NFT Marketplace Wash Trading Allegations

A new entrant to the NFT marketplace with zero fees plus a native token that can be acquired through NFT trading entered the crypto market with a bang.That new marketplace is Blur with its novel approach to the NFT market resulted in $460 million in NFT sales in just one week following it native token launch resulting in it exceeding the largest NFT marketplace OpenSea.

The marketplace has been a target of allegations with the latest being foul play with the use of wash trading which is essentially when an entity or firm trades with itself to artificially boost prices giving illusion of massive liquidity.

CryptoSlam a leading NFT data aggregator declared they will be revoking $577 million due to market manipulation and claimed that 80% of NFT trading on Blur.io is inorganic and carried out by only 1% of the highest bidding traders.

The number has skyrocketed since Monday placing the figure over a billion dollars as CryptoSlam reaffirms that the efforts are done to protect NFT investors plus t ensure the industry has clarity and trust in data reported on their platform. Certainly, the site will draw in more attention as Blur plans its season 2 airdrop campaign expected late in April this year.

These allegations have dented its upward trajectory as its native token BLUR is currently trading at $0.86 a 12.54% decrease over the past seven days as compared to a 82.72% drop of the past thirty days.