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Despite a market downturn, sellers on the NFT marketplace BLUR keep flipping at increased rates — despite losses surmounting.
Cover art/illustration via CryptoSlate
New data from @NFTStatistics shows a unique dynamic emerging within the NFT space.
Data shows that as NFT flipping has increased with the market upswing, flippers are now losing 4,000 ETH per week over the past two weeks, which has baffled market watchers.
Currently, the opposite is true, says @NFTStatistics. The 30-day period has seen the highest number of flips ever recorded. However, he notes that despite this, losses from these flips are approaching historic highs.
Moreover, @NFTStatistics shows using on-chain data that flippers have lost over 12,000 ETH so far on Blur trades in the last month, which he speculates may be in anticipation of the Season 2 token unlock — with listings accruing value in BLUR token based on their listed value.
@NFTStatistics postulates that the losses can be attributed to the downward trend of the market, and adds that volumes of trading have resulted in high gas fees and royalties, adding to the losses.
Additionally, @NFTStatistics said NFT holders have been dumping their assets onto bidders, contributing to the losses incurred by flippers.
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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