• NFTs have been gaining popularity over the past few weeks, but new data reveals that flippers are losing money on their investments.
• NFTStatistics reports that 12,000 ETH has been lost in Blur trades over the last month and this can be attributed to the downward trend of the market as well as high gas fees and royalties.
• Other notable NFT news includes Meta, Instagram, Facebook winding down their offerings, Manifold offering paid burns, Salesforce introducing customer offerings for integration with cloud computing, and Sotheby’s hosting an exhibition/auction featuring meme-inspired artworks.
Increased Flipping Despite Market Downswing
New data from @NFTStatistics shows a unique dynamic emerging within the NFT space. Despite a market downturn, sellers on the NFT marketplace BLUR keep flipping at increased rates — despite losses surmounting. Data shows that as NFT flipping has increased with the market upswing, flippers are now losing 4,000 ETH per week over the past two weeks — a historic high according to @NFTStatistics.
Losses Mount From Flipping
@NFTStatistics reported that 12,000 ETH had been lost in Blur trades over the last month due to several factors such as a downward trend of the market, high gas fees and royalties incurred during trading volumes. Additionally, many existing holders were dumping their assets onto bidders which contributed to these losses as well.
Notable News In The Space
Meta and Instagram have decided to wind down their NFT offerings 6 months after debuting them while Salesforce has tapped into NFTs through its suite of customer offerings designed to help integrate with cloud computing. Manifold offers paid burns allowing creators to add an option fee for minted editions; 100% of funds will be diverted to creator while Yuga Labs continues expanding its Bored Ape ecosystem with new Sewer Passes alongside generative drops and Ordinals ones too. Finally Sotheby’s announced an upcoming exhibition/auction at its Paris location featuring meme-inspired artworks by Anyma Beeple Lucas Zanotto Josh Pierce amongst others opening March 17-24th .
Despite a market downturn leading to losses for many investors in recent weeks – particularly in BLUR tradeoffs – there is still significant interest being generated in the space due to initiatives like those mentioned above by major companies like Salesforce & Sotheby’s entering and investing heavily within this sector demonstrating both potential profitability & longterm sustainability for those looking towards nonfungible tokens (NTFs).
Despite losses mounting from flipping activity due largely in part due to downward trends & high gas/royalties fees there is still significant interest being generated within this growing sector demonstrated by major companies investing heavily within it – indicating potential profitability & longterm sustainability when it comes to NonFungible Tokens (NTFs).