Solana NFT Sales Exceeding $1.6 Billion, LooksRare Wash Trading and More

Solana NFT Sales Exceeding .6 Billion, LooksRare Wash Trading and More

The Solana network is gaining momentum among non-fungible token traders (NFT, for its acronym in English), while total sales have exceeded 1,600 million dollars, which makes it the third most active blockchain by NFT sales volume.

Data from NFT transaction tracker CryptoSlam confirms that total sales on Solana have hit a record high. Solana’s visibility among traders is evident as it has also placed second behind Ethereum in total sales over the last 30 days..

Ethereum’s Ronin sidechain for the game Axie Infinity remains firmly in second place in all-time figures with $4 billion in total salesbut the recent Ronin bridge hack stunted the network’s weekly and monthly figures.

Although Ethereum is still the leader by a wide margin with $21 billion in total sales, Solana is closing in on second place while creating a greater distance with her own competitors.

Solana transaction volume is expected to increase after NFT marketplace OpenSea integrates Solana into its platform this month.

Looks like a wash trade

The second largest NFT market by transaction volume, LooksRare, looks like he is still generating most of his volume through wash trading.

Bloomberg reported on Tuesday that NFT CryptoSlam tracker data shows that around $18 billion, or 95% of the total trading volume on the platform, comes from wash trading.

Wash trading happens when traders or users of a trading platform create a series of back and forth trades to inflate seemingly organic trading volume. In the case of LooksRare, traders are incentivized to wash trade due to the reward structure of the platform..

Investors who stake tokens on LooksRare are rewarded with LOOKS tokens and wrapped Ether (wETH) proportional to the amount of transaction volume in the market. High volume of wash trading transactions appears to be masking a decline in the overall NFT market. Data from Dune Analytics shows that the volume of the leading NFT market, OpenSea, has been falling every month since January.

However, DappRader Senior Analyst Pedro Herrera said organic trading was slowly starting to pick up on LooksRare.

Ja Rule sells the art of Fyre

Rapper Ja Rule has sold an NFT of a painting from the infamous Fyre festival.

The NFT, which represents the Fyre festival logo and the word “fyre” across it, sold for $122,000 on the Flipkick NFT auction platform.

Good evening…

The buyer will receive the NFT and the physical box. Ja Rule has four more NFTs of Fyre festival artwork up for auction on Flipkick, including one starting at $600,000.

Read:  Binance stops trading LUNA and UST and its investors denounce scam

In 2017, producer Billy McFarland decided to promote a party on a tropical island. He hired several influencers and artists, including Ja Rule, to make promotional content for it. However, andhe festival fell short—it didn’t even deliver on basic promises of adequate facilities—and McFarland was forced to pay millions in fines for ripping off ticket buyers.

The most expensive NFT in the world

Metaverse yacht company Cyber ​​Yachts hopes to sell most expensive NFT ever, consisting of a virtual 120-meter mega yacht called “Indah”, which will go on sale for the princely sum of 400,000,000 dollars. However, the NFT does not provide all the value, since the buyer gets a royal 394ft mega yacht based on the same design, built by a respected luxury yacht builder.

Solana NFT Sales Exceeding $1.6 Billion, LooksRare Wash Trading and More
The Indah NFT yacht for sale for $400,000,000.

The NFT yacht will be an exact virtual replica of the physical yacht developed on the NFT platform of Monsoon Blockchain Corporation.

Other Nifty News

Ledger has partnered with metaversa platform and NFT game The Sandbox to promote education in the virtual world. Ledger’s chief experience officer, Ian Rodgers, said the partnership is also expected to bring more security to The Sandbox.

The corporate creator of NFT, Skey Network, has initiated a $5 million strategic investment round to develop the Go2NFT platform. This platform will provide NFT solutions to companies that want to protect their products from counterfeiting, which represents 2.5% of global trade.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.