Cleansing in the top six irreplaceable tokens (NFT) market rose for the fourth month, with a total trading volume of $580 million.
According to a new report from CoinGecko, transaction volume in February 2023 increased by 126 per cent from $250 million the previous month. As for the jump, the report stressed that it was related to the overall recovery in trading volume in the NFT market, which reached $1.89 billion in February.
Reshuffle trading refers to the control of trading volume or price through repeated trading.
The six markets included in the report are Magic Xanadu, OpenSea, Blur, X2Y2, CryptoPunks and LooksRare. X2Y2, Blur and LooksRare played larger personas in February's WASH transactions, at $280 million (49.7%), $150 million (27.7%) and $80 million (15.1%), respectively.
The market has previously encouraged customers to increase trading volume based on trading incentives.
Several other markets, Magic Xanadu and OpenSea, each reported $590000 and $42.57 million in WASH transactions. On the other hand, according to this report, CryptoPunks did not see all NFT clean-up transactions.
In one of the six largest markets in the sector, NFT cleansing accounted for 23.4 per cent of "unregulated trading volume", according to the CoinGecko report.
Although clean-up transactions are illegal in traditional financial markets, due to the lack of strict regulation, the situation can be found both in the password industry and in the NFT industry.
As early as January, investor Marco Cuban said the reshuffle could lead to a "implosion" after landing in the password market. In addition, technologies based on artificial intelligence have long surfaced to deal with problems in the NFT market, including cleaning up transactions.
According to Cointelegraph on March 16, a scam that surfaced not long ago involved an airdrop of fake dynamic passwords on web sites promoting products, resulting in a successful theft of $300000.
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Tue, 18 Apr 2023