CryptoSlam reports that 1% of high-value NFT traders distort the market
According to reports, CryptoSlam, the NFT data analysis platform, said that about 1% of high-value NFT traders promoted most of the transactions in the Blur ma…
According to reports, CryptoSlam, the NFT data analysis platform, said that about 1% of high-value NFT traders promoted most of the transactions in the Blur market. They obtained token incentive returns in this way. This behavior distorts the NFT market and puts traders at risk. Although CryptoSlam did not disclose the relationship between Blur’s high trading volume and its airdrop token trading data, it pointed out that the proportion of OpenSea’s sales volume was relatively low. The data showed that from February 14 to February 27, there were only 6.6 million dollars of sales volume, accounting for about 2.5% of OpenSea’s total trading volume of about 249 million dollars, which means that there are more organic NFT transactions on the OpenSea platform. （decrypt）
CryptoSlam: About 1% of high-value NFT traders drive most of Blur’s transactions
Interpretation of the news:
Recently, CryptoSlam- an NFT data analysis platform- reported that around 1% of high-value NFT traders are responsible for promoting the majority of transactions on the Blur market. These traders are incentivized with token returns, but this behavior leads to the distortion of the NFT market, harming traders.
CryptoSlam did not disclose the exact relationship between Blur’s high trading volume and its airdrop token trading data. However, they highlighted that OpenSea had a relatively low proportion of sales volume. According to data collected between February 14th and February 27th, only $6.6 million worth of NFTs were sold on OpenSea, accounting for just 2.5% of the platform’s total trading volume of $249 million.
This suggests that there are more organic NFT transactions on the OpenSea platform, rather than a few high-value traders distorting the market for their own benefit. While it is not clear how the traders are obtaining incentives, the report emphasizes the negative impact their actions have on other traders, and the NFT market as a whole.
The NFT market is still relatively new, and as such, it is not yet regulated in the same way as traditional financial markets. However, that does not mean that it is immune to illegal or unethical practices. The high-value traders who are incentivized in the manner described in the report are perpetuating one such practice that is distorting the market and harming other traders.
In conclusion, CryptoSlam’s report highlights an issue that the NFT market must address as it becomes increasingly popular. The market should take steps to regulate high-value traders, to prevent them from distorting the market for their own benefit, and take care of traders’ interest even as it continues to grow.
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