Users of the LooksRare marketplace bought NFTs from themselves for $8.3 billion

Recently we wrote on money laundering using NFTs. In this context, we can recall an interesting situation that the LooksRare marketplace found itself in.

According to Dune Analytics, a little-known platform, which is now actively trying to lure competitors' clients to itself, was able to bypass OpenSea in terms of trading volume. In the months since its launch, trading on the platform has exceeded $10.9 billion, compared to just $3.9 billion for OpenSea in the same period.

But there is an important nuance. As it became known, out of $10.9 billion, $8.3 billion immediately fell on the sale of NFTs to their own owners, i.e. holders of tokens are their own buyers. It is difficult to say whether the transactions were used for money laundering. Most likely, we are talking about “wash trade”, when the sale of items to oneself is carried out to create artificial activity in the market.

A source: Crypto News