New data reveals unusual NFT flipping trend

New data from @NFTStatistics shows a unique dynamic emerging in the NFT space.

Data shows that as NFT flipping has increased with the market rally, flippers are now losing 4,000 ETH per week over the past two weeks, which has baffled market watchers.

So far, the opposite is true, says @NFTStatistics. The 30-day period has seen the highest number of flips ever recorded. However, he notes that despite this, losses from these reversals are approaching historic highs.

NFT flippers lose money

Furthermore, using on-chain data, @NFTStatistics shows that flippers have lost over 12,000 ETH so far on Blur trades in the past month, which he speculates may be in anticipation of the Season 2 token unlock – with entries that have accrued value in BLUR token based on their listed value.

@NFTStatistics postulates that the losses can be attributed to the downward trend in the market, adding that trading volumes have resulted in high gas taxes and royalties, adding to the losses.

In addition, @NFTStatistics said NFT holders have been dumping their assets on bidders, contributing to the losses incurred by flippers.

Other notable NFT news this week:

• Meta, Instagram and Facebook have decided to discontinue the NFT offer 6 months after its debut.
• Manifold offer paid burns, the new feature allows creators to choose whether to add an option fee on top of a burn redemption per issue, with 100% of the funds redirected to the creator.
• Salesforce leverages NFTs through a suite of customer offerings designed to aid integration with cloud computing.
• Yuga Labs continues to expand the Bored Ape ecosystem with new Sewer Pass NFTs, along with a generative drop and an Ordinals as well.
• Sotheby’s announced on 15 March a great new NFT exhibition and auction opening on site in Paris 17-24. March, inspired by the “Oddly Satisfying” subreddit, and features meme-inspired artwork by the likes of Anyma, Beeple, Lucas Zanotto, and Josh Pierce.