The non-fungible token (NFT) profits on sales increased to $12,214,588 in the last 30 days.
According to CryptoSlam, while the profits from NFT sales are rising, the volume has declined. Over the past 30 days, the volume has decreased by 36.36%, totaling $1.151 billion.
NFT profit and volume change. Source: CryptoSlam
Meanwhile, the so-called wash trading volume fell 7.44% over the month. This term usually refers to the actions of sellers who make many transactions with NFT to increase their value.
Washing NFT collections
It is worth noting that wash trading transactions surged significantly by 37.54% during the week, contributing to a total growth of 44.77%, as indicated by CryptoSlam data. This suggests that the main trading activity comprises transactions initiated by sellers rather than buyers.
Some NFT collections show atypical growth in trading volume for the week.
For example, in the 9th position, $CATS BRC-20 NFTs exhibit atypical growth, with sales soaring by 4060.97%. Moreover, its transactions increased by 300.00%, and buyers showed a remarkable 254% uptick over the past 7 days.
An interesting point is that the number of buyers and sellers stands at 39 each.
In 17th place by volume is the unised_1 collection. The sales of these NFTs increased by 537676.81%, and the transactions by 365500.00%. The number of buyers increased by 149250.00%. This all seems promising, but the numbers evidently won’t be sustainable.
Ranking of NFT collections by volume over the last 7 days. Source: CryptoSlam
Non-Wash or Wash? NFT Trading Raises Questions
Dune data shows that the X2Y2 marketplace leads in wash trading, accounting for 56.45% of transactions, indicating that over half involve speculation between sellers. In second position is the Blur platform, with 25% wash trading.
It’s worth noting that Blur is the largest marketplace in terms of volume.
Once a leader among NFT platforms, OpenSea demonstrates one of the best results with only 0.62% of wash volume.
NFT marketplaces and wash volume. Source: Dune
As the Dune data shows, marketplaces recorded the highest volume of NFT wash trading on Jan. 24, 2022. At that point, it rose to 74.1%, while non-wash accounted for 25.9%.
On Jan. 15, 2024, wash trading volume stood at 13.6%. It’s too early to tell if the manipulation of transactions by sellers has returned or if the NFT market is genuinely recovering. However, the activity with some collections seems unusual for the current state of the market.
