NFT users are mostly selling to themselves: Data from the hottest NFT marketplace

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  •  A closer look at the LooksRare platform that has quickly become the leading non-fungible token marketplace by trading volume shows that most of the activity is actually users selling tokens to themselves to help earn rewards in the form of more coins.
  • About US$18 billion of the trading volume on the platform, or about 95 per cent of the total activity, can be attributed to what is often referred to as wash sales, according to data compiled by NFT tracker CryptoSlam.
  • In this case, the sales are done to win new tokens rather than to pump up NFT prices to lure unsuspecting buyers. The marketplace benefits from the fees generated by each transaction.