The Solana network is gaining traction among non-fungible token (NFT) traders as total sales have exceeded $1.6 billion, making it the third most active blockchain by NFT sales volume.
Data of NFT CryptoSlam transaction tracker confirm that Solana's total sales have reached the milestone. Solana's visibility among traders is clear, as it is also ranked second behind Ethereum (ETH) in total sales in the last 30 days.
The Ronin-to-Ethereum sidechain for the game Axie Infinity is still firmly in second place in all-time figures with $4 billion in total sales, but the recent Stunted Ronin Bridge Trick Weekly and monthly network numbers.
Although Ethereum is still the leader by a wide margin with $21 billion in total sales, Solana is closing in on second place while creating further distance from its own competitors.
Solana transaction volume is expected to increase after the NFT market OpenSea integrates Solana on its platform this month.
Looks like wash trade
The second largest NFT marketplace by transaction volume, LooksRare, appears to continue to generate the majority of its volume through wash trading.
Bloomberg reported on April 5, data from tracker NFT CryptoSlam shows that around $18 billion, or 95% of the total trading volume on the platform comes from wash trades.
Wash trading is when traders or users of a trading platform create a series of back and forth trades to inflate seemingly organic trading volume. In the case of LooksRare, traders are incentivized to launder trade due to the platform's reward structure.
Investors who stake tokens on LooksRare are rewarded with LOOKS tokens and Wrapped Ether (WETH) proportional to the amount of trading volume in the market. The high volume of wash trading appears to be masking a drop in the overall NFT market, with data from Dune Analytics showing that the volume of the leading NFT market, OpenSea, has been falling every month since January.
DappRader Senior Analyst Pedro Herrera said organic trading was slowly starting to pick up on LooksRare, however.
Yes Rule Sells Fyre Art
Rapper Ja Rule has sold an NFT of a painting from the infamous Fyre festival.
The NFT, which represents the Fyre festival logo and the word type through him, it sold for $122,000 at the flip kick NFT auction platform.
Good evening ... pic.twitter.com/2xOXcjJ37L
โ Ja Rule (@jarule) March 24, 2021
The buyer will receive the NFT and the physical painting. Ja Rule has four other NFTs of Fyre festival artworks up for auction on Flipkick, including one starting at $600,000.
In 2017, producer Billy McFarland decided to promote a party on a tropical island. He hired various influencers and artists, including Ja Rule, to create promotional content. However, the festival fell short of expectations, failing to even deliver on basic promises of providing adequate facilities, and McFarland was forced to pay millions of dollars in fines for defrauding ticket buyers.
The most expensive NFT in the world
The yacht company Metaverse Cyber โโโโYachts hopes to sell the most expensive NFT in history, which consists of a 120-meter virtual mega-yacht called "Indah" that will go on sale for the princely sum of $400,000,000. However, the NFT doesn't provide all the value, as the buyer gets an actual 394-foot megayacht based on the same design, built by a respected luxury yacht builder.
The NFT yacht will be an exact virtual replica of the physical yacht deployed on Monsoon Blockchain Corporation's NFT platform.
Other clever news
Ledger is now partnering with the Metaverse platform and NFT game The Sandbox to promote education for the virtual world. Ledger's chief experience officer, Ian Rodgers, said the partnership is also expected to bring more security to The Sandbox.
The corporate creator of NFT, Skey Network, has started a $5 million strategic investment round to develop the Go2NFT platform. This platform is provide NFT solutions to corporations they seek to protect their products from counterfeiting, which represents 2.5% of world trade.
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