The post Ethereum Sees $92 Million in Weekly NFT Sales Amid December’s Strong Performance and Ongoing Market Challenges appeared on BitcoinEthereumNews.com.

This week marked a significant resurgence in the non-fungible token (NFT) market, with Ethereum driving a notable increase in sales amidst ongoing challenges. The Brooklyn District Attorney’s Office has stepped up efforts to combat NFT fraud, effectively shutting down 40 fraudulent marketplace sites to protect artists and investors alike. According to the RARI Foundation’s Jana Bertram, the NFT ecosystem is not dying; instead, it’s evolving, indicating a future filled with potential innovation. An overview of Ethereum’s NFT resurgence as it faces challenges, including fraudulent schemes and marketplace issues, highlighting industry resilience and evolution. Ethereum NFTs Surge to $187 Million in Sales The NFT market kicked off December on a high note, recording a total of $187 million in weekly sales, marking a significant boost compared to the previous month’s best week of $181 million. This resurgence was largely led by the Ethereum blockchain, which reported $92 million in weekly sales, reflecting a substantial 44% increase from the prior week. Collectibles like CryptoPunks and Pudgy Penguins saw not only elevated sales volumes but also increasing floor prices, signaling renewed investor confidence. Fraudulent NFT Marketplaces Exposed by Brooklyn DA In a significant crackdown, the Brooklyn District Attorney’s Office has shut down 40 fraudulent NFT marketplace sites after an 85-year-old artist was scammed out of $135,000. The scam unfolded when the artist was misled by an individual claiming to be an art dealer, leading him to mint his work on a bogus site that mimicked OpenSea. Unfortunately, the perpetrator convinced the artist that he had earned $300,000, only to demand a fraudulent fee of $135,000 to access these funds. The artist, financially and emotionally devastated, utilized resources from his retirement account and secured loans to cover the scammer’s demands. In response, the District Attorney’s Virtual Currency Unit is raising awareness to help prevent…

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Filed under: News - @ December 11, 2024 11:24 pm