zkSync

A few other members of /zksync were discussing NFT collections so I decided to go look for one to buy. Oddly enough, I found that every collection out of the top 5 for volume of all time was heavily inflated by wash trading.

This is especially evident when the average price is 1000x higher than floor.

Thoughts?

For clarification, this info is pulled from Element Market. This type of behavior is extremely malicious for two reasons:
1. There are likely unknowing people that are going to lose money to these collections that are likely made by the same bad actors.

zkSync Contributor, NFT Trader, amateur dev and gamer 😺

@shady_oak1 on twitter

2. I am assuming that the people running this operation are hoping to be able to mint a lot of LIBERTAS OMNIBUS - one of the criteria's for previous eligibility was to have interacted with one of the top 100 NFT collections.

Yeah it’s certainly an issue that we need to fix. Need to make the ecosystem more appealing to good NFT teams. But also, I think we should start to look towards NFTs with more utility than just being PFP.