According to a recent CoinGecko report, Non-Fungible Token (NFT) wash trading volume registered its fourth consecutive growth in February.

CoinGecko report Quoted. NFT marketplaces X2Y2, LooksRare, and Blur posted the highest volumes in his NFT wash trades in February.

NFT wash transaction

wash trade An illegal practice in which investors buy and sell assets at the same price at the same time. Wash trading does not provide financial returns. However, it can be used to boost market volume and manipulate price levels. NFT wash transactions are between two NFT holders who agree to terms or sell from one address and buy from another. can occur between a single NFT holder who

NFT wash transaction (source: CoinGecko)
NFT wash transaction (source: CoinGecko)

In February, NFT Wash trading volume across the six most important NFT marketplaces totaled $580 million, up 126% from January’s $250 million.

The last time NFT wash trade volume declined was in November 2022, dropping from $330 million in October to $190 million. Since then, the total trading volume of NFT wash has increased.

Despite the steady increase, current NFT wash trade volume looks very small compared to a year ago when it reached $11.56 trillion in January 2022.

platform

Among the six largest NFT marketplaces, LooksRare, Blur, and X2Y2 accounted for the largest share of NFT wash transaction volume.

X2Y2 alone recorded $280 million in wash trade volume, accounting for almost half of all NFT wash trades and more than 49% of the total volume.

Blur and LooksRare also donated $150 million and $80 million, accounting for 27.7% and 15.1% of total volume respectively. OpenSea also gave him $42.57 million, and Magic Eden added another $590,000 to his February NFT wash transaction total.

NFT market

The NFT market has proven to be one of the most resilient crypto sectors to the recent crypto winter. The NFT sector has been on a recovery trajectory over the past few months, aside from the current hit from the US banking crisis. Nevertheless, recent data has revealed that the NFT market has returned to his pre-Luna crash level in February.

CoinGecko Report Shows Increase in NFT Wash Trading Volume Overall rise In trading volume of NFTs. Data shows that NFT trading volume has steadily increased since October 2022.

However, the growth rate of increase has become quite noticeable in the last three months. Moreover, this number proves that Blur is the biggest contributor to his NFT trading volume growth.

By Jules

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