NFT wash trading recorded fourth consecutive raise in February

Non-Fungible Token (NFT) lavation trading measurement recorded its 4th consecutive maturation during the period of February, according to a caller CoinGecko report.

The full NFT lavation trading measurement accrued to $580 million, arsenic the CoinGecko report cited. NFT marketplaces X2Y2, LooksRare, and Blur recorded the highest volumes successful NFT lavation trading successful February.

NFT lavation trading

Wash trading is an amerciable signifier wherever investors bargain and merchantability their assets astatine the aforesaid clip for the aforesaid price. Wash trading doesn’t supply fiscal returns. However, it boosts marketplace volume, which tin beryllium utilized to manipulate terms levels. NFT lavation trading tin hap betwixt 2 NFT holders who hold connected the presumption oregon a azygous NFT holder who sells from 1 code and purchases from another.

NFT lavation trading (Source: CoinGecko)

In February, the NFT lavation trading measurement connected the astir important six NFT marketplaces reached an aggregate of $580 cardinal — marking a 126% summation from January’s $250 million.

The past clip NFT lavation trading measurement recorded a alteration was successful November 2022, erstwhile it fell to arsenic debased arsenic $190 cardinal from October’s $330 million. Since then, the full NFT lavation trading measurement has been growing.

Regardless of the dependable increase, the existent measurement of NFT lavation trading appears precise tiny compared to 1 twelvemonth agone — erstwhile it was arsenic precocious arsenic $11,560 cardinal successful January 2022.

Platforms

Among the six largest NFT marketplaces, LooksRare, Blur, and X2Y2 contributed the astir important shares successful NFT lavation trading volume.

X2Y2 single-handedly accounted for astir fractional of the NFT lavation trading by signaling $280 cardinal successful lavation trading measurement — making up implicit 49% of the aggregate amount.

Blur and LooksRare besides contributed $150 cardinal and $80 cardinal — accounting for 27.7% and 15.1% of the full volume, respectively. OpenSea besides contributed $42.57 million, portion Magic Eden added different $590,000 to the full NFT lavation trading successful February.

NFT market

The NFT marketplace proved 1 of the astir resilient crypto fields to the caller crypto winter. The NFT sphere has been connected a betterment trajectory implicit the past fewer months, but for the existent hit it received from the U.S. banking crisis. Despite this, caller information revealed that the NFT marketplace returned to its pre-Luna clang levels successful February.

The CoinGecko study besides noted that the summation successful NFT lavation trading measurement corresponds with the wide rise successful NFT trading volume. According to the data, NFT trading measurement has steadily accrued since October 2022.

However, the maturation complaint of the summation has been considerably much salient successful the past 3 months. Moreover, the numbers beryllium that Blur is 1 of the astir important contributors to the emergence successful NFT trading volume.

The station NFT lavation trading recorded 4th consecutive rise successful February appeared archetypal connected CryptoSlate.