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NFT marketplaces Blur and X2Y2 recorded the highest NFT wash trading volume as the total NFT wash trading volume surpassed $500 million.
Cover art/illustration via CryptoSlate
Non-Fungible Token (NFT) wash trading volume recorded its fourth consecutive growth during the month of February, according to a recent CoinGecko report.
The total NFT wash trading volume increased to $580 million, as the CoinGecko report cited. NFT marketplaces X2Y2, LooksRare, and Blur recorded the highest volumes in NFT wash trading in February.
Wash trading is an illegal practice where investors buy and sell their assets at the same time for the same price. Wash trading doesn’t provide financial returns. However, it boosts market volume, which can be used to manipulate price levels. NFT wash trading can happen between two NFT holders who agree on the terms or a single NFT holder who sells from one address and purchases from another.
In February, the NFT wash trading volume on the most significant six NFT marketplaces reached an aggregate of $580 million — marking a 126% increase from January’s $250 million.
The last time NFT wash trading volume recorded a decrease was in November 2022, when it fell to as low as $190 million from October’s $330 million. Since then, the total NFT wash trading volume has been growing.
Regardless of the steady increase, the current volume of NFT wash trading appears very small compared to one year ago — when it was as high as $11,560 billion in January 2022.
Among the six largest NFT marketplaces, LooksRare, Blur, and X2Y2 contributed the most significant shares in NFT wash trading volume.
X2Y2 single-handedly accounted for almost half of the NFT wash trading by recording $280 million in wash trading volume — making up over 49% of the aggregate amount.
Blur and LooksRare also contributed $150 million and $80 million — accounting for 27.7% and 15.1% of the total volume, respectively. OpenSea also contributed $42.57 million, while Magic Eden added another $590,000 to the total NFT wash trading in February.
The NFT market proved one of the most resilient crypto fields to the recent crypto winter. The NFT sphere has been on a recovery trajectory over the past few months, except for the current hit it received from the U.S. banking crisis. Despite this, recent data revealed that the NFT market returned to its pre-Luna crash levels in February.
The CoinGecko report also noted that the increase in NFT wash trading volume corresponds with the overall rise in NFT trading volume. According to the data, NFT trading volume has steadily increased since October 2022.
However, the growth rate of the increase has been considerably more prominent in the past three months. Moreover, the numbers prove that Blur is one of the most significant contributors to the rise in NFT trading volume.
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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LooksRare is a community-first NFT marketplace that actively rewards all users of the platform.
Blur is an NFT marketplace and aggregator that was launched on October 19, 2022.
OpenSea is a decentralized peer-to-peer marketplace for buying, selling, and trading NFTs.
X2Y2 is an NFT marketplace on Ethereum, with 100% revenue shared with X2Y2 token stakers.
Magic Eden is a multi-Chain NFT marketplace, pushing boundaries on Solana, Ethereum, and Polygon and driving the next billion users to Web3.
CoinGecko is a cryptocurrency ranking website that provides 360-degree overview of the standing of digital currencies.
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