... However, the surge in trading volume at Blur doesn’t appear to be primarily driven by traders simply selling off their BLUR tokens and buying and holding high-value NFTs. Instead, whale traders with significant NFT holdings appear to be flipping NFTs with even greater frequency than before, in an effort to boost potential future token reward allocations. ...
Now, through token rewards and gamification techniques, Blur has incentivized traders to treat NFTs more like DeFi tokens, flipping frequently and attempting to maximize every potential benefit through liquidity mining. ...
Like more exaggerated examples of wash trading, the flood of NFT flipping and rewards “farming” on Blur muddles the market data—and the surging trading volume from the past week doesn’t suggest that the NFT market is growing and onboarding scores of new collectors. It’s mostly whales trading among themselves. ...
See the full story here: https://decrypt.co/121768/blur-opensea-ethereum-nft-trading-skyrockets