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.
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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.
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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.
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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.
