According to a report published earlier this month, the NFT market is back to its highest levels since May 2022. This indicates the market is back on track from the multiple crypto crashes last year. The Terra-LUNA crash of May 2022 was the first dramatic moment of that year and marked the end of the crypto bull market. NFT trading volume and sales plunged shortly after.
So far, chatter around the NFT market this year has focused largely on the emergence of the new marketplace Blur. Its rise has not been uncontroversial, with observers speculating that the marketplace is home to an unusual amount of wash trading.
A new CoinGecko report shows that February 2023 saw a 126% increase in wash trading from the previous month’s volume of $250 million. Wash trading apparently made up a combined 23.4% of “unadjusted trading volume” across the industry’s six largest marketplaces. With the rewards offered by some marketplaces, users were incentivized to raise their trading volumes. In the month following the launch of the $BLUR airdrop, Blur saw wash trading triple.
Amazon NFT initiative coming soon. One of the largest marketplaces in the world, continues to invest in Web3. They announced that the NFT market will open on April 24. The entrance of such big brands to the web3 can stimulate the market. We’ll see..
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