Nifty News: Solana NFT sales surpass $1.6 billion, LooksRare wash trading, and more

Solana’s layer-1 blockchain network has climbed to third place all-time in terms of total NFT sales, trailing only Ronin and Ethereum, which each have a dominating lead.

The Solana network is gaining pace among nonfungible token (NFT) dealers, with cumulative sales exceeding $1.6 billion, placing it as the third most active blockchain in terms of NFT sales volume.

CryptoSlam data confirms that overall sales on Solana have hit the milestone. Solana’s popularity among traders is evident, as it was also rated second in total sales over the last 30 days, behind Ethereum (ETH).

While the Ronin sidechain to Ethereum for the Axie Infinity game remains solidly in second place all-time with $4 billion in total sales, the network’s weekly and monthly counts have been impacted by the recent Ronin bridge hack.

While Ethereum remains the market leader by a wide margin with $21 billion in total sales, Solana is closing the gap on second place while increasing the space between itself and its competitors.

The amount of Solana transactions is projected to increase as the NFT marketplace OpenSea integrates Solana this month.

 

It appears to be a case of wash trading.

LooksRare, the second largest NFT marketplace by transaction volume, appears to be continuing to generate the majority of its traffic through wash trading.

Bloomberg reported on April 5 that data from NFT tracker CryptoSlam indicates that about $18 billion, or 95% of the platform’s entire trading volume, is generated via wash trading.

Wash trading occurs when the operators or users of a trading platform execute a series of back-and-forth trades in order to artificially boost the volume of activity that appears to be organic. With LooksRare, traders are rewarded for washing trades owing to the platform’s reward system.

Investors that stake tokens on LooksRare earn LOOKS tokens and Wrapped Ether (WETH) in proportion to the marketplace’s transaction volume. The large volume of wash trading appears to be hiding a decline in the entire NFT industry, since Dune Analytics data shows that the volume of the leading NFT marketplace OpenSea has been declining every month since January.

However, according to DappRader senior analyst Pedro Herrera, organic trading on LooksRare was gradually increasing.

 

Ja Rule is selling Fyre artwork.

Ja Rule, the rapper, has sold a non-framed version of a painting from the infamous Fyre event.

The NFT, which has the Fyre festival’s emblem and the word fyre, fetched $122,000 at the Flipkick NFT auction platform.

The buyer will receive both the NFT and the actual painting. Ja Rule is currently auctioning four additional NFTs of Fyre festival artwork on Flipkick, with one starting at $600,000.

Billy McFarland, a producer, wanted to market a tropical island party in 2017. He commissioned promotional content from a number of influencers and singers, including Ja Rule. The festival, however, failed to live up to the expectations — or even to keep basic promises about providing proper facilities — and McFarland was forced to pay millions of dollars in fines for deceiving ticket buyers.

 

The most costly NFT in the world

Cyber Yachts, a metaverse boat company, wants to sell the world’s most expensive NFT, which would consist of a virtual 120-meter mega yacht named “Indah” that will be sold for the princely sum of $400,000,000. The NFT does not provide the customer with the entire value proposition, as the purchaser also receives a real-world 394-foot super yacht based on the same design and manufactured by a reputable luxury yacht manufacturer.

The NFT yacht will be an exact virtual replica of the physical yacht installed on the NFT platform of Monsoon Blockchain Corporation.

 

Other Useful Information

Ledger has teamed with the Metaverse platform and the NFT game The Sandbox to encourage virtual world education. According to Ian Rodgers, chief experience officer at Ledger, the alliance is likely to increase security in The Sandbox as well.

Skey Network, the developer of corporate NFT, has launched a $5 million strategic investment round to further expand the Go2NFT platform. This platform will offer NFT solutions to businesses seeking to safeguard their products against counterfeiting, which accounts for 2.5 percent of global trade.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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