoPunks secured the third spot with $7.8 million in sales, growing by 126.31%.

According to Odaily, approximately 15 minutes ago, Vitalik Buterin purchased Milady 9286 and set it as his profile picture on his X account.

According to PANews, CryptoPunks #5402 has been sold for 170 ETH, which is approximately valued at $564,000.

According to BlockBeats, CryptoPunks NFT number 4940 has been sold for 150 ETH, equivalent to approximately $502,000, as reported on January 16.

According to PANews, Yuga Labs co-founder Greg Solano has publicly refuted rumors about the company's alleged plans to sell the rights to the CryptoPunks series. These speculations were initially raised by NFT researcher Wale Moca and have sparked widespread discussion and controversy within the Web3 community. Solano clarified on the X platform, stating, "Many have approached us, especially in recent months, but that doesn't mean we are planning anything. We will only consider a transaction if we are convinced it is a long-term and highly valuable deal for CryptoPunks." Despite Solano's clear denial of the rumors, the news has significantly boosted market activity for CryptoPunks. The floor price for the series is currently reported at 40.38 ETH, marking a 12.2% increase over the past 24 hours.

The NFT market experienced a significant downturn in 2024, with both transaction volume and sales volume falling to levels not seen since 2020, according to a report from ChainCatcher.Key findings include:Transaction Volume: Dropped by 19% compared to 2023.Sales Volume: Declined by 18% year-over-year. 

According to Odaily, a recent report by DappRadar highlights a significant decline in the NFT market for 2024. The report indicates that NFT trading volume fell by 19% compared to 2023, reaching $13.7 billion, while the number of sales decreased by 18% to just under 50 million. This downturn marks 2024 as one of the weakest years since 2020. DappRadar notes that the NFT market experienced notable fluctuations throughout the year. In the first quarter, trading volume increased by 4% from the same period in 2023, reaching $5.3 billion. However, this momentum was short-lived, as the volume dropped to $1.5 billion in the third quarter before rebounding to $2.6 billion in the fourth quarter. The report also reflects on the NFT market's peak in 2022, when it achieved mainstream recognition. That year, trading volume soared to $57.2 billion, with the number of transactions reaching 121.7 million, marking it as the best year on record for NFTs.

According to Odaily, Sotheby's auction house has announced the sale of eight NBA Top Shot NFTs as part of its broader NBA memorabilia auction. Each NFT is valued between $500 and $3,000, with the bidding set to close on January 21. The auction features digital collectibles of notable basketball players, including Jalen Wells, Bob Carrington, Pacome Dadiet, and Keyshawn George. Each item showcases highlights from the respective player's debut NBA game.

According to BlockBeats, on January 15, Cointelegraph reported on social media that the floor price of CryptoPunks NFTs increased by 13%. This rise is speculated to be due to rumors regarding the sale of CryptoPunks' intellectual property. However, Yuga Labs has not yet confirmed or denied these rumors.

According to Odaily, CoinGecko data reveals a notable rise in the prices of Azuki series NFTs. The floor price of Azuki is currently 13.96 ETH, marking a 24-hour increase of 13.3%. Azuki Elementals have a floor price of 1.98 ETH, with a 24-hour rise of 24.2%. Meanwhile, BEANZ NFTs are priced at 0.98 ETH, showing a 23.2% increase over the same period.Earlier today, it was reported that Arbitrum and Azuki have jointly launched an anime project called Animecoin. The project has introduced the ANIME tokenomics, with a total supply of 10 billion tokens and an initial circulation of 7.69 billion. Of these, 37.5% of the tokens will be allocated to the Azuki community.

According to PANews, Arbitrum's official X account recently updated its profile picture to an image from the Azuki series. The account also retweeted a message stating, 'brb, entering the garden,' which may suggest a potential collaboration with Azuki or the $ANIME project.

According to Foresight News, the floor price of the Azuki NFT series has surpassed 14 ETH, currently standing at 14.59 ETH, marking a 24-hour increase of 13.3%, as per data from OpenSea. This surge is potentially influenced by the upcoming launch of the Animecoin project. Additionally, the BEANZ NFT series has seen its floor price rise to 0.95 ETH, reflecting a 24-hour increase of 23.2%.

According to Odaily, former pharmaceutical executive and investor Martin Shkreli has requested a Brooklyn federal court to dismiss a lawsuit filed by NFT platform PleasrDAO concerning the ownership of a Wu-Tang Clan album. Shkreli argues that the lawsuit is "preempted by copyright law." He also seeks the involvement of Wu-Tang Clan members Robert Diggs (RZA) and Tarik Azzougarh (Cilvaringz) in the proceedings, as they co-own the album. Shkreli originally purchased the album for $2 million at a private auction in 2015. Under the terms of the contract, the album is not to be publicly released until 2103, with only one copy produced. However, after Shkreli was arrested in 2018 for allegedly defrauding investors and engaging in a stock fraud scheme involving his company Retrophin Inc., authorities seized the album. He was convicted and sentenced to seven years in prison, fined $75,000, and ordered to forfeit $7.3 million. PleasrDAO has owned the physical album since 2021, having purchased it from the Department of Justice for $4.75 million after it was confiscated from Shkreli following his securities fraud conviction. The DAO sold fractional ownership through NFTs but claims Shkreli retained a digital copy of the album, leading to a lawsuit filed last June. On August 26, a New York federal judge ordered Shkreli to hand over any copies of the album to his attorney and sign a declaration stating he no longer possesses any copies by August 30. Additionally, Shkreli must submit a list by September 30 detailing any copies of the album, including information on individuals with whom he shared the album and any financial benefits he received from its distribution or performance.

According to Cointelegraph, Eden Gallery Group has filed a motion to dismiss a class-action lawsuit brought by a group of non-fungible token (NFT) holders. The lawsuit, filed in a New York federal court, alleges that the gallery is responsible for the decline in the value of NFTs due to a broader market downturn. Eden Gallery contends that the general market decline in NFTs does not indicate any fraud or misrepresentation related to its collection. The plaintiffs, comprising 36 individuals who purchased "Meta Eagle Club" NFTs, initiated the lawsuit in October, accusing Eden Gallery and artist Gal Yosef of fraud, unjust enrichment, and violating New York's General Business Law. They claim the project was a "rug pull," with the Meta Eagle Club NFT collection selling 12,000 unique humanlike eagles and generating $13 million between February 2022 and November 2023. Eden Gallery argues that when the Meta Eagle Club NFTs were launched in early 2022, NFTs as an asset class were extremely popular. However, the popularity of the NFT market has since waned. The floor price for a Meta Eagle Club NFT has dropped significantly, currently standing at 0.0051 ETH, or approximately $17, compared to 0.6 ETH, or around $1,800, at the time of their launch, as per data from OpenSea. The plaintiffs assert that they overpaid for the NFTs due to alleged misrepresentations by the gallery and are seeking compensatory damages ranging from $1,224 to $70,219 per claimant. Eden Gallery, however, argues that none of the individual claims meet the jurisdictional threshold of $75,000 and that the aggregation of claims is not permissible. Despite a recent increase in NFT sales driven by a crypto market bull run, the sector remains 98% down from its peak in early 2022 in terms of US dollar sales volumes, according to industry analytics portal CryptoSlam.

According to Cointelegraph, concerns have emerged among holders of Reddit Collectible Avatars non-fungible tokens (NFTs) following the departure of the project's head, Bianca Wyler, from the social media company. Wyler announced her exit on LinkedIn on January 6, expressing pride in her accomplishments at Reddit despite the transition. The sudden departure has sparked speculation among Reddit users about the future of the Collectible Avatars initiative. Some users noted the deletion of recent comments from Wyler's Reddit account, raising fears that the platform might discontinue the avatars. Reddit Collectible Avatars are unique NFTs on the Polygon blockchain, primarily featuring Reddit's alien mascot. These avatars, launched in July 2022, are marketed as limited-edition artworks created in collaboration with independent artists, offering perks like special comment treatment on the site. Despite the initial success, sales of these NFTs have declined since their peak in late 2022. Data from Dune Analytics indicates that the secondary monthly sales volumes have remained around $100,000 for the last three months of 2024, with trading activity also decreasing since 2022. Wyler, who joined Reddit in June 2024, acknowledged the challenges faced by the RCA program, noting that it had come down from a significant bull run. She emphasized the need for dedicated care and strategic planning to optimize the program, improve community sentiment, and boost sales and creations. Wyler attributed her departure to the natural shifts occurring in social media companies like X and Meta as they adapt to emerging technologies and changing priorities. While uncertain about the current direction of the RCA program, she expressed confidence that Reddit would continue to prioritize its community, which she described as the driving force behind the company's initiatives. Reddit has not yet responded to requests for comment on the matter.

According to PANews, NFT sales have experienced a significant decline this week, dropping by 17.54% to $132.7 million from last week's $152 million. Despite the decrease in sales, market engagement has risen, indicating continued interest at lower price levels. The number of NFT buyers increased by 25.54% to 667,116, while sellers rose by 23.96% to 382,754. However, the total number of transactions fell by 16.96% to 1,326,111. On the Ethereum network, NFT sales decreased by 25.72% to $56 million, although the number of buyers grew by 14.35% to 72,241. Conversely, the Bitcoin network saw an 8.38% increase in NFT sales, reaching $30.3 million, with 67,423 buyers, marking a 13.68% rise from the previous week. Mythos Chain climbed to third place with $11.8 million in sales, a 3.63% increase. Despite having the highest number of buyers at 234,220, the Solana network's sales dropped by 57.91% to $9.4 million, placing it fourth. The top NFT transactions this week included: - CryptoPunks #5192: $192,556 (53.69 ETH) - CryptoPunks #7942: $154,075 (45 ETH) - CryptoPunks #9208: $153,677 (45.99 ETH) - CryptoPunks #5203: $153,580 (44.7 ETH) - CryptoPunks #7210: $147,498 (42.93 ETH)

According to PANews, a U.S. court in November 2024 found Nowlin guilty of involvement in a $400,000 NFT fraud scheme, which included charges of wire fraud and money laundering. Before sentencing, Nowlin tragically took his own life. The Department of Justice reported that the project's success was based on 'entirely false statements,' such as alleged partnerships with 'well-known companies' and promised benefits for holders. Additionally, the perpetrators deleted their Discord and Twitter accounts after receiving payments. The NFT series began selling in 2022, raising nearly $400,000 from hundreds of victims who invested in the fraudulent projects.