Sales of Solana NFT surpass 1.6 billion USD, LooksRare wash trading and other NFT news

The trading activity of Solana NFT surpasses $1.6B, reports say. This development makes Solana NFT the third most traded non-fugitible token.

Information from CryptoSlam, an industry observer, affirms that the total number of trading activity on Solana non-fugitible tokens tipped. Solana NFTs are increasing in popularity among sellers as it came only next to NFT giant Ethereum in its recorded trading volume over the past month.

Ethereum and Ronin still maintain their top position ahead of the other networks, recording a trading volume sum of $4 billion and $21 billion, respectively. However, the numbers Ronin’s latest bridge hack have stunted, giving Solana a chance to close in stronger on second place while leaving more gap behind other competitors.

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Analysts expect the current trajectory of Solana sales to rise further due to OpenSea’s recent adoption of Solana on its NFT trading platform in April.

LooksRare boosting “trading activity” via wash trading

Reports say that LooksRare, the second-largest trading platform for non-fugitible tokens, boosts trading events on its marketplace via wash trading. During wash trading, NFT traders organize a set of forward-and-backward sales, thereby artificially inflating the record of supposedly organic sales.

Bloomberg investigations say information from CryptoSlam, an NFT transaction analyst, reveals only 5% of all buying and selling on the NFT trading firm is organic. The report says that the remaining sales volume is attributable to wash trading activities.

LooksRare reportedly generates “artificial” sales figures via a system of reward offerings on its platform, which ultimately encourages wash trade among users. When traders stake their tokens in the marketplace, the platform rewards them with LOOKS tokens and Wrapped Ether (WETH) based on their performance by sales volume.

Additionally, the pumping effect of wash trading is responsible for overshadowing a dip in NFT sales globally. For instance, a report on OpenSea, a leading NFT trading platform, shows that buying and selling activities have dipped monthly over the last three months.

Nevertheless, there are reports that organic sales on LooksRare are gradually increasing.

Other Nifty news

American rapper Ja Rule sold a non-fugitible token named after the famous Fyre celebrations.

The token showcases an artwork of the celebration’s symbol, with the name “fyre” written over it. Tweeting about the news, Ja Rule announced that someone bought the Fyre token for $122,000 on Flipkick, a platform for auctioning non-fugitible tokens.

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The Fyre Festival, organized by Billy McFarland four years back, lived below its pre-event hype. The organizer had rallied different celebrities, plus the said rapper to publicize and promote his event. Unfortunately, the event reportedly fell short of expectations as it failed its promise to supply sufficient primary amenities. McFarland reportedly ended up settling aggrieved buyers for deceiving them.

Ja Rule’s NFT new owner will get the actual artwork and the token. The rapper also has at least four other non-fugitible tokens of the celebrations on the platform where he made his latest sale.

In another development, Skey Network, a corporate NFT artist, started a significant investment round valued at $5 million to help build the Go2NFT marketplace. Expectations are that the platform would help corporate organizations shield their tokens from piracy. According to reports, counterfeit offerings currently take up 2.5% of the global NFT trade.