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The nonfungible token (NFT) market has seen an unprecedented number of new NFT collections introduced in 2022 despite the year-long crypto winter, showing that the turbulent state of the crypto market was not enough to deter NFT creators and collectors. With more than half a million new contracts across Ethereum, Polygon and Avalanche, the NFT market inevitably met with its own set of troubles, with the primary issue being NFT wash trading.

A recent study by AI-powered NFT analytics provider bitsCrunch and Cointelegraph Research titled BitsCrunch NFT Wash Trade Report for 2022 revealed that over 610,000 new NFT contracts were made during 2022, showing an 860% jump from the previous year. This translated into over 85 million new NFTs, largely thanks to the recent surges in NFT gaming and sports-related collectibles. The total NFT sale volume for 2022 hit $54 billion, with Yuga Labs, the team behind the massively popular Bored Ape Yacht Club (BAYC) collection, enjoying over $4.4 billion in trade volume alone.

However, the hype among collectors and creators attracted unwanted attention from malicious actors, namely wash traders. The bitsCrunch report points out the alarming rise in NFT wash trading activity, which skyrocketed by 25x to almost $33 billion in 2022. Wash trading refers to using fake transactions, copy-minting other creators original work and other means in order to artificially pump up the prices for a specific NFT or collection.

The bitsCrunch forensic analysis indicates that wash trading accounted for a significant portion of the total NFT trade volumes over the last year. More than half (59%) of the $54 billion volume traded on Ethereum in 2022 is suspected of being wash traded, according to the report. Wash traders even alter the top-10 NFT collection lists when removed from the equation.

Top 10 NFT collections of 2022 by sale volume, excluding wash trade volume. Source: bitsCrunch

After carefully weeding out the wash trading volume, 2022 saw collections like BAYC, Mutant Ape Yacht Club, Otherdeed and Azuki as the top collections by volume. The overall activity across the NFT market clocked at $21.7 billion, the bitsCrunch team found out.

Not excluding wash trade volumes, however, draws a very different landscape for the 2022 NFT market. The overall sales, including wash trading, adds up to over $54 billion while bringing NFT collections such as the Terraforms, Meebits and Dotdotdot into the spotlight as the frontrunners by a wide margin implying a clear interest by wash traders for certain collections.

Top-10 NFT collections of 2022 by sale volume, including wash trade volume. Source: bitsCrunch

Across the top-five NFT marketplaces, LooksRare tops as the most popular hangout for wash traders, with over $26.2 billion or 96% of the $27.3 billion in total NFT sales total suspected as wash trade. The loyalty token offered by LooksRare based on the NFT trade volume comes forth as the culprit, resulting in LooksRares monthly volume exceeding OpenSeas by almost $10 billion. By comparison, the report estimates that out of the $18.7 billion total sales volume of OpenSea, wash trade accounts for about $1 billion.

Total (yellow) and wash traded (gray) volumes of the top-five NFT marketplaces.

LooksRare also became a habitat for sharks, or NFT traders who engaged in wash trades of over $1 million in total, as described by the report. Two sharks in particular scored 18% of total wash trading activity on the LooksRare NFT marketplace, coordinating almost $5 billion of wash trading volume.

Over 613,000 new NFT collections launched in 2022. Those that succeeded in making $10,000 or more in sales were no more than 10,000, marking a 1.6% success rate. The highly competitive space makes it essential to conduct extensive research and analysis before investing in NFT collections. While annual reports give a glimpse into the ins and outs of the NFT market, users still need reliable tools for detecting and flagging fraudulent activities. BitsCrunch is working with industry stakeholders to provide a sustainable ecosystem for users and to restore trust in the booming NFT market.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Half of the NFT trades on Ethereum are fraudulent This team aims ... - Cointelegraph

Rocket Pool, a decentralized Ethereum-based staking service, deployed its Atlas upgrade Monday night, introducing architectural changes and making the protocol compatible with Ethereums Shapella hard fork upgrade.

Rocket Pools recent upgrade gives node operators immediate access to their staking rewards and lowers the barrier of entry to spin up an Ethereum validator, or minipool, in the protocols parlance. Instead of providing 16 ether (ETH), node operators can supply just eight plus some RPL Rocket Pools governance token to form a minipool, decreasing the amount of capital required to participate in Ethereums staking process.

Minipools with only 8 ETH bonded by their owning node operator are matched with 24 ETH from the staking pool (provided by rETH holders) in order to make a validator, according to Rocket Pool documents.

RPL has rallied almost 30% to $55.37 in the six days since Shapella, per CoinGecko. Rocket Pools total value locked (TVL) increased more than 20% to $1.47 billion in the same period, making it the third-largest liquid staking entity, trailing only Lido and Coinbase, data from DefiLlama shows.

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Rocket Pool Made It Cheaper to Stake ETH Through Its Platform Following Ethereum Shanghai Upgrade - CoinDesk

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Uwerx (WERX) evolves into new-gen cryptocurrency for community of EVM-based heavyweights

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The secret to making it in crypto is by investing at the earliest stages of a project that is loaded with potential for future growth, is a game-changer in the industry or innovates entire sectors. Uwerx (WERX) presale token is likewise drawing attention from various types of crypto investors.

Uwerx (WERX) is launching the first decentralized freelance marketplace that aims to improve on existing platforms like Upwork and Fiverr but with the added bonus of paying minimal transaction fees, more robust data and intellectual property protections, and more transparent and immutable recordkeeping practices. Uwerx (WERX) is tapping into the lucrative $1 trillion gig economy.

While investing in Ethereum Classic (ETC) or Ethereum (ETH) might be good long-term picks, Uwerx (WERX) presents an infinitely higher upside.

Crypto analysts believe that Uwerx has ensured the Web3-enabled freelance marketplace platform's long-term success by first passing an audit from InterFi Network and Solidproof, and then by locking liquidity on the platform for 25 years after the presale concludes. Additionally, contract ownership will also be renounced before the project is listed on centralized exchanges.

Ethereum (ETH) is a decentralized smart contract platform that supports a robust ecosystem of decentralized applications (dApps). Investors have been loading up on Ethereum (ETH) at its low rates, in the hope that Ethereum (ETH) can manage to go on a big run in 2023. As predicted, Ethereum is now above $2,073; in our opinion, ETH is going to keep climbing.

Ethereum Classic (ETC) is a decentralized smart contract platform launched in 2015. Ethereum Classic (ETC) has enjoyed price appreciation associated with its cousin, Ethereum (ETH), because of its status as the "original" blockchain of provenance. Ethereum Classic (ETC) enjoyed all-time highs of $176 at its peak in 2021, but is, as of this writing, trading at the $20-$22 levels.

According to analysts, current Ethereum Classic (ETC) price action indicates a decline in the token's usage, with Ethereum Classic (ETC) holders dropping significantly since the 2021 peak. In fact, in January 2023, cryptocurrency exchange Coinbase delisted Ethereum Classic (ETC) on its platform due to low usage.

Remote work is no longer just a trend it is a reality, along with freelancing. This trend is not going to end as we move to a post-pandemic world. With tens of millions of freelancers expected to join its global ranks, Uwerx (WERX) has all the chances to grow in prominence and value over time.

Presale:invest.uwerx.network

Telegram: https://t.me/uwerx_network

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Website:https://www.uwerx.network/

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Uwerx (WERX) Introduces Alternatives for Ethereum (ETH), Ethereum Classic (ETC) Supporters - U.Today

With HedgeUp (HDUP) disrupting the crypto investment space, investors are bullish that the project will yield positive growth and are seeking the latest opportunities to profit. The performance of HedgeUp (HDUP) has left investors wondering if tokens like Ethereum (ETH) and Binance (BNB) will be able to keep up.

Ahead, we will examine how HedgeUp (HDUP) has been able to achieve a lot in a short period while Ethereum (ETH) and Binance (BNB) turn bearish.

>> Buy HedgeUp Now <<

HedgeUp (HDUP) is the new kid on the block. Its a DeFi project that lets traders and investors access the gains that the crypto market upholds. HedgeUp (HDUP) aims to create a platform where users can hedge their investments and minimize their risk exposure. HedgeUp (HDUP)s self-executing Smart contracts automatically executes the agreement terms when certain conditions are met, allowing investors to hedge their crypto holdings. This increases efficiency and reduces costs and other associated fees.

HedgeUp (HDUP) token lets you hedge against market volatility, while the HDUP token serves as the platforms native token. HedgeUp (HDUP) is currently in its Presale stage two with its token selling for $0.013. The next stage price is projected for $0.020. According to the team, the token will aim to launch on 24th June 2023.

Shapella and Capella Upgrade is called Shapella in the Ethereum (ETH) community. According to the Ethereum Foundation, the upgrade will empower users to withdraw funds through Ethereum 2.0 staking contract. The Ethereum 2.0 staking contract, initially launched in December 2020, only accepted the Ethereum (ETH) token, but this will change after the Shapella Upgrade. Since December 2020, users have deposited over 18 million Ethereum (ETH) into the Ethereum 2.0 staking contract.

Ethereum (ETH) is the second largest cryptocurrency in terms of market capitalization after Bitcoin (BTC). In the last 24 hours, the price of Ethereum (ETH) was down by 6.12%, failing to impress both traders and investors. At press time, Ethereum (ETH) trades for $1,979.01 with a 24-hour trading volume of $11,948,551,606.

>> Buy HedgeUp Now <<

Binance (BNB) price continues to struggle after its yearly high. In the last 24 hours, the project was down by 5.33%, dashing the hopes of investors and traders who wanted to make a quick gain. During the price loss, Binance (BNB) reclaimed the $326 horizontal area, which is now expected to provide support.

Binance (BNB) is the worlds leading crypto exchange. You can buy, sell, trade, and even stake different cryptos to make a profit. The most likely Binance (BNB) price forecast is the acceleration of the upward movement toward $357 and potentially $498. A drop below $265 could trigger a bullish outlook. As of press time, Binance (BNB) coin trades for $326.41 with a 24-hour trading volume of $800,971,217.

For more information about HedgeUp (HDUP)

Website: https://hedgeup.io/

Presale: https://app.hedgeup.io/sign-up

Telegram: https://t.me/HedgeUpChat

Twitter: https://twitter.com/HedgeUpOfficial

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Safeguard Your Portfolio With HedgeUp (HDUP) As Ethereum And ... - The Coin Republic

Across the blockchain space, a lot of whale movements can be an indication of which direction a cryptocurrency might swing in next. While there are not any guarantees within any strategy, knowing what whales are getting can be an indication of the next high-growth cryptocurrency.

Whales that have heavily accumulated the Ethereum (ETH) cryptocurrency are moving towards buying Sparklo, and this can be a sign that it can reach new heights throughout 2023 and beyond.

When looked at from the perspective of its market capitalization, the Ethereum (ETH) cryptocurrency has seen a massive level of success, maintaining its position as the second largest.

Ethereum (ETH) boasts one of the largest ecosystems in regard to Decentralized Applications (dApps) and Decentralized Finance (DeFi) use cases.

Recently, the Ethereum (ETH) network completed the Shanghai upgrade, which enabled ecosystem participants and validators to finally be able and unstaked their staked Ethereum (ETH).

The staking process occurred when Ethereum (ETH) moved to the Proof-of-Stake (PoS) consensus model. On April 18, 2023, the coin traded at $2,098.68, with a 24-hour difference of just 0.1%. In the last 30 days, the coin increased in value by 18.5%. Here can see that it halted its overall growth, and its future is uncertain.

Sparklo will be the first blockchain investment platform that will specialize in enabling users the ability to make investments in Silver, Gold, and Platinum.

Any user can invest on top of Sparklo, where a non-fungible token (NFT) will get minted, then fractionalized. Each NFT will represent Silver, Gold, or Platinum, and as such, users can either buy a fraction of a gold bar, for example or buy it fully.

Those who aim to diversify their portfolio can make an investment in both the SPRK token, as well as the precious metals on top of the platform, leading to more exposure to different types of assets and classes.

Sparklo is being developed as the first alternative-investment platform that is exclusively tailored toward cryptocurrency investors who have an interest for precious metals.

Historically, getting access to precious metals has been difficult for many people, either due to the transportation and storage or due to the high costs associated with getting them.

By implementing fractional ownership, Sparklo ensures that the assets are a lot more liquid and that more people than ever before will have access to them.

At the Level One presale, the value of the SPRK cryptocurrency is $0.015. Analysts predict that it can climb to 40x its current value by the end of 2023. The team is currently processing a KYC application, and the platform has already been audited by InterFi Network. The liquidity will also be locked for 100 years, while the team tokens will be locked for 1,000 days.

Buy Presale: https://invest.sparklo.finance

Website: https://sparklo.finance

Twitter: https://twitter.com/sparklo_finance

Telegram: https://t.me/sparklofinance

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Ethereum Whale buying into Sparklo (SPRK) shows signs that it ... - Analytics Insight