The Solana network is gaining pace among nonfungible token (NFT) dealers, with total sales surpassing $1.6 billion, ranking it third in terms of NFT sales volume.
Total sales on Solana have achieved the milestone, according to data from the NFT transaction tracker CryptoSlam. Solana's popularity with traders is evident, as it has also placed second in total sales over the previous 30 days, after only Ethereum (ETH).
With $4 billion in total revenues, the Ronin sidechain to Ethereum for the Axie Infinity game remains securely in second place of all-time, although the latest Ronin bridge attack hampered weekly and monthly results for the network.
Although Ethereum remains the market leader by a wide margin, with $21 billion in total sales, Solana is edging in on the second position while widening the gap between itself and its competitors.
The amount of Solana transactions is likely to increase once the NFT marketplace OpenSea adds Solana into its platform later this month.
It appears to be a washing trade.
LooksRare, the second-largest NFT exchange by trading volume, appears to be still generating the majority of its business through wash trading.
Bloomberg reported on April 5 that NFT researcher CryptoSlam data showed that wash trading accounts for around $18 billion, or 95 percent of overall trading activity on the site.
Wash trading occurs when the administrators or users of a trading system execute a series of back-and-forth deals in an attempt to artificially boost the volume of activity that seems to be organic. Because of the platform's compensation structure, traders on LooksRare are motivated to wash trade.
Traders that stake tokens on LooksRare are rewarded with LOOKS currencies and Wrapped Ether (WETH) in accordance with the marketplace's transaction volume. A large amount of wash trading seems to be hiding a downturn in the broader NFT market, with Dune Analytics data revealing that the volume of the biggest NFT exchange OpenSea has been declining every month since January.
However, according to DappRader senior analyst Pedro Herrera, spontaneous trade on LooksRare is gradually increasing.
Ja Rule is selling Fyre artwork.
Rapper Ja Rule has sold a limited edition print of a picture from the controversial Fyre Festival.
On the Flipkick NFT auction site, the NFT with the Fyre event emblem and the phrase fyre across it sold for $122,000. The NFT as well as the actual artwork will be delivered to the buyer. Ja Rule has four more NFTs of Fyre Festival artwork up for auction on Flipkick, the most expensive of which is $600,000.
In 2017, producer Billy McFarland chose to market a tropical island celebration. He enlisted the help of a number of personalities and musicians, like Ja Rule, to create promotional content for it. The event, however, failed to live up to the anticipation — or even satisfy basic commitments to provide proper facilities — and McFarland was forced to pay millions of dollars in fines for defrauding ticket buyers.
The most complex and expensive NFT in the world
Cyber Yachts, a metaverse boat corporation, intends to offer the most expensive NFT ever, a virtual 120-meter superyacht dubbed "Indah" for the princely sum of $400,000,000. The NFT does not provide the total value, since the buyer AI receives a real-world 394-foot mega-yacht modeled on the same concept, constructed by a reputable luxury yacht shipyard.
The NFT boat will be a virtual duplicate of the actual yacht that will be put on Monsoon Blockchain Corporation's NFT platform.
Other Interesting Nifty Information
Helix has joined together with the Metaverse system and NFT game The Sandbox to encourage virtual world education. According to Ian Rodgers, chief experience officer at Ledger, the cooperation will also provide better security to The Sandbox.
Skey Network, the developer of corporate NFT, has initiated a $5 million investment round to build the Go2NFT platform. This network will offer NFT services to enterprises seeking to safeguard their products against counterfeit, which accounts for 2.5 percent of global commerce.
