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Fuzzy NFT market under scrutiny for possible market manipulation
The NFT market has experienced an increase in activity, with the four-month-old marketplace Blur surpassing former market leader OpenSea in trading volume. Despite its success, some have raised concerns about the legitimacy of Blur’s trading volume, with CryptoSlam alleging suspicious activity and market manipulation.
Blur NFT MarketBoom: NFT Marketplace Outshines OpenSea Amid Fee Frenzy
Recent data shows that the Blur NFT marketplace has achieved an impressive sales volume of $1.88 billion over the past 30 days, compared to OpenSea’s $474.58 million. Some attribute Blur’s rise to its polished interface, robust analytical tools, fast trade execution capabilities and zero platform fees. However, the competition between NFT marketplaces has raised questions regarding fees and royalties, which is negatively impacting the NFT ecosystem.
Blurred trading volume under fire: CryptoSlam exposes suspected market manipulation
Crypto Slam has questioned Blur’s impressive trading volume. They claim that only 1% of high value traders are responsible for the bulk of the trading activity on the platform. CryptoSlam identified over $577 million in laundered NFTs between February 14th and February 25th. As such, it has removed these transactions from its data and accused Blur of misrepresenting the NFT market. Computer engineer Scott Hawkins of CryptoSlam stated:
“What we find is that this artificially increases sales volume in a very disingenuous way for the entire NFT market.”
Despite the Blur NFT marketplace’s high trading volume, OpenSea still has more users, with 294,146 users in the last 30 days compared to Blur’s 113,886. Critics argue that a small percentage of wallets on Blur are responsible for most transactions, hurting doubts about the overall success of the marketplace.
Blur volume: fact or fiction? Dissecting NFT trading trends
A recent video by Youtuber PROOF discusses whether the Blur volume is real. The video discusses various topics, including the trading volume on the OpenSea and Blur platforms. It also deepens the behavior of long-term holders on Blur. The presenter analyzes data and charts to find out what is driving the trading volume on the Blur NFT market.
The video does not imply that the volumes of the Blur NFT market are fake. Instead, the presenter discusses whether flippers or real buyers are driving the trading volume on Blur. It also examines the impact of the incentives provided by Blur’s airdrop program on trading behavior.
As the NFT market continues to evolve, Blur’s future success depends on its ability to address concerns about potential market manipulation and maintain its competitive edge. Both skeptics and supporters have analyzed trading volume and user behaviour. It remains to be seen whether Blur can sustain its growth and emerge as a reliable marketplace for NFT enthusiasts.
