According to Odaily, data from CryptoSlam reveals that Ethereum NFT sales experienced a 76% increase in volume last week, reaching $201 million. This figure represents 66% of all NFT sales over the past seven days. In comparison, Bitcoin-based NFTs generated $40 million in sales, while Solana-based collectibles accounted for $29 million. The combined weekly trading volume for Mythos Chain, Immutable, Polygon, and BNB Chain amounted to $25.9 million. This week's trading volume surpassed the September record of $296 million, a month when digital collectibles saw their lowest monthly trading volume since 2021.

The non-fungible token (NFT) market is witnessing a resurgence as sales volume reaches $636.8 million in December 2024, according to Cointelegraph. This marks the largest monthly sales volume since April, highlighting renewed interest in digital collectibles and blockchain-based assets.

This uptick in sales signals a rebound for the NFT space, which has faced challenges in 2023 and 2024 due to market fluctuations and regulatory uncertainties.

NFT Market Trends in December 2024

The $636.8 million sales volume indicates growing momentum for the NFT market as it recovers from a subdued period earlier this year.

Key Factors Behind the Growth

High-Value Sales: Iconic collections and blue-chip NFTs continue to attract significant investments.

Broader Adoption: Increased interest from brands, artists, and gaming platforms has driven new participation.

Evolving Use Cases: NFTs are expanding beyond art and collectibles into real-world applications, such as ticketing and loyalty programs.

Comparing December 2024 to Previous Months

December’s performance stands out as a significant improvement over prior months in 2024:

Monthly Sales Trend: The market has consistently gained momentum since mid-year, with December’s figures marking a notable peak.

Largest Volume Since April: The $636.8 million sales volume surpasses all other months in 2024, signaling robust demand during the holiday season.

Top NFT Collections Driving Sales

Several NFT collections and platforms have contributed to the December surge:

1. CryptoPunks and Bored Ape Yacht Club (BAYC)

Blue-chip projects like CryptoPunks and BAYC maintain their dominance, with significant high-value transactions driving volume.

2. Gaming NFTs

Play-to-earn platforms and blockchain-based games have seen increased activity, with assets from games like Axie Infinity and Illuvium attracting buyers.

3. Brand Collaborations

Brands leveraging NFTs for limited-edition drops, loyalty rewards, and immersive experiences are driving fresh interest in the space.

Why Is the NFT Market Rebounding?

The resurgence in NFT sales volume can be attributed to several factors:

1. Market Maturity

The NFT market has matured, with established projects offering stability and newer entrants bringing innovation.

2. Institutional Interest

Institutional investors and brands are exploring NFTs as a means to engage with younger, tech-savvy audiences.

3. Blockchain Advancements

Improvements in blockchain scalability and environmental sustainability have reduced barriers to entry for creators and buyers.

Challenges and Opportunities Ahead

Challenges

Regulatory Uncertainty: Ongoing regulatory scrutiny could affect the growth trajectory of NFTs.

Market Volatility: NFTs remain tied to broader crypto market trends, exposing them to potential downturns.

Opportunities

Cross-Industry Adoption: NFTs are finding new use cases in industries like real estate, music, and sports.

Enhanced Utility: Integrating NFTs with DeFi, gaming, and loyalty programs could expand their market appeal.

What Does This Mean for Investors?

For investors, the resurgence in NFT sales volume presents both opportunities and risks:

Focus on Quality: Blue-chip projects and NFTs with strong communities are likely to offer better long-term value.

Diversification: Diversifying across collections and use cases can mitigate risks associated with market fluctuations.

Stay Informed: Keeping track of emerging trends and regulatory updates is essential for navigating the NFT space.

Conclusion

The $636.8 million NFT sales volume recorded in December 2024 signals a strong resurgence in the market, marking its highest point since April. With renewed interest from investors, creators, and brands, the NFT space is poised for further growth as it evolves to offer broader use cases and appeal.

For buyers and collectors, December’s performance underscores the enduring potential of NFTs as both a financial and cultural asset class. The coming months will reveal whether this momentum can sustain into 2025 and beyond.

To learn more about the innovative startups shaping the future of the NFT market and blockchain technology, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.

Cointelegraph's recent report, based on data from CryptoSlam, indicates that the Ethereum network has been dominating the NFT market, securing 66% of total sales. The weekly sales volume for Ethereum NFTs reached an impressive $201 million last week, marking a significant 76% increase from the previous week. Driving this surge in Ethereum NFT sales was the phenomenal success of the Pudgy Penguins (PENGU) collection, which generated a remarkable $54.4 million in trading volume. The Pudgy Penguins-affiliated Lil Pudgys NFT collection also performed exceptionally, raking in close to $20 million in sales. This growth in NFT sales volume has been steadily rising since early December, with the Pudgy Penguins collection serving as a major catalyst. The Ethereum NFT ecosystem continues to thrive, with a plethora of exciting projects and collections emerging constantly. As the industry matures, we can expect further growth and innovation in this dynamic and rapidly evolving space.

Last week, Ethereum-based non-fungible token (NFT) collections experienced a significant surge in sales volume, driving the overall digital collectible market to reach $304 million. According to CryptoSlam data, Ethereum NFTs accounted for 66% of all NFT sales volume over the past seven days, with a whopping 76% week-on-week increase that pushed their total sales volume to $201 million.

This figure represents a substantial jump from the previous week’s $115 million in sales volume. Interestingly, Bitcoin-based NFTs recorded $40 million in sales, while Solana-based collections had $29 million. Other blockchains such as Mythos Chain, Immutable, Polygon, and BNB Chain collectively contributed to a weekly volume of $25.9 million.

Despite this impressive performance, the weekly record still falls short of the $296 million NFT sales record for September, which marked the lowest monthly sales volume since 2021. The dominance of Ethereum-based NFT collections was further emphasized by the fact that seven out of the top 10 NFT collections by sales volume were built on this blockchain.

The Pudgy Penguins collection emerged as the clear winner, recording a massive $54.4 million volume, making it the top collection for the week. Its LilPudgys sub-collection also did exceptionally well, recording nearly $20 million in sales. Other popular NFT collections like Doodles and CryptoPunks also made it into the top 10 collections by sales volumes last week, with Doodles recording $13 million and CryptoPunks recording $7.4 million.

Despite the success of these collections, it’s worth noting that the Pudgy Penguins’ crypto token has been struggling, with its value dropping by over 50% after its launch on Dec. 17. Overall, the strong performance of NFT sales volumes in December continues the upward trend seen throughout the year, suggesting that the industry may be entering a new phase of growth and mainstream adoption.

Source

Two Southern California men, Gabriel Hay and Gavin Mayo, face charges for allegedly defrauding investors of over $22 million in cryptocurrency through fraudulent NFT and digital asset schemes. The indictment reveals they conducted a series of “rugpulls,” soliciting funds for NFT projects that were abandoned after collecting investments. The alleged scams involved projects like Vault (…) Source link

US Department of Justice Targets Largest Cryptocurrency Fraud Case In a major blow to the cryptocurrency industry, the US Department of Justice (DOJ) has indicted two individuals, Gabriel Hay and Gavin Mayo, for allegedly perpetrating a $22 million fraud scheme involving non-fungible tokens (NFTs). The indictment marks the largest cryptocurrency fraud case ever brought to court in the United States. False Promises and Misappropriated Funds The accused, Hay and Mayo, allegedly raised funds from investors by falsely promoting two NFT projects, "Vault of Gems" and "Faceless," as the first of their kind backed by tangible assets. However, after raising millions of dollars from unsuspecting investors, the pair is alleged to have abandoned the projects and misappropriated the funds for personal gain. Potential Prison Sentences If convicted, Hay and Mayo could each face up to 60 years in prison. The charges against them include wire fraud, conspiracy to commit wire fraud, and money laundering. This indictment sends a clear message that the DOJ is cracking down on fraudulent activities in the rapidly growing cryptocurrency market. Impact on the NFT Industry This case has raised concerns about the potential for fraud in the emerging NFT market. While NFTs can offer unique opportunities for creators and collectors, it is crucial for investors to exercise due diligence and research potential projects thoroughly. The indictment underscores the need for strong regulations and industry standards to protect investors from such fraudulent schemes.

The NFT market has shown strength amid crypto market volatility, according to the latest data from CryptoSlam.

The total sales volume has reached $302.2 million — a notable 32.93% increase. This is an evident spike from last week’s $224 million sales.

This surge has been accompanied by growth in market participation. The market metrics show strong expansion across all key indicators:

NFT buyers have nearly doubled with a 92.39% increase to 349,972

NFT sellers have grown significantly by 77.18% to 207,672

NFT transactions have shown a healthy growth of 7.28% to 1,651,950

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Ethereum dominance strengthens

The Ethereum (ETH) NFT blockchain has shown strong performance, with sales volume surging to $199.9 million. This is a 73.56% increase in the last seven days.

The network has attracted 44,220 buyers, representing a 39.73% growth.

Notably, wash trading has more than doubled with a 122.67% increase to $105.1 million, indicating heightened market activity.

Source: Blockchains by NFT Sales Volume (CryptoSlam)

Bitcoin’s (BTC) NFT ecosystem is in the second position, with a 23% decline, with sales volume at $39.7 million. However, the network shows decent growth in user engagement with 38,987 buyers.

Solana (SOL) has strengthened its third position with $29.9 million in sales, showing a modest 5.14% increase. The network continues to show strong user participation with 104,958 buyers, which is a 108.45% increase.

Mythos Chain (MYTH) maintained fourth place with $10.8 million in sales, while ImmutableX (IMX) and Polygon (POL) complete the top positions with $6.9 million and $4.8 million, respectively.

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Pudgy Penguins led historic rally

Pudgy Penguins has nearly doubled its sales to $53.9 million, with a 90% increase. Their ecosystem expansion has been accompanied by major growth in both transactions (104% increase) and unique buyers (81% increase).

LilPudgys is in second place with $19.4 million in sales, showing a 53.57% increase.

Azuki is in third place with $16.9 million in sales, showing a growth of 108.19%.

Doodles has made an entry into the top five with $13.4 million in sales, showing growth of 226.08%, while BRC-20 NFTs round out the top five with $9.2 million in sales.

Top NFT sales: Data from  CryptoSlam

Notable individual sales this week include:

Pudgy Penguins #4611 sold for $493,925 (125 ETH)

CryptoPunks #6036 sold for $444,019 (110 ETH)

Pudgy Penguins #7891 sold for $395,140 (100 ETH)

Azuki #6872 sold for $380,659 (108 ETH)

Azuki #6536 sold for $372,866 (95.4774 ETH)

Bitcoin is currently trading at around $97,450.

Ethereum also bounced back to $3,400 from its recent low of $3,098. It’s currently trading at around $3,403.48. The global cryptocurrency market capitalization currently stands at $3.41 trillion, showing a decline from last week’s $3.63 trillion.

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The NFT market is heating up, and Blur is taking the spotlight with an impressive 5x increase in trading volume.

As activity surges, many are wondering whether this could ignite a rally for the platform’s native token, $BLUR.

🔥 Blur NFT Market Trading Volume Surges 5X!

The #NFT market is heating up, and Blur is leading the charge with a 5x surge in trading volume. Will this spark a rally for $BLUR? 🚀

Bullish or bearish on NFTs? Can $BLUR sustain this momentum, or is it just a temporary spike?… pic.twitter.com/qdFuA6Gzfp

— Cheeky Crypto (@CheekyCrypto) December 16, 2024

In line with its monthly token unlock schedule, Blur recently transferred 34.41 million $BLUR tokens, valued at $11.06 million, to Coinbase Prime. The transaction occurred just 20 minutes ago, signaling another major step in its liquidity cycle.

Since entering its unlocking phase on June 15, 2023, Blur has released 31.6% of its total token supply—equivalent to 949 million $BLUR—into the market. These unlocked tokens have flowed primarily to Coinbase Prime, with their cumulative value calculated at $323.1 million based on transfer prices at the time.

Blur’s aggressive tokenomics strategy aligns with its growing dominance in the NFT space, as traders flock to its platform for liquidity and competitive advantages. With such significant trading volume growth, market participants are speculating on the potential upward trajectory of $BLUR’s price.

The rapid expansion of Blur’s market activity reflects the broader momentum in the NFT space, as creators and investors re-engage with digital collectibles. Whether this increased trading activity can translate into sustained token value remains to be seen, but for now, Blur is undoubtedly leading the charge in reshaping the NFT market landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any NFTs or cryptocurrency.

Follow us on Twitter @themerklehash to stay updated with the latest Metaverse news!

Image Source: Visual Generation/Shutterstock.com

The post Blur NFT Marketplace Sees 5X Surge In Trading Volume appeared first on The Merkle News.

Ethereum-based non-fungible token (NFT) collections surged last week, driving the overall digital collectible weekly sales volumes to $304 million. 

On Dec. 21, data tracker CryptoSlam reported that Ethereum NFTs experienced a 76% week-on-week increase, reaching $201 million in sales volume. This represents 66% of all NFT sales volume over the past seven days.

By comparison, Bitcoin-based NFTs recorded $40 million in sales, while Solana-based collections had $29 million. Mythos Chain, Immutable, Polygon and BNB Chain collectively had a weekly volume of $25.9 million. 

The weekly record also surpasses the $296 million NFT sales record for September, when digital collections had their lowest monthly sales volume since 2021. 

Ethereum collections dominate NFT rankings

Last week, seven of the top 10 NFT collections by sales volume were based on Ethereum. The Pudgy Penguins collection recorded a $54.4 million volume, making it the top collection for the week. Meanwhile, the second spot went to the project’s LilPudgys collection, recording almost $20 million in sales. 

7 out of the top 10 NFT collections for the week are Ethereum-based collections. Source: CryptoSlam

The Azuki NFT collection surged by 130% compared to last week, recording $18 million in sales. The project’s Azuki Elementals collection recorded a 226% week-on-week increase after having a $7 million sales volume. 

Popular NFT collections like Doodles and CryptoPunks also made it into the top 10 collections by sales volumes last week. Doodles had $13 million, while CryptoPunks recorded a volume of $7.4 million. 

NFTs continue early December momentum

NFT weekly volumes have been strong since the start of December. Digital collectibles recorded $187 million in sales in the first week of the month. The Pudgy Penguins collection also led the week with a $25 million sales volume. 

While Pudgy Penguins NFTs dominate the NFT space in volume, its crypto token is performing less well. On Dec. 17, the collection’s Pudgy Penguins (PENGU) token plummeted by over 50% after its launch. CoinGecko data shows the token trades at $0.03, about 55% down from its highest price record. 

In just 21 days, NFT sales volumes for December had already reached $678 million, surpassing the previous month’s record of $562 million. The sales record also makes December NFTs’ highest-performing month since May, when the space saw $602 million in sales.

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Two California men have been charged in the largest NFT fraud case ever prosecuted, accused of defrauding investors of over $22 million through deceptive schemes.

According to a six-count indictment unsealed in Los Angeles, Gabriel Hay, known by aliases such as “Mr. Handz” and “Vaultkeeper,” and Gavin Mayo, known as “Gavinm,” launched fraudulent projects like Vault of Gems and Faceless.

They promised investors lucrative returns using fabricated claims and fake project roadmaps.

Vault of Gems was marketed as the “first NFT project pegged to a hard asset,” with its website falsely claiming the project would enable users to exchange NFTs for physical jewels through a global network of jewelers.

Despite these promises, the defendants abandoned the project after collecting over $1 million in funds, funnelling the proceeds into their personal accounts.

The indictment also details how the pair used aliases and hired others to conceal their involvement in the schemes.

When a whistleblower linked them to the Faceless project, Hay and Mayo launched a harassment campaign, sending messages threatening the individual and their family.

The indictment states that their actions “caused substantial emotional distress” to the whistleblower, including emails falsely purporting to be from a law firm that threatened legal action and made explicit threats against the individual’s parents.

Hay and Mayo face charges of conspiracy to commit wire fraud, wire fraud, and stalking, which carry maximum sentences of over 60 years if convicted.

This case comes amid renewed interest in NFTs, with surging prices for blue-chip collections like CryptoPunks and Bored Ape Yacht Club.

Just two weeks ago, authorities shut down 40 fraudulent NFT minting domains targeting artists across the US.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.