NFT sales record a 5% increase in the past 7 days amid market recovery
The NFT market has seen a positive start to Q3 2024 with a 5% increase in sales over the past seven days, totaling over $107 million. This marks a rebound following a downturn in Q2. The surge in activity includes a 20% rise in NFT buyers, a 13% increase in sellers, and a 48% jump in transactions, as reported by CryptoSlam.
The NFT market's recovery comes amid a surge in memecoin activity, with notable celebrity endorsements from Caitlyn Jenner and Iggy Azalea. While some crypto enthusiasts blame the memecoin craze for the previous downturn in NFTs, others, like Ethereum's Vitalik Buterin, see potential in memecoins that serve a greater purpose beyond mere hype.
The U.S. Department of Treasury released a report highlighting the risks associated with NFTs, such as their use in illegal activities like money laundering and terrorist financing. The Treasury's report emphasizes the need for increased awareness, current law enforcement, and potential new regulations to mitigate these risks. Brian E. Nelson, Under Secretary for Terrorism and Financial Intelligence, stressed the importance of the report in guiding industry and law enforcement efforts.
Despite regulatory concerns and the competitive memecoin market, the NFT sector is showing resilience and growth. The increase in sales and market activity suggests a strong start to Q3, signaling continued interest and investment in NFTs.
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