NFT monthly sales surge 18%, Mutant Ape ripoff creator avoids prison: Nifty Newsletter
NFTs have started to recover as monthly sales volumes surged by 18% and total transactions shot up to 7.2 million.
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.
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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Author: Ezra Reguerra
