NFT monthly sales surge 18%, Mutant Ape ripoff creator avoids prison: Nifty Newsletter
In this week’s newsletter, read about the creator of the Mutant Ape Planet non-fungible tokens (NFTs) avoiding prison, check out how NFTs recovered from a recent market slump and find out how the NFT trading platform OpenSea plans to make a comeback.
Mutant Ape NFT ripoff creator to forfeit $1.4 million, avoids prison
While the Mutant Ape Planet creator Aurelien Michel pleaded guilty to defrauding investors, a judge sentenced the French national to the one-month lockup he had already served. Michel was also ordered to forfeit $1.4 million from the almost $3 million he got from selling ripoff NFTs. Michel, who admitted on social media to pulling the rug on investors, must also pay a $15,000 fine.
Federal prosecutors had pursued a 37-month prison term for Michel, arguing that he and his associates intentionally failed to deliver their promises to the collection’s community.
Continue reading
NFT sales volume breaks slump, surges 18% in October
In October, NFTs broke a seven-month slump as sales volumes surged by 18% month-on-month. CryptoSlam data shows that NFTs saw monthly sales volumes increase to $356 million. Since a yearly high volume in March, NFTs have struggled to perform, with volumes continuously decreasing.
Still, October was a strong month for NFTs. Apart from sales volumes, NFTs also saw an increase in transactions. NFT transactions reached 7.2 million in October, a 42% increase from about 5 million in September.
Continue reading
OpenSea promises comeback with new, improved platform
NFT marketplace OpenSea announced that it would launch a “new and improved” platform in December. According to its founder and CEO, Devin Finzer, they “built a new OpenSea from the ground up,” adding that innovating sometimes required stepping back and reimagining.
DappRadar communications manager and head of content “nederob” said there may be “serious hype” as users may expect an airdrop. Still, the executive added, the company being based in the United States may mean an airdrop is unlikely.
Continue reading
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Why TradFi firms could turn to bitcoin margin loans: Maple CEO
Maple’s Sid Powell said that TradFi firms have been in contact with the firm about lending and borrowing in crypto
The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more
European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.
'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT
The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”
Kiyosaki Dumps Gold and Silver, Projects Bitcoin at $250K by 2025