*Notification of imminent data modifications on CryptoSlam - Broad impact on global NFT market volumes*
Two months of wild action in the NFT markets is not quite what it seems,
and without direct action from the industry, the already deteriorating trust in crypto is again at risk.
Trading volume has reached levels not seen since January 2022 and gives the impression of a red-hot NFT market. What’s really happening is market manipulation led by the top 1% of
traders.
Blur token farming has led to nearly a half billion dollars in wash trades, as Blur’s new marketplace gamifies NFT trading for $BLUR token gains. This misrepresents the current NFT market and puts traders at risk who often chase projects’
rising action.
To add clarity to the situation CryptoSlam will be implementing the following:
- Removing nearly 1/2 Billion USD in wash trades that will be applied retroactively
- Updating our proprietary wash trade detection algorithm to prevent future wash trades from reflecting in global volume
metrics.
CryptoSlam took similar action in 2022 when LooksRare farming also artificially inflated the markets by adding 8BLN in wash trades to the global NFT volume. Wash trades were removed to protect NFT investors and give the industry
much-needed clarity and trust in the data reported on CryptoSlam.
As Blur’s war with OpenSea, and the race to 0% creator and marketplace fees continues to rage on, we’re committed to giving the industry clear and accurate data that cuts through the noise of opportunistic trading
practices.
Our on-site data will reflect new wash trade-free numbers today, as we strive to deliver world-class NFT data and breaking news.
