new data fromshowcases a unique dynamic emerging within the NFT space.
The data shows that as the NFT trade has risen with the market boom, flippers are now losing 4,000 ETH per week for the past two weeks, which has puzzled market watchers.
The opposite is currently true, says @NFTStatistics. The 30-day period has seen the highest number of cartwheels ever recorded. However, he notes that despite this, the losses from these spins are approaching all-time highs.
NFT flippers losing money
Additionally, @NFTStatistics shows using on-chain data that flippers have lost over 12,000 ETH so far on Blur transactions in the last month, which he says may be a preview of the Season 2 token unlock, with listings accumulating value in the BLUR token based on its trading value.
@NFTStatistics posits that the losses can be attributed to the downtrend of the market, adding that trading volumes have resulted in high gas fees and royalties, adding to the losses.
Additionally, @NFTStatistics said that NFT holders have been investing their assets in bidders, which contributes to the losses suffered by flippers.
Other notable NFT news this week:
- Meta, Instagram and Facebook have to reduce their NFT offers 6 months after their debut.
- Manifold Paid Burns, the new feature allows creators to choose whether to add an option fee on top of a Burn redemption per minted edition, with 100% of the funds diverted to the creator.
- Salesforce is in NFT through a suite of customer offerings designed to help integrate with cloud computing.
- Yuga Labs continues to expand the Bored Ape ecosystem with new next to a and a One too
- Sotheby’s On March 15, a slick new NFT exhibition and auction opened at their Paris location from March 17-24, inspired by the “Oddly Satisfying” subreddit, featuring meme-inspired artwork from artists like Anyma , Beeple, Lucas Zanotto and Josh Pierce.