21/03/2023 NFT wash trading increases by 126% in February: Data

The NFT market saw an uptick in wash trading following a recovery in NFT marketplace trading volume, which hit $1.89 billion in February.

NFT wash trading increases by 126% in February: Data

The top sixnonfungible token (NFT)marketplaces saw a rise in wash trading for the fourth straight month, with a total volume of $580 million.

According to a new report from CoinGecko, February 2023witnesseda 126% increase from the previous month’s volume of $250 million. As for the reason for the jump, the report points to a correlation with the overall recovery of NFT marketplace trading volume, which hit $1.89 billion in February.

Wash trading refers to the manipulation of trading volume or price through repeated transactions.

The six marketplaces included in the report are Magic Eden, OpenSea, Blur, X2Y2, CryptoPunks and LooksRare. X2Y2, Blur and LooksRare played the largest roles in February’s wash trading volume, with $280 million (49.7%), $150 million (27.7%) and $80 million (15.1%), respectively.

NFT wash trading volume, January 2022–February 2023. Source: CoinGecko, Footprint Analytics

The marketplaces have previously incentivized users to increase trading volume via transaction rewards.

The other two marketplaces, Magic Eden and OpenSea, reported $590,000 and $42.57 million in wash trading, respectively. CryptoPunks, on the other hand, didn’t see any NFT wash trading, according to the report.

The CoinGecko report reveals that NFT washing trading made up a combined 23.4% of “unadjusted trading volume” across the industry’s six largest marketplaces.

While wash trading is illegal in traditional financial markets, the issue can be found in both the broader crypto space and with NFTsdue to a lack of clear regulations.

Back in January, investor Mark Cuban said thatwash trading will causethe next “implosion”in the crypto market. Meanwhile, new artificial intelligence-based technology has surfaced aiming totroubleshoot issues in the NFT market, including wash trading.

As reported by Cointelegraph on March 16, a scam recently surfaced involving websites promotingfake BLUR token airdrops, resulting in $300,000 being successfully stolen.

Arts

https://cointelegraph.com/news/nft-wash-trading-increases-by-126-in-february-data

Interesting NFTs
Right Place & Right Time (bitcoin hourly price offset)
Each day, a new composition for the Master is generated autonomously using a data feed of Bitcoin's last 24 hours of price action. Each hour's price programmatically controls rotation, scale, and position of a correlating layer. Astute viewers will surmise the day's price volatility simply by examining the artwork. While the daily image generation is the result of autonomous API calls, utilizing an algorithm the artist wrote, the artist has chosen to retain a control token. This token allows him to fine-tune variables associated with his algorithm, in addition to addressing aesthetic concerns within the life-cycle of the artwork. Layer state, alpha, hue, saturation, and brightness are elements the artist has retained control of in order that this artwork remain a living work-in-progress. An earlier iteration of this artwork was featured as a nightly projection mapping video on the face of the Daniels Fisher Clocktower, as part of ETH Denver 2020. Access to this and additional exclusive content awaits the master token owner at the artist's NFT Portal: https://collect.mattkane.com/minted-works/right-place-right-time-bitcoin-hourly-price-offset/
Who Is The Creator 2
The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. I’d posted a link to a blog article I’d written a number of months previous titled ‘Who is the Creator’ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether it’s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great JosĂ© Delbo to ask him if he’d be interested in a very unique collaboration. I explained to him that to make this piece ‘work’ he couldn't have any say in what I produced and moreover, he wouldn’t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ‘in real time’. The dialogue between myself and my ‘hired guns’ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ‘Art’ the final animation (the creation) or is the ‘Art’ the concept/credit for the creation itself?
Classical Collage
voronoi fun with some well known art
Ringers #621
There are an almost infinite number of ways to wrap a string around a set of pegs. On the surface it may seem like a simple concept but prepare to be surprised and delighted at the variety of combinations the algorithm can produce. Each output from 'Ringers' is derived from a unique transaction hash and generated in Javascript in the browser. Feature variations include peg count, sizing, layout, wrap orientation, and a few colorful flourishes for good measure. Additional project feature(s) => Background: Red, Size: Normal, Wrap orientation: Balanced, Wrap style: Loop, Peg layout: Recursive grid, Peg scaling: Uniform, Body: White, Peg style: Solid, Extra color: N/A, Peg count: 23
Okay Bulls #1011
Okay Bulls is a clean collection of 10,000 bulls building a bullish community that will transcend the internet into the real world.