www.nature.com/articles/s41598-021-00053-8#MOESM1
Shock horror, as we find out that the NFT market, like the crypto market, is just wash trading 101. Butters are dumb enough to not understand wash trading and throw money but what is the SEC/CFTC doing.
Wash trading is a complete fabrication of a market. Everything from price, liquidity, volume, marketcap is manipulated and yet the authorities are slow while companies like Facebook outright advocate NFTs for some dystopian, Zuck fantasy future.
Some amazing findings in the paper, which I will be reading intently soon:
- 75% of NFTs are less than $15 (b…b…but my million dollar NFT dream)
- Even in the 1%, the avg price in Art is $6290
- Only 4 NFTs were found to be sold over a million (without wash trading, that’s prob 0 lol)
- Only 20% of NFTs had a second sale AKA 80% of NFT owners are bagholders at least (due to wash trading)
Someone should make a list of all the washed up, morally bankrupt celebs that are out here shilling NFTs. Technically inept companies as well. Should be a treat to look back once it all inevitably collapses.
h/t Underfitted