left-arrow Back to Homepage

A Comprehensive Analysis of Wash Trading in bitsCrunch Market Report 2022

Non-Fungible Tokens (NFTs) are unique digital assets that use #blockchain technology to certify ownership and authenticity. In 2022, the NFT market experienced a significant surge in popularity, with a record number of new collections created. The rise of #NFTs has been driven by several factors, including the increasing adoption of blockchain technology, the growing interest in digital art, and the emergence of new marketplaces and platforms for NFT trading.

According to our data, 613K new NFT contracts were created in 2022, representing an 860% increase from the previous year. The vast majority of these contracts were deployed on #Ethereum , although other blockchain networks such as #Polygon and #Avalanche also saw significant growth. In total, approximately 85.8 million new NFTs were minted across these platforms.

The popularity of NFTs has led to a growing ecosystem of platforms, marketplaces, and communities that are focused on NFT creation, trading, and ownership. These include platforms such as OpenSea, Rarible and SuperRare, which allow artists and creators to mint and sell NFTs, as well as marketplaces such as Nifty Gateway, Foundation, and KnownOrigin, which specialise in high-end NFT auctions.

The rise of NFTs has also created new opportunities for artists, musicians, and other creators to monetise their work in a way that was previously not possible. By creating and selling NFTs, creators can retain ownership of their work while also generating revenue from the sale of unique digital assets.

Despite the growth and potential of the NFT market, there are also concerns around its sustainability and accessibility. The high energy consumption required for NFT minting and trading on blockchain networks has raised environmental concerns, and the high costs associated with NFT creation and trading have made it difficult for some creators and collectors to participate in the market.

Wash trading is a fraudulent practice that involves buying and selling assets to create the illusion of volume and price movement. It can harm the integrity of the market and lead to unfair advantages for certain players. Our compliance and surveillance tools use advanced algorithms and machine learning to detect and prevent wash trading, ensuring a level playing field for all participants. Wash trading is a growing problem that threatens the integrity of the ecosystem. At bitsCrunch, we’re taking action to protect our users and the market.

Check out bitsCrunch 2022 wash trade report: https://bitscrunch.com/#washtrade_reports

Our tools also help NFT marketplaces comply with regulatory requirements and prevent fraud. With the increasing popularity of NFTs, regulatory scrutiny is also increasing. NFT marketplaces must ensure that their platforms are compliant with regulations, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. Our compliance tools help marketplaces meet these requirements, reducing their risk of legal action and protecting their users from fraud.

At bitsCrunch, we are committed to helping NFT marketplaces succeed by providing the tools and support they need to operate in a fair and transparent manner. Our compliance and surveillance tools are just one part of our comprehensive suite of services designed to help NFT marketplaces thrive.

Check out our bitsCrunch wash trade report 2022: https://bitscrunch.com/#washtrade_reports

If you are an NFT marketplace looking to prevent wash trading and protect your users, we invite you to contact us to learn more about our compliance and surveillance tools. Our team of experts can provide a demo of our tools and answer any questions you may have. 

Check out our bitsCrunch wash trade report 2022: https://bitscrunch.com/#washtrade_reports

Together, we hope to promote a healthy and sustainable ecosystem for all users. If you want to learn more about our tools or partner with us to protect your users, contact us today.

For more interesting updates on the latest NFT trends, follow bitsCrunch!

faq_img

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.