Marketplace NFT Blur Accused Of Wash Trading, Really?

Marketplace NFT Blur. (Photo; Doc. Blur)

JAKARTA - OpenSea platform has been a market leader for content creators and NFT traders since the NFT boom in 2021. However, they are now faced with challenges from newcomers, Blur.

The NFT Blur marketplace that enters the market at zero cost and the original BLUR token that can be obtained through NFT trading. Nonetheless, Blur is currently facing accusations of market manipulation by using "wash trading", sparking debate in the crypto community.

In less than a week after the launch of the original token, Blur has managed to generate more than $460 million in NFT sales, exceeding the largest NFT marketplace, OpenSea, in trading volume. Recently, however, Blur has been faced with allegations of market manipulation by "wash trading".

According to a Coingape report, wash trading is basically when an entity or company trades with itself to boost prices artificially, providing a huge liquidity illusion - thus attracting investors and traders.

CryptoSlam, which is a leading NFT data aggregator, has revoked 577 million US dollars (Rp8.8 billion) due to market manipulation. They even stated that 80 percent of NFT trading activity in Blur is inorganic and is carried out by 1 percent of traders with the highest offering.

NFT supporters have condemned unethical activities and confirmed that a market supported by 80 percent of washing trade may not last in the future. While Blur is currently a popular NFT marketplace, there is a possibility that they cannot survive if unethical trading activities continue.

CryptoSlam has taken this action to protect NFT investors and ensure that the industry has clarity and confidence in data reported on the platform.

Currently, Blur is becoming popular among NFT collectors for making more money from royalties than any other platform. In addition, the NFT market plans to launch an airdrop season 2 Blur campaign by the end of April this year.

However, recent allegations have undermined the price increase in BLUR coins, which has decreased by 12.54 percent over the past seven days and 82.72 percent over the past thirty days. Although Blur is currently facing allegations of market manipulation, the NFT market is still a major concern for the crypto community.