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People looking from the outside of NFTs seem to believe this kind of wash trading is a dominant source of volume. In my experience, it's pretty rare and there's
by iskander 5y ago
People looking from the outside of NFTs seem to believe this kind of wash trading is a dominant source of volume. In my experience, it's pretty rare and there's a lot of organic demand around each new "hot" NFT. A better way to think of these is each successful NFT series is a mini-bubble, people inside the scene develop an instinct for features might make an NFT desirable but no one can accurately guess the top. So they play hot potato with each other, where buying earlier increases chances of a successful exit.
- seoaeu 5y ago> In my experience, it's pretty rare How could you possibly know this? Basically the entire blockchain ecosystem is set up to prevent distinguishing whether wash trading is prevalent or not. Edit: And even if you can establish that there's multiple people involved, they still might be colluding among themselves to create the illusion of demand.
- iskander 5y agoParticipation in discords and NFT trading telegrams. You can see what people buy and that often the hot potato ladder involves multiple verifiably distinct persons.
- mrtksn 5y agoIs the last person who bought it before the interest diminishes the bag holder?
- iskander 5y agoYeah, that's right. Though crypto now seems to experience interlocked cycles of "rotations", so interest sometimes comes back after a few months
- rootveg 5y agoWhat are popular telegram groups and discord channel for NFT trading?
- iskander 5y agoThere is usually a Discord associated with each project (including the one in this post) Public NFT trading telegrams are a very noisy/scam-y scene, I think that many people gravitate towards smaller private ones with a circle of <50 friends.