LooksRare has generated over $8.3 billion in wash trades

time:2022-01-29 04:30 source:Internet

CryptoSlam, an NFT analytics firm, reported today that it has uncovered more than $8.3 billion worth of wash trades from LooksRare, the vast majority of the volume traded on the market to date. Much of the wash trade comes from royalty-free collectibles, which means sellers don’t have to pay creators for secondary sales. Larva Labs’ Meebits had the most wash trading at $4.4 billion, Terraforms at $2.9 billion, Loot at $705 million, CryptoPhunks (a spinoff of CryptoPunks) at $251 million, plus other projects at $62 million. It is reported that LooksRare has accumulated more than $9.5 billion in total Ethereum transaction volume since its launch, so about 87% of LooksRare’s transaction volume so far meets CryptoSlam’s wash trading standards. Note: Wash trades are users buying and selling NFTs between wallets they control in an effort to manipulate daily transactions in order to earn rewards.

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