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NFT Analytics Platform Flagged 80% of Recent Trades on Blur As ‘Wash Trading’

Cointime Official

Leading NFT data aggregator CryptoSlam claimed that 80.5% of sales volume on NFT marketplace Blur since February 14 has been wash trading.  CryptoSlam is taking action to remove nearly $500 Million in wash trades, retroactively as well as applying an updated algorithm to prevent future wash trades.

However, the estimate has doubled since Monday, reaching above $1 billion. At the same time, CryptoSlam explains that “these actions are taken to protect NFT investors and ensure the industry has clarity and trust in data reported on the website.” Ultimately, the data aggregator claims that the data simply “misrepresents the whole NFT market.”

"A marketplace held up by 80% wash trading is not sustainable." Web3 investor Ahi.eth explained on Twitter. "Say what you want about OS, but they aren't playing the deceptive wash trading games like Blur."

Wash trading in an NFT marketplace refers to the practice of artificially inflating the trading volume of a particular NFT by executing fake trades between two or more accounts controlled by the same person or group of people. The goal of wash trading is to create the appearance of high demand for a particular NFT, which can then attract more buyers and drive up the price.

Wash trading is typically considered a form of market manipulation and is often prohibited by NFT marketplaces. It can be difficult to detect, however, because the trades may appear to be legitimate on the surface. Some signs that wash trading may be occurring include unusually high trading volumes or a lack of diversity in the trading activity.

Wash trading can have negative effects on the NFT marketplace and its users, as it can distort the true market value of an NFT and create a false sense of demand. It can also harm honest traders who may be competing with artificially inflated prices. As such, NFT marketplaces may take steps to detect and prevent wash trading, such as implementing trading limits or monitoring trading patterns for suspicious activity.

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