How can you spot when an NFT’s price is being artificially inflated? Anndy Lian joins us to talk more about the history of and the problems with wash trading in today’s NFT market.
Wash trading is not a new word for people in the financial world. You probably have heard from friends that cryptocurrencies are highly “washed” and round-tripping with the same buy and systematically sell price.
In a nutshell, wash trading makes it difficult for non-fungible token enthusiasts to gauge genuine market interest in NFT collections. It also inflates and skews the amount of trading in marketplaces, misleading analysts about what’s going on on trading platforms.
“Even though total volume is down by a substantial amount from January highs, the percentage of wash trading volume in the NFT market remains similar every month. This underscores how disruptive wash trading is to having accurate NFT transaction data and the importance of filtering out wash trading for any meaningful NFT data analysis. I hope to see the real sales volume for NFT. This will allow us to project and make relevant changes to grow this industry.” Anndy Lian added.
Forkast.News covers blockchain, DLT, cryptocurrency and other emerging technologies in a way that anyone can understand. From NFTs to enterprise blockchain platforms, smart contracts to altcoins, Bitcoin to DeFI and beyond; Forkast’s blend of insight, analysis & daily blockchain news keeps you on the cutting edge of the digital asset revolution and the wider digital economy it both supports and disrupts.
Anndy Lian is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, public listed companies and governments. He is an early blockchain adopter and experienced serial entrepreneur, book author, investor, board member and keynote speaker. NFT: From Zero to Hero is his latest book. Zero to Hero is a call to anyone and everyone excited about the prospect of the world of NFT. Bound by imagination only, the NFT space is still in its early days and early adopters can be a “hero” in their search for new possibilities. The book is available on Amazon and Bybit. More than 8,000 copies were sold.
https://youtu.be/6BP_DnUkhXg
