Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview
NFTs were undoubtedly the hottest topic of late 2021 and the beginning of 2022. Pushed towards mainstream adoption by projects such as the Bored Ape Yacht Club, Azuki, Okay Bears, and others, NFTs were booming.
As the overall market went into a considerable drawdown, with Bitcoin’s price losing close to 70% of its value in a matter of months, non-fungible tokens also felt the pressure. Valuations crumbled, and blue-chip projects such as BAYC saw their floor prices take a beating.Amid all this, other issues also plague the nascent industry – wash trading is apparently running rampant while copy-cat projects spawn like mushrooms.
Source
@Metaverse_Web3_GameFi
