The NFT market looks to be moving on from the turbulence of 2022. But the industry still faces significant long-term barriers to growth this year, involving security, UX, and waning interest from brands.
According to a report published earlier this month, the NFT market is back to its highest levels since May 2022. This indicates the market is back on track from the multiple crypto crashes last year. The Terra-LUNA crash of May 2022 was the first dramatic moment of that year and marked the end of the crypto bull market. NFT trading volume and sales plunged shortly after.
So far, chatter around the NFT market this year has focused largely on the emergence of the new marketplace Blur. Its rise has not been uncontroversial, with observers speculating that the marketplace is home to an unusual amount of wash trading.
A new CoinGecko report shows that February 2023 saw a 126% increase in wash trading from the previous month’s…
