Welcome to The Daily Forkast – February 28, 2023 – presented by Joel Flynn.
NFTs have come a long way since their inception in 2021 – when some of them were being sold for $70 million. However, the crypto winter hit the NFT market hard, as global trading volumes plummeted 97% from January to October 2022.
While initial data from CryptoSlam showed that total global sales jumped above US$ 1 billion for the first time since last year, the data aggregator also flagged more than half a billion dollars’ worth of NFT wash trades related to Blur since the marketplace’s Valentine’s airdrops started.
Join us in this episode as we take a look at how that’s happened and why it could potentially be a problem for the NFT market.