NFT markets have displayed an intriguing set of metrics in 2023 as wash trading and token farming practices emerge amidst declining overall trading volumes.
According to a recent DappRadar report, Bored Ape Yacht Club (BAYC) saw a staggering 1,095% growth in 7-day trading volume, reaching $21.9 million.
With analysis from CryptoSlate data and Footprint Analytics, this article examines the market dynamics driving these phenomena and offers a comprehensive understanding of where the NFT market might be heading.
Wash trading and Blur Point farming
A closer analysis of BAYC’s recent surge in trading volume reveals that wash trading significantly contributed to the increased metrics.
DappRadar’s report states that wash trading occurs when traders create artificial volume by trading assets among themselves. This practice has become more common as the Blur marketplace token drop Season 2 approaches. As a result, NFT market makers are strategically leveraging the Points collecting mechanis
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