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gm - December 24th, 2022

gm 👋

Merry Christmas everyone! We’re only a week away from 2022 end, which has been the wildest year for crypto thus far. There's been close to 120k identified rug pulls this year, a roughly 40% increase year-over-year. We’ve had three systemic blowups; Luna, Celsius, and FTX. Markets are quiet over the holiday weekend, with Bitcoin flat at $16.8k and Ethereum at $1218. Binance’s BNB token failed to get listed at any of the US exchanges, with only Binanace.US supporting the exchange token — most likely US exchanges fear BNB being considered a security by the SEC.

30% of all ETH-NFT volumes are wash trading

NFT volumes basically halve overnight, with the total standing at around $10M. ETH-NFTs are at $8M, Solana-NFTs at $1.5M, and ImmutableX sitting at $400k. BAYC, MAYC, and BAKC are in the top 5 with a combined $3M in turnover across 126 trades. CryptyoPunks makes an appearance with $900k and Sorare finishes the top with $600k in volume. A new report out by on-chain data analyst “hildobby” claims over 45% of NFT volumes are wash trading, driven mainly by LooksRare, where the wash transactions constitute over 98% of volume, and X2Y2, with 87%.

Our latest article is out!

We put out our “NFT Manifesto: A Beginner’s Guide to Understanding and Collecting Digital Assets” tonight, which has something for all levels of NFT participants!

Snapshot of Blue-Chip NFTs

Check out our Dune dashboard for details → https://dune.com/lhagiimn/cyan-market-dashboard

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NFT headlines:

NFT Manifesto: A Beginner’s Guide to Understanding and Collecting Digital Assets

What We Learned From the Worst NFT Moments of 2022

The Biggest NFT Moments of 2022

NFT Marketplaces Are Changing to Withstand the Bear Market

NFT Marketplace OpenSea Confirms Ban on Cuban Artists

Over $30B of NFT Trading Volume on Ethereum Is Wash Trading, Research Suggests

Wash Trading Accounted For Over Half Of NFT Volume in 2022: Report

US election agency approves use of NFTs as campaign fundraising incentive