Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => NFTs & Collectibles => Topic started by: Pagla on January 29, 2022, 03:00:03 PM
-
LooksRare seemingly came out of nowhere to become the biggest rival yet to leading NFT marketplace OpenSea earlier this month, but there’s a big asterisk on the astronomical trading figures coming out of the platform.
It’s marred by rampant wash trading, as users buy and sell NFTs between wallets they control in an effort to manipulate daily trading rewards. Now we have a sense of how severe the wash trading has become since LooksRare launched on January 10.
NFT analytics firm CryptoSlam reported today that it has identified more than $8.3 billion worth of wash trading from LooksRare, making up the vast majority of trading volume on the marketplace to date.
More Information (https://cryptonews.net/en/news/nft/3086321/)