Bitcoin
BTC$20 345.66

0.68%

Ethereum
ETH$1 374.40

1.37%

Tether
USDT$1.000121

-0.01%

Binance Coin
BNB$296.73

0.69%

USD Coin
USDC$0.999979

0%

XRP
XRP$0.495963

4.48%

Solana NFT sales pass $1.6B, wash trading on LooksRare and more


07 Apr 2022

#Solana

The Solana layer-1 blockchain network has risen to third place all-time in total NFT sales and now sits just behind Ronin and Ethereum, each of which have a commanding lead. The Solana network is gaining traction among nonfungible token (NFT) traders as total sales have surged past $1.6 billion, making it the third most active blockchain by NFT sales volume. Data from NFT transaction tracker CryptoSlam confirm that total sales on Solana has reached the milestone. Solana’s visibility among traders is clear as it has also ranked second behind Ethereum (ETH) in total sales over the last 30 days.

The Ronin sidechain to Ethereum for the Axie Infinity game is still firmly in second place in the all-time figures with $4 billion in total sales, but the recent Ronin bridge hack stunted weekly and monthly numbers for the network. 

Although Ethereum is still the leader by a vast margin with $21 billion in total sales, Solana is closing in on second place while creating greater distance from its own competitors. Solana transaction volume is expected to rise after the NFT marketplace OpenSea integrates Solana onto its platform this month.

Looks like wash trading

The second biggest NFT marketplace by transaction volume, LooksRare, looks as if its still generating most of its volume through wash trading. Bloomberg reported on April 5 that NFT tracker CryptoSlam data shows that about $18 billion, or 95% of the total trading volume on the platform is from wash trading.

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

Investors who stake tokens on LooksRare are rewarded with LOOKS tokens and Wrapped Ether (WETH) proportional to the amount of transaction volume in the marketplace. The high volume of wash trading appears to be masking a drop off in the overall NFT market, with Dune Analytics data shows that leading NFT marketplace OpenSea’s volume has been dropping every month since January. DappRader senior analyst Pedro Herrera said that organic trading was slowly starting to rise on LooksRare however.

Ja Rule sells Fyre art

Rapper Ja Rule has sold an NFT of a painting from the infamous Fyre festival. The NFT, which depicts the Fyre festival’s logo and the word fyre across it, sold for $122,000 on the Flipkick NFT auction platform. The purchaser will receive the NFT and the physical painting. Ja Rule has four other NFTs of Fyre festival artwork for auction on Flipkick, including one 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 make promotional content for it. However, the festival did not live up to the hype — or even meet basic promises to provide adequate facilities —  and McFarland was forced to pay millions of dollars in fines for defrauding ticket buyers.

The world’s most expensive NFT

Metaverse yacht company Cyber Yachts hopes to sell the most expensive NFT ever, consisting of a virtual 120 meter mega yacht named "Indah" going on sale for the princely sum of $400,000,000. The NFT isn't providing all the value however as the purchaser al gets a real-world 394 foot mega yacht based on the same design, built by a respected luxury yacht shipbuilders.

The Indah NFT yacht on sale 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. 

Ledger is now partnered with Metaverse platform and NFT game The Sandbox to promote education for the virtual world. Ledger’s chief experience officer Ian Rodgers said that the partnership is expected to bring more security to The Sandbox, as well.

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


Related

The third wave of a crypto bear market
The third wave of a crypto bear market
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana jumps past key selloff junction: SOL price eyes $150 in April
Solana jumps past key selloff junction: SOL price eyes $150 in April
Coinbase Wallet adds support for Solana
Coinbase Wallet adds support for Solana
Solana-based Zebec Protocol closes $15M Series A round
Solana-based Zebec Protocol closes $15M Series A round
Reasons why Solana (SOL) price could see additional upside in 2022
Reasons why Solana (SOL) price could see additional upside in 2022
Solana network outages show work still needed
Solana network outages show work still needed
Solana on-chain development increases after a recent DDoS attack
Solana on-chain development increases after a recent DDoS attack

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 87.2% 21 $20 345.66 0.68% 4.63% $390 038 684 495 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 78 $1 374.40 1.37% 2.72% $168 598 361 729 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000121 -0.01% 0.01% $68 220 841 049 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 82.8% 21 $296.73 0.69% 4.71% $47 874 262 742 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $0.999979 0% 0% $46 433 140 192 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 62.8% 85 $0.495963 4.48% 12.27% $24 728 013 610 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $1.000423 0.08% 0.06% $21 051 132 248 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.2% 42 $0.435548 0.53% 0.07% $14 921 259 274 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 88.4% 21 $34.35 0.55% 2.13% $12 202 401 025 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 83.2% 21 $0.065040 0.21% 7.22% $8 628 855 287 DOGE 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 71.6% 56 $0.849285 1.08% 13.76% $7 417 926 072 MATIC 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 70% 59 $6.51 0.99% 1.37% $7 310 822 407 DOT 7 days price change
14 Dai (DAI) DAI Dai predictions 94.4% 1 $1.000258 0.05% 0.05% $6 791 926 054 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 90.8% 5 $0.062654 0.54% 4.96% $6 370 364 994 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.