DONT MISS OUT
bitsCrunch 2022 NFT WASH TRADE REPORT is ready for you.
“Bruh, haven’t you invested in cryptocurrencies or NFTs yet?” Has this been one of the topics of conversation with your pals lately?
Gone are the days where the laymen feared security by investing in cryptocurrencies and trading them for NFTs at Rarible, Opensea, and many more marketplaces out there. Although crypto investments belong to the high-risk, high ROI category, people, especially HNIs, are considering the risk worthwhile for their future.
According to market capitalization data from the first week of November, Ethereum and Bitcoin ranked first and second, respectively, with gains of $67,700 and $4800. The surging condition has wiped out the hesitation among the public about investing in Ethereum. Further, to augment the ETH and make it even more performing, people are swarming to NFT marketplaces. On the other hand, marketplaces are encountering threats through scamsters and fake sellers.
The question is: How can an NFT market enhance its credibility while striking a balance between the two? It has long been a concern among young crypto enthusiasts and investors.
Before getting into the nitty-gritty of raising the bars with NFT marketplaces, let’s understand the potential of NFTs.
Have you watched movies like Red Notice, where the demand for art is enormous, which is also why art theft and forgery are serious issues in several countries? Such films speak for what arts stand for in the real world in terms of monetary value. Real-world artists have started stepping into the digital and crypto world to safeguard their arts from thefts and scams at the advent of blockchain technology, cryptocurrencies, and NFTs.
The traditional artists have now transformed into digital artists who could have crafted any art form like a painting, poster, gif, meme, gaming collectible, or even music and video clips minted as NFTs, encrypted with tokens and stored in a blockchain. Like a traditional art auction, digital arts also get auctioned off almost every hour today in the NFT marketplaces.
The NFT collectors want to multiply their cryptocurrency investments by trading them for tokenized digital art on the market.
Each collector possesses the brag-worthy rights to the art form they own. Further, they can sell the art to another seller in the marketplace whenever they want at a profitable price.
Decentralized Finance, popularly known as Defi, also opens doors to use NFTs as loan collateral, further benefiting the collectors and the creators.
All of this is not an envision but happening already in the crypto world — Beeple sold his artwork for $69 Million, followed by Cryptopunks for $11.8 Million. Global organizations predict the value of NFT to increase up to 10X by the end of this decade.
But what if we say the price hike is well-influenced by wash trading occurring during NFT trading in the marketplaces? Now, this is a big concern to the NFT fraternity, isn’t it?
So, what are the ways to standardize an NFT marketplace and increase credibility among NFT enthusiasts? Let’s look into some of the ways to do it effectively.
The very first thing to note when you are all set to invest or become an NFT collector, you have to ensure that the crypto wallet should be compatible with the marketplace you wish to buy from.
Some of the most trusted wallets are:
Some of the top NFT Marketplaces using MetaMask Wallet:
Every NFT marketplace follows a verification process to make sure that the users are experiencing safe transactions.
Now, let’s take Rarible, for instance. Like the blue tick marks you see on Twitter and Instagram on verified profiles, Rarible does the same with yellow tick marks on authentic user accounts.
It applies to both collectors and creators.
Let’s pause for a moment. Now, you might have a question: “What if Google Images are copied and minted as NFTs?” First of all, the account verification will be withheld in such cases. Secondly, the marketplaces use tools like Forgery Detection to identify copied, duplicates and bootlegged NFT selling.
Speaking of which…
NFT marketplaces are flooded with scamsters and wash trades. It is one of the most crucial things you need to know before stepping into the NFT marketplace as a creator or collector.
Some points to note:
Know more about NFT Scams in-depth here.
If you are into buying and selling stocks, then you must be very familiar with wash trading. Yes, it is referred to as the unethical price hype of NFTs within a marketplace.
While this is frequently happening in marketplaces, are there ways to bring down the wash trade rate?
Rarible, one of the top NFT marketplaces globally, has been using Washtrade Detection to study buyer-seller patterns, identify wash trading and bring down the rates of wash trades. The AI-empowered tool reports details like the total number of wash trade volume, the total number of wash trade transactions, number of wash traded NFTs, wash traded wallet details, and much more.
If you may ask, “Do I, as a collector or creator, get to see these details of a particular NFT or marketplace?” then we say “Yes.”
Updates about top NFTs? We’ve got that.
NFT price tracking information? Wash traded NFTs? Wash trade volume, transaction, percentage? We’ve got that too!
And we’ve got a lot more to disclose about the NFT and crypto fraternity to the virtual world enthusiasts.
We know that the game got interesting. But, here we come with the launch soon to provide you more information from data to a dashboard, everything about NFT, NFT Scams, Wash trades, and guard the NFT community with our cutting-edge AI-empowered Blockchain Analytics tools.
Frequently Asked Questions
NFTs are Non-Fungible Tokens, and in layman terms, representing digital art or collection, video clips of best moments in the sports and entertainment field, gaming skins and collectibles, stored in a distributed ledger powered by blockchain technology. These are unique items and are not interchangeable with another NFT.
Generally, things are valuable when they are scarce. There is only one Mona Lisa. There are only 59 Le Bron James dunking NBA Top Shots (one of which sold for $US387,000).
The primary difference between the two is that unlike cryptocurrency and digital currency, NFTs cannot be traded for each other as they are unique. representations of real-world assets. Cryptocurrencies and digital currencies can be traded for each other as there will be no loss to their value.
An NFT is a unique digital signature that you can attach to an asset. Whether that’s a song, or an image, or a piece of footage, a unique digital signature is like a fingerprint that contains information like who created the asset, when, and any conditions on its future sale (for example, whether or not the creator gets a percentage of when it is on-sold).
BCUT is the native digital utility token, it provides access to bitsCrunch services and the bitsCrunch network.
BCUT is the native digital utility token, it provides access to bitsCrunch services and the bitsCrunch network. It is designed to play a vital role in the functioning of the bitsCrunch ecosystem and is intended to be solely used as the primary utility token on the network.
We are a Cross-functional team with more than 25+ years of experience in Data Analytics & Artificial Intelligence and Blockchain. We already have all the NFT data since its inception. We blend our AI expertise with the Blockchain to bolster the NFT ecosystem.
We have built a model to identify the impersonation of artworks, thereby preventing the Provenance of the artist and the artwork. We are offering our services in a SaaS manner, wherein the customers can stake a certain amount of our native tokens to avail our services.
We haven't launched our BCUT Token yet, but we will send out a confirmation on the launch of the token on our official website and official Telegram channel.
DONT MISS OUT
bitsCrunch 2022 NFT WASH TRADE REPORT is ready for you.