Business

Solana NFT Sales Surpass $1.6B, Wash Trading at LooksRare and More

The Solana network is gaining traction among non-fungible token (NFT) traders as total sales have surged to over $1.6 billion, making it the third most active blockchain by NFT sales volume.

Data from NFT transaction tracker CryptoSlam confirms that total sales on Solana have reached the milestone. Solana’s visibility among traders is clear as it has also ranked second behind Ethereum (ETH) in total revenue over the past 30 days.

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The Ronin sidechain on Ethereum for the Axie Infinity game is still firmly in second place in all-time numbers with total revenue of $4 billion, but the recent Ronin Bridge hack has broken the weekly and monthly numbers for the network stunted.

Although Ethereum is still the leader by a wide margin with total revenue of $21 billion, Solana is closing in on second place while also creating a bigger gap over its own peers.

Solana’s transaction volume is expected to increase after NFT marketplace OpenSea integrated Solana into its platform this month.

Looks like a laundry shop

The second largest NFT marketplace by transaction volume, LooksRare, looks like it still generates most of its volume from wash trading.

Bloomberg reported April 5 that data from NFT tracker CryptoSlam shows that about $18 billion, or 95% of the total trading volume on the platform, comes from wash trading.

Wash trading is when the operators or users of a trading platform create a series of back and forth trades to inflate seemingly organic trading volume. In the case of LooksRare, traders are incentivized to launder the trade due to the platform’s rewards structure.

Investors who stake tokens on LooksRare are rewarded with LOOKS tokens and Wrapped Ether (WETH) in proportion to the transaction volume on the marketplace. The high volume of wash trades appears to be masking a decline in the overall NFT market, with data from Dune Analytics showing that volume at leading NFT marketplace OpenSea has fallen every month since January.

However, DappRader senior analyst Pedro Herrera said organic trading at LooksRare was slowly starting to increase.

Ja Rule sells Fyre art

Rapper Ja Rule has sold an NFT of a painting from the infamous Fyre Festival.

The NFT representing the logo and word of Fyre Festival Fire sold on the Flipkick NFT auction platform for $122,000.

The buyer will receive the NFT and the physical paint job. Ja Rule has four other NFTs of Fyre Festival artworks up for auction on Flipkick, including one with prices starting at $600,000.

In 2017, producer Billy McFarland decided to promote a party on a tropical island. He hired several influencers and artists, including Ja Rule, to create promotional content for it. However, the festival didn’t live up to the hype – or even live up to basic promises to provide adequate facilities – and McFarland had to pay millions in fines for cheating ticket buyers.

The most expensive NFT in the world

Metaverse yacht company Cyber ​​Yachts is hoping to sell its most expensive NFT ever, consisting of a 120-metre virtual mega-yacht dubbed “Indah”, which will go on sale for the princely sum of $400,000,000. However, the NFT does not offer all the value as the buyer gets a true 394ft megayacht based on the same design and built by a reputable luxury yacht shipbuilder.

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Indah NFT yacht sells for $400,000,000.

The NFT yacht will be an exact virtual replica of the physical yacht deployed on Monsoon Blockchain Corporation’s NFT platform.

Other nifty news

Ledger has now partnered with the Metaverse platform and NFT game The Sandbox to advance virtual world education. Ian Rodgers, Ledger’s Chief Experience Officer, said the partnership is also intended to bring more security to The Sandbox.

Skey Network, the creator of Corporate NFT, has launched a $5 million strategic investment round to develop the Go2NFT platform. This platform will provide NFT solutions for companies that want to protect their products from counterfeiting, which accounts for 2.5% of world trade.