NFT sales began December with a strong $187M weekly volume, continuing an upward trend that started in October after hitting lows in September. Ethereum led blockchain sales with $92M, driven by collections like Pudgy Penguins, which recorded a 346% rise to $25M, and CryptoPunks, which posted $16.5M in weekly sales. Bitcoin-based NFTs followed with $43.8M, while Solana and others collectively reached $47M.

The broader NFT market has shown signs of recovery, with November’s $562M total sales volume marking a 57% increase from October. This growth coincides with Ethereum’s price climbing above $4,000, peaking at $4,067 on Dec. 6. Analysts suggest ETH could experience a major rally, potentially reaching as high as $15,000. The NFT resurgence reflects renewed investor interest and strong performance by top collections.

Microsoft Shareholders Reject Bitcoin Reserve Proposal at Annual Meeting

Microsoft shareholders rejected a proposal on Dec. 10 to allocate 1%-5% of the company’s profits to Bitcoin, citing its volatility. The resolution, presented by the National Center for Public Policy Research (NCPPR), argued Bitcoin adoption could diversify Microsoft’s balance sheet and create long-term value. Microsoft’s board opposed the idea, stating it already has robust processes for managing corporate treasury and calling the proposal unnecessary.

Despite a pitch from Bitcoin advocate Michael Saylor, who claimed adoption could boost Microsoft’s market cap by trillions, shareholders sided with the board. The NCPPR had highlighted Bitcoin’s rising corporate adoption, referencing MicroStrategy and BlackRock, but the board dismissed comparisons. A similar proposal was submitted to Amazon, to be reviewed in April 2025, with Bitcoin framed as a hedge against inflation.

Magic Eden’s ME Token Faces Rocky Launch Despite Multi-Chain Strategy

Magic Eden launched its ME token on Dec. 10, supporting Solana, Bitcoin, Polygon, and Ethereum as part of its multi-chain strategy. The token debuted at $6.70, surged to $13.10, but then dropped by 67% to $4.30 before recovering slightly to $5.27. Users criticized the claiming process for being overly complicated and plagued by technical glitches, including app crashes and website downtime, which marred the rollout experience.

The ME token has a total supply of 1 billion, with 12.5% allocated for an airdrop until Feb. 1, 2024. The token aims to enhance engagement on Magic Eden through staking and cross-chain activities like Magic Eden Quests. While the launch faced hurdles, community interest remains strong, with unclaimed airdrop tokens set to be redistributed to stakers to encourage further adoption.

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